• 03.15.18

    Federal Court Adopts CFTC Position on Cryptocurrency Authority

    In the first case of its kind, a New York federal district court has adopted the position of the Commodity Futures Trading Commission (CFTC) that it has jurisdiction to regulate the virtual currency markets.

  • 03.15.18

    New Guidance From SEC, New York’s DFS

    Hoping to help covered entities, the Securities and Exchange Commission (SEC) released an update on cybersecurity while New York’s Department of Financial Services (DFS) published guidance for licensed virtual currency businesses in the state.

  • 03.15.18

    Madden Closer to Being Fixed

    Inching one step closer to passage, the full House of Representatives approved the so-called Madden fix bill by a vote of 245 to 171. 

  • 03.15.18

    Ninth Circuit: NBA Doesn’t Preempt California Escrow Law

    In a ruling that could prove costly to some national banks, the Ninth Circuit has ruled that the National Bank Act (NBA) does not preempt California state law mandating that financial institutions pay borrowers interest on funds held in their escrow accounts.

  • 03.15.18

    FTC Settles With Payment and Social Networking Service

    The Federal Trade Commission (FTC) entered into a Consent Order with an online payment system company, settling charges that its payment and social networking service violated the Gramm-Leach-Bliley Act (GLBA) and related regulations, as well as Section 5 of the Federal Trade Commission Act ...

  • 03.15.18

    BSA/AML Failures Prove Costly

    Recent enforcement actions demonstrate just how expensive failures with regard to Bank Secrecy Act and anti-money laundering (BSA/AML) compliance can be and how intentional conduct can enhance the severity of a penalty, with the California branch of a foreign bank required to pay upward of $368 ...

  • 03.13.18

    Warning That Cryptocurrency Exchanges May Be Unlawful Trading Platforms

    On March 7, 2018, the Securities and Exchange Commission (SEC) issued a public statement warning that cryptocurrency coin exchanges were possibly operating as unlawful online trading platforms.

  • 02.28.18

    FTC Halts Mortgage Loan Modification Scam

    The Federal Trade Commission (FTC) put a stop to a mortgage loan modification operation, filing suit in Nevada federal court alleging violations of the Mortgage Assistance Relief Services (MARS) Rule and the FTC Act.

  • 02.28.18

    Failed Bank Wins Coverage Despite Prior Acts Exclusion

    Despite the existence of a prior acts exclusion in an insurance policy, the officers and directors of a failed bank were entitled to coverage for a lawsuit brought by the Federal Deposit Insurance Corporation (FDIC), the U.S. Court of Appeals for the Eleventh Circuit recently ruled.

  • 02.28.18

    Key Whistleblower Decision Addresses Scope of Dodd-Frank Protections

    In a unanimous decision issued on February 21, 2018, the U.S. Supreme Court held that the anti-retaliation provisions of the 2010 Dodd-Frank law protect only those whistleblowers who report information to the Securities and Exchange Commission (SEC).