Weekly Fintech Focus

  • FTC files suit against a mobile app that advertised high-interest deposit accounts and easy access to customer funds but failed to deliver.
  • OCC proposes rule to ensure fair access to financial services and to codify the reversal of policies imposed under Operation Choke Point.
  • CFPB issues an advisory opinion clarifying that certain earned wage access services are not credit under Regulation Z.

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

Weekly Fintech Focus

  • FDIC issues a paper on operational resilience to compile insights from existing regulations, guidance, and best practices.
  • CFPB issues a no-action letter for a small-dollar loan product.
  • CFPB issues consent order to a bi-weekly payment program that deceptively represented its benefits and fees.

Continue Reading Fintech Week in Review: Week of November 13, 2020

Weekly Fintech Focus

  • The CFPB issues an ANPR to engage in a rulemaking process on consumer access to financial records under Section 1033 of Dodd-Frank.
  • NYDFS expects regulated financial institutions to assess climate change risks.
  • Federal banking regulators look to codify that supervisory guidance is not binding.
  • The OCC issues its “true lender” final rule.
  • The effective date of the recent HUD disparate impact rule is enjoined by district court.
  • Senate Democrats introduce a bill to prohibit discrimination under the Civil Rights Act of 1964 for banks and other financial institutions.
  • Quarles discusses the FSB’s growing concern with nonbanks in light of their interconnectedness with the financial system and vulnerabilities manifested during the pandemic.
  • The FDIC finds a shrinking unbanked population and encourages further innovation in banking technologies to create a more inclusive banking system.
  • Digital bank, its API provider, and its licensed bank settles claims related to system service outage.
  • SoFi obtains conditional approval for its national bank charter.

Continue Reading Fintech Week in Review: Week of October 23 and October 30, 2020

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

Perkins Coie’s Fintech industry group is proud to sponsor and participate in DC Fintech Week next week – October 19-22.

We hope you can join us! Registration is free- tune in live, from anywhere: https://next.brella.io/join/dcfintech2020

Partner Troy Foster will be a panelist on the following session:

Title: How do you produce innovation?
Description: Creating innovative fintech isn’t usually the product of an epiphany. Instead, it’s the result of processes designed to generate new ideas.  In this session we talk about how innovation is created, and how diversity of thought and experience can create competitive advantages in the process.

Date: Thursday, Oct 22, 2020

Starts at: 12:45pm EST – Ends at: 1:20pm EST 

Panelists: Reece Akhtar (Deeper Signals), Brant Cooper (Moves The Needle), Jannick Malling (Public.com), Troy Foster (Perkins Coie)

Moderators: Maria Adamjee (Megalodon Capital), Troy Paredes (Paredes Strategies LLC)

While you’re waiting for DC Fintech Week to start, be sure to check out the following publications from Perkins Coie’s Fintech group:


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

FIA Law & Compliance Division Conference
October 7-9

New York Partner, Kari Larsen is a panelist for the OnDemand session “Electronic and Automated Trading” at this year’s FIA Law & Compliance Division Conference. More details on the session is below. Link to the conference page is above.

Electronic and Automated Trading

Reg AT may be dead, but efforts to regulate electronic and automated trading are not. This panel will explore the current regulatory landscape as well as what is on the horizon.

Moderator: Kimberly Johns, Managing Director & Senior Counsel, Goldman Sachs


Kari Larsen, Partner, Perkins Coie

Thomas Sexton, President & Chief Executive Officer, National Futures Association

Andrew Stevens, General Counsel, IMC Financial Markets

Andrew Vrabel, Executive Director, Global Investigations, CME Group

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