• 03.11.20

    FDIC Offers De Novo Guidance for Nontraditional Applicants

    In an attempt to help non-banks and fintechs understand the de novo application process, the Federal Deposit Insurance Corporation (FDIC) released new materials, including a supplement to its Deposit Insurance Application Procedures Manual (the Supplement) that describes special considerations and ...

  • 02.13.20

    Foreign Payment Processor, CEO Settles With FTC

    The Federal Trade Commission (FTC) has reached a deal with a Latvian payment processor and its CEO, settling charges that the defendants facilitated a “free trial” scam involving personal care products and dietary supplements.

  • 02.13.20

    CSBS Reports On Progress in Implementing Vision 2020

    What progress has the Conference of State Bank Supervisors (CSBS) made in implementing the 2019 recommendations of the Fintech Industry Advisory Panel (the “Advisory Panel”) related to Vision 2020, its bold approach to modernizing and streamlining the state licensing and supervision of ...

  • 01.16.20

    Burnt Out? SAFE Banking Act Faces Senate Opposition

    After making it farther than any prior legislation enabling financial services to be provided to legitimate marijuana businesses, the bill appears to be stalled in the Senate.

  • 12.24.19

    PayPal Hits CFPB With Lawsuit Over Prepaid Rule

    PayPal, Inc., filed suit against the Consumer Financial Protection Bureau (CFPB) recently, challenging the Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) Rules as a violation of its First Amendment rights.  

  • 10.30.19

    California DBO Offers Guidance on Cannabis Banking

    The Cannabis Banking Guidance from California’s Department of Business Oversight (DBO) offers California-chartered financial institutions serving cannabis-related businesses assurances that the DBO will not bring enforcement actions based solely on such relationships.

  • 10.30.19

    CSBS Seeks Comment on Model Law for Money Services Businesses

    The Conference of State Bank Supervisors (CSBS) has proposed legislation for adoption by the states in an effort to streamline and make uniform requirements for money service businesses (MSBs).

  • 10.16.19

    BSA/AML News: FinCEN Remarks, New Bill

    In Bank Secrecy Act and anti-money laundering (BSA/AML) news, a bipartisan group of lawmakers introduced a bill aimed at updating AML laws that would require companies to disclose their true owners at the time of incorporation.

  • 09.25.19

    Déjà Vu: D.C. Court Dismisses Challenge to OCC’s Fintech Charter

    In the latest battle over the Office of the Comptroller of the Currency’s (OCC’s) plan to issue special purpose national bank (SPNB) charters, a D.C. federal judge has for a second time dismissed a lawsuit brought by the Conference of State Bank Supervisors (CSBS).

  • 08.28.19

    Payroll Advance Industry in Regulators’ Crosshairs

    The payroll advance industry is the subject of a newly announced multistate investigation seeking information to enable regulators to determine whether there is unlawful lending by online companies engaged in this business.