The Financial Crimes Enforcement Network (FinCEN) released guidance on the Bank Secrecy Act (BSA) and anti-money laundering (AML) obligations and considerations surrounding hemp-related customers. These customers include hemp growers, and processors and manufacturers that purchase hemp from such growers. The
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Latest from Morrison & Foerster LLP - Page 7
Agencies Finalize Amendments to Volcker Rule Covered Fund Provisions
On June 25, 2020, the five federal agencies with responsibility for implementing the Volcker Rule finalized amendments to the Volcker Rule’s provisions related to investing, sponsoring, and having certain relationships with “covered funds.” The final rule is largely consistent with…
U.S. Supreme Court Strikes CFPB Director For-Cause Removal Provision
The U.S. Supreme Court issued its ruling in Seila Law LLC v. Consumer Financial Protection Bureau, holding that the CFPB’s leadership structure—with a single director removable only for inefficiency, neglect, or malfeasance—is unconstitutional because it violates the separation of powers.…
Following Suit – FDIC Finalizes Rule Reaffirming “Valid When Made” Doctrine for State Banks
On June 25, 2020, following the OCC’s lead, the Federal Deposit Insurance Corporation’s (FDIC) board of directors voted 3-1 to finalize a rule that reaffirms the “valid when made” doctrine as applicable to loans originated by state-chartered banks and insured…
Consumer Financial Pilot Advisory Opinion Program Takes Flight
The Consumer Financial Protection Bureau recently announced the launch of a pilot advisory opinion (AO) program and also proposed a permanent AO program, which will replace the Pilot AO Program after the proposed permanent AO program is finalized. Both programs are intended…
Sweating the Details: Court Analyzes User Interface to Uphold Online Arbitration Clause
Online service providers typically seek to mitigate risk by including arbitration clauses in their user agreements. In order for such agreements to be effective, however, they must be implemented properly. Babcock vs. Neutron Holdings, Inc., a recent Southern District…
Tell A Friend – But Only With Your Friend’s Consent
Alex van der Wolk, Marijn Storm, and Ronan Tigner authored an article for the IAPP covering the Belgian Data Protection Authority’s challenge to the “tell-a-friend” function on social media websites that enables users to share content with their…
It’s 10 p.m. Do You Know What Your Third-Party Integrations Are Doing?
In the wake of the COVID-19 pandemic, children are spending more of their lives in the digital realm, both for education and entertainment purposes—but that doesn’t mean the Federal Trade Commission (FTC) is cutting online operators slack for not complying…
Digital Compliance in Europe: Regulatory Alignment Post-Brexit
Despite the coronavirus pandemic, the process of implementing Brexit continues. One of the key Brexit issues for the tech sector is the extent to which the UK will either align or diverge its digital regulations with the EU.
Both the…
CFPB Issues Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic
The Consumer Financial Protection Bureau (CFPB) issued a Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic under the Truth in Lending Act, its implementing Regulation Z, and the Electronic Signatures in Global and…