Late last week, the Commodities Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) announced a cooperation agreement on FinTech innovation. The agreement is principally focused on information sharing on FinTech trends and developments and on each regulator’s
Cov Financial Services
Developments in the Financial Services Industry
Cov Financial Services, published by Covington & Burling LLP, focuses on legal issues at the intersection of financial services and regulatory policy. The blog covers topics such as true lender litigation, fintech partnerships, cryptocurrency theft and related class actions, cybersecurity risks in financial services, and regulatory developments including climate-related financial risk management for large financial institutions. It addresses challenges faced by banks, fintech companies, and other financial entities in navigating complex compliance, enforcement, and litigation matters. The content reflects ongoing trends in financial regulation, consumer protection, and emerging risks in digital assets and lending practices.
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Banking Regulators Issue Joint Policy Statement Downplaying the Role of Supervisory Guidance in Enforcement
On September 11, 2018, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Bureau of Consumer Financial Protection (the “Bureau”,…
The European Parliament publishes a study on financial technology and competition law
On July 9, 2018, the Economic Affairs Committee of the European Parliament (the “EP”) published a study identifying potential competition law concerns in the financial technology (“FinTech”) sector (the “Study”).
This Study follows the Consumer Financial Services Action Plan launched…
German Federal Financial Supervisory Authority Publishes Guidance on the Regulatory Framework for Cloud Services
The CFTC’s Active Week: Virtual Currencies in Focus
This past week has been an especially active one for the U.S. Commodity Futures Trading Commission (CFTC). On Monday, in a speech to the North American Securities Administrators Association (NASAA), CFTC Chairman Giancarlo announced a Memorandum of Understanding (MOU) to…
California Considers a New Blockchain-Related Bill
California has taken a conservative step on the path to greater regulation of blockchain technology or legal recognition of blockchain-secured data. On May 18, an amended bill was referred to the State Assembly Appropriations Committee for review that would provide…
Is Cryptocurrency a Viable Solution for the Unbanked in Africa?
When bitcoin entered the public’s eye for the first time in 2013, it was touted as one of the greatest inventions for the unbanked in Africa. The World Bank estimates that of the 2 billion people without access to the…
Whistleblower Retaliation: How Companies Should Prepare for the Supreme Court’s Upcoming Decision
For unprepared companies, whistleblowers can cause serious problems. Companies could be subject to burdensome investigations by law enforcement authorities or hit with substantial fines and other sanctions. Companies might even face exposure for alleged retaliation against a whistleblower if the…
CFTC Enforcement and Regulatory Report: 2017 Activity and Outlook
The U.S. Commodity Futures Trading Commission (the “CFTC” or the “Commission”) has been very active since the beginning of this year, despite the change in Presidential Administration, the lack (until recently) of appointed Commissioners, and the turnover of leadership at…
OCC Issues Draft Licensing Manual for Evaluating Charter Applications from Fintech Companies
By Mike Nonaka
On Wednesday, the Office of the Comptroller of the Currency (“OCC”) issued a highly-anticipated draft supplement to its Licensing Manual (the “Supplement”) for evaluating applications from fintech companies for a special purpose national bank (“SPNB”) charter. The Supplement explains how…