Weekly Fintech Focus

  • California passes a new law to help cannabis businesses and their service providers access financial services.
  • NY DFS calls for designating certain social media companies as systemically important to impose cybersecurity regulations.
  • The European Central Bank issues a new report about moving forward with development of the digital euro.


Continue Reading Fintech Week in Review: Week of October 9 and October 16, 2020

Weekly Fintech Focus

  • FinCEN and OFAC issue advisories on handling ransomware attacks, putting victims and those who help victims pay cybercriminals on notice that ransomware payments are risky and could result in violations of U.S. financial and sanctions laws.
  • California signs into law its new consumer protection law, creating an expanded agency and giving it new enforcement and licensing powers.


Continue Reading Fintech Week in Review: Week of October 2, 2020

Weekly Fintech Focus

  • OCC releases Interpretative Letter that clarifies national banks’ and federal saving associations’ ability to hold certain stablecoins as reserves in a hosted wallet.
  • California DBO awards grants for financial education and empowerment programs.


Continue Reading Fintech Week in Review: Week of September 25, 2020

Weekly Fintech Focus

  • FinCEN issues final rule that implements certain AML requirements on banks that lack a federal functional regulator.
  • FinCEN seeks public comment on AML Program requirements.
  • State regulators announce the “One Company, One Exam” for licensed payment firms.
  • The CFPB published its SBREFA outline for the upcoming small business loan data rule.


Continue Reading Fintech Week in Review: Week of September 18, 2020

Weekly Fintech Focus

  • HUD finalizes fair lending rule that clarifies disparate impact claims, but leaves out controversial defenses for algorithms.
  • California’s DBO to receive a new name and new oversight powers.
  • CFPB will host its first Tech Sprint in October, focused on adverse action notices.


Continue Reading Fintech Week in Review: Week of September 11, 2020

Weekly Fintech Focus

  • The CFPB settles with two remittance transfer providers for EFTA and remittance transfer rule violations.
  • The CFPB reports early impact of the COVID-19 pandemic on consumer credit.
  • FinCEN releases statement in advance of media outlets intent to publish articles based on unlawfully disclosure SARs.
  • The FTC seeks comments on 5 rules that implement the FCRA.


Continue Reading Fintech Week in Review: Week of September 4, 2020

Weekly Fintech Focus

  • The CFPB orders a bank to pay over $100 million to resolve a pattern of violations of EFTA, UDAAP, and FCRA related to the bank’s overdraft services.
  • The CFPB issues an RFI seeking information about the effect of the CARD Act on small entities.
  • FinCEN provides clarification about bank customer due diligence flexibility for onboarding and servicing PEP customers.
  • The CFPB is still on track to issue its small business data rule outline of proposals in September.
  • The OCC clarifies how credit card issuers choose which state’s interest rate can be used with its credit cards based on where the bank makes the loan.


Continue Reading Fintech Week in Review: Week of August 28, 2020

Weekly Fintech Focus

  • The FTC issues a staff perspective summary of video game loot boxes and microtransactions.
  • FinCEN releases a statement on its approach to compliance and enforcement actions for violations to the BSA.
  • CFPB extends comment period for RFI on credit discrimination to December 1, 2020.


Continue Reading Fintech Week in Review: Week of August 21st, 2020

Weekly Fintech Focus

  • Federal banking agencies issue joint statement on enforcement of the BSA.
  • The California DBO issued an interpretive opinion declaring a payment processing arrangement not to be exempt under California’s agent-of-the-payee exemption for pay-in and pay-out transactions for online gambling.
  • The California DBO issued an interpretive opinion that maintains its position that cryptocurrency is not money under the Money Transmission Act, but certain crypto-activities could trigger the state’s escrow law.
  • The Federal Reserve discusses its efforts at developing and experimenting with a digital dollar and distributed ledger technology.


Continue Reading Fintech Week in Review: Week of August 14th, 2020

Weekly Fintech Focus

  • The Federal Reserve is quickly moving up its timeline for the launch of its real-time payment service.
  • FinCEN issues new FAQs to clarify that covered financial institutions have flexibility and discretion in how they conduct customer due diligence and update information about their customers.
  • FFIEC issues a statement on COVID-19 loan accommodations.
  • CFPB complaints on payments increase during the pandemic.
  • FDIC Final Rule allows for greater employment of those with minor criminal offenses.


Continue Reading Fintech Week in Review: Week of August 7th, 2020