NYDFS Creates New “Powerhouse” Consumer Protection and Financial Enforcement Division

By Brian Slagle, James Kim & Marjorie J. Peerce

May 6, 2019

The New York Department of Financial Services has announced the creation of a new “powerhouse” Consumer Protection and Financial Enforcement Division. The Division has been created by consolidating the Enforcement and Financial Frauds Division and Consumer Protection Division and will place supervision, enforcement, and consumer education under the same roof. The Division consists of the Enforcement Division, Investigations and Intelligence Division, Civil Investigations Unit, the Consumer Examinations Unit, and the Student Protection Unit,…

Consumer Finance Monitor

PA Department of Banking and Securities: virtual currency is not “money”

By Peter D. Hardy & Marjorie J. Peerce

January 25, 2019

The Pennsylvania Department of Banking and Securities (“DoBS”) just released Guidance declaring that virtual currency, “including Bitcoin,” is not considered “money” under the Pennsylvania Money Transmission Business Licensing Law, otherwise known as the Money Transmitter Act (“MTA”). Therefore, according to the Guidance, the operator of the typical virtual currency exchange platform, kiosk, ATM or vending machine does not represent a money transmitter subject to Pennsylvania licensure. This Guidance is important because it has implications…

Consumer Finance Monitor

Federal court rules virtual currency is commodity regulated by CFTC

By Marjorie J. Peerce

March 8, 2018

A decision this week from a New York federal district court ruling that the U.S. Commodity Futures Trading Commission (CFTC) had jurisdiction to regulate a cryptocurrency business represents the first opinion from a federal court affirming the CFTC’s jurisdiction to regulate virtual currency spot and derivative markets. The decision raises the possibility of jurisdictional tension between the CFTC and the SEC, which has recently brought a number of civil enforcement actions against virtual currency issuers…

Consumer Finance Monitor

Guilty pleas entered in CFPB’s first criminal referral

By Marjorie J. Peerce

April 10, 2014

The CFPB’s first publicly announced criminal referral has resulted in the entry of guilty pleas by a debt settlement company and its principal, according to a Reuters report. The referral, which was made to the U.S. Attorney for the Southern District of New York, arose out of the CFPB’s investigation of two debt-relief service providers and related entities and was announced by Director Cordray at a May 2013 press conference. The CFPB had also…

Marjorie J. Peerce

NYDFS Creates New “Powerhouse” Consumer Protection and Financial Enforcement Division

PA Department of Banking and Securities: virtual currency is not “money”

Federal court rules virtual currency is commodity regulated by CFTC

Guilty pleas entered in CFPB’s first criminal referral

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