News & Analysis as of

Money Transmitter CSBS Financial Institutions

Troutman Pepper Locke

CSBS Issues Guidance on Virtual Currency and Tangible Net Worth

Troutman Pepper Locke on

On June 26, the Conference of State Bank Supervisors (CSBS) released new guidance regarding the treatment of virtual currency in the calculation of a licensee’s tangible net worth under the Money Transmission Modernization...more

Sheppard Mullin Richter & Hampton LLP

NYDFS Joins Multistate Action Against Money Transmitter for Financial and Licensing Violations

On March 20, the New York Department of Financial Services (NYDFS) entered into a consent order with a money transmitter, joining a group of state financial regulators acting through a multi-state task force coordinated by...more

Stinson LLP

Wisconsin Adopts Model Money Transmission Modernization Act, Joining 19 Other States

Stinson LLP on

On April 4, 2024, the State of Wisconsin enacted S.B. 668 (the Act), repealing the state’s existing Seller of Checks Act, which solely regulated money transmitters with a physical presence in Wisconsin, and replacing the...more

Cooley LLP

Arizona Embraces CSBS Model Money Transmission Law; West Virginia Incorporates Some Key Provisions

Cooley LLP on

On May 20, 2022, Arizona Gov. Doug Ducey signed Senate Bill 1580, which effectively replaces Arizona’s current money transmission law with the Model Money Transmission Modernization Act (the Model Act) announced by the...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

Goodwin on

In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

Perkins Coie

Blockchain Week in Review – April 2017 #3

Perkins Coie on

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

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