The Department of Justice is aggressively scrutinizing participants in the cryptocurrency markets—including “financial institutions working with cryptocurrency”—to thwart the use of the technology as a vehicle for money laundering and other illegal activity.
Continue Reading The Department of Justice Sets Cryptocurrency Squarely in its Sights
Ahead of an upcoming merger between a digital banking platform and a special purpose acquisition company, both parties disclosed in a regulatory filing last week that the platform received a Civil Investigative Demand (“CID”) in June 2020 related to its
Continue Reading CFPB Opts Not to Take Action Against Banking App
Michael Hsu, the acting chief of the Office of the Comptroller of the Currency, recently addressed his remarks to the Blockchain Association drawing similarities between the current growth of cryptocurrencies and decentralized finance (DeFi) and the credit default swaps (CDS)
Continue Reading OCC: Crypto and DeFi Must Avoid Another Financial Crisis
By a narrow 50-48 vote along party lines, Rohit Chopra was confirmed yesterday by the U.S. Senate to become the Director of the Consumer Financial Protection Bureau. Chopra previously served as the Bureau’s assistant director and was its first student
Continue Reading Chopra Confirmed as CFPB Director
On September 21, 2021, the FinTech task force of the U.S. House Committee on Financial Services held a hearing on consumer privacy. The hearing was live-streamed and the archived webcast is available on the Committee website.
Continue Reading More Regulatory Clarity on the Horizon for FinTech
The U.S. District Court for the Northern District of Illinois recently used Section 19 of the FTC Act to impose a $5 million restitution award after the original restitution award under Section 13(b) was vacated by the Seventh Circuit based
Continue Reading Court Agrees with FTC: Can Seek Relief under Section 19
On September 20, the CFPB filed a lawsuit in federal district court against a California-based software company and its owner for allegedly violating the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act of 2010 (CFPA) by providing substantial
Continue Reading CFPB Alleges that Service Provider Helped Credit-Repair Businesses Charge Illegal Fees
The CFPB recently filed a complaint against an online installment and single-payment lender alleging that it violated the terms of a 2016 consent order that previously required the company to pay millions in consumer redress and a civil penalty and
Continue Reading CFPB Sues Online Lender for Alleged Violations 2016 Consent Order
Recently Florida and Arkansas made it a requirement for those engaging in virtual currency activities to obtain money transmission licenses in their respective jurisdictions.
Continue Reading Money Transmission Licenses Required for Virtual Currency Activities in Arkansas and Florida
Wyoming and Maine recently amended their laws related to licensure requirements for consumer lending:
Continue Reading Wyoming and Maine Issue New Licensing Requirements Potentially Impacting Passive Loan Investors
