Newsletters

07.17.19

Task Force Considers Fintech Regulation

The newly formed House Financial Services Committee’s Task Force on Financial Technology (Committee) recently held its first hearing, and it included some interesting perspectives from both U.S. and U.K. regulators.


06.19.19

Innovation Oversight: From the DFS to FinCEN to Lawmakers

In regulatory oversight news, the New York Department of Financial Services (DFS) announced the creation of a new Cybersecurity Division and the Financial Crimes Enforcement Network (FinCEN) launched an Innovation Hours program.


06.06.19

Operation Choke Point Lawsuit Comes to an End

Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action.


05.22.19

Federal Reserve, FDIC Enforcement Efforts

In recent enforcement actions, the Board of Governors of the Federal Reserve System announced an order with a Japanese bank over weaknesses with respect to its New York branch’s Bank Secrecy Act / anti-money laundering (BSA/AML) and U.S. sanctions compliance programs and internal controls.


05.22.19

State AGs, ABA Back Bill On Financial Services For Cannabis

Support continues to build for the Secure and Fair Enforcement (SAFE) Banking Act, with a coalition of 38 state and territorial Attorneys General as well as the American Bankers Association (ABA) writing to lawmakers to urge passage of the bill.


05.22.19

FinCEN Provides Guidance On Cryptocurrency

The Financial Crimes Enforcement Network (FinCEN) has released new guidance on cryptocurrency, an attempt to “provide regulatory certainty for businesses and individuals” engaged in the burgeoning field of financial activity.


05.08.19

From SEC to FinCEN Enforcement Everywhere

Reminding financial institutions that a multitude of enforcers are at their doorstep, the Securities and Exchange Commission (SEC) announced a $3 million deal with an online lender.


01.30.19

State AGs Keep Busy With Financial Services Cases

State attorneys general (AGs) remain busy in the financial services industry, with an almost $500 million settlement between a for-profit college and the AGs of 48 states and Washington, D.C.


01.15.19

U.S. Sanctions Enforcement Against Foreign Financial Institutions Continues

While major enforcement actions against foreign banks for U.S. sanctions violations appear to have ebbed over the past three years, the recent settlement of sanctions-related claims, which included imposition of $1.34 billion in forfeitures and penalties, against a large foreign bank is a reminder ...


12.19.18

Merchant Cash Advances on the Hot Seat

Could investigative reporting into merchant cash advances lead to enforcement action against companies that make these advances, or to potential legislation to ban certain practices inherent in this industry?