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Federal Reserve, FDIC, and OCC Issue the First Joint Statement on Crypto-Asset Risks to Banking Organizations

By Marina Olman-Pal, Mark D. Shaffer, Steven T. Cummings & Janiell "Alexa" Gonzalez on February 1, 2023
Posted in banking, Banking Regulators, Banks, cryptocurrency, Digital Assets, FDIC, Featured, Federal Reserve System, Financial Regulation, GT Alert, Office of the Comptroller of the Currency, Regulatory, Risk, Risk Management, Stablecoin, Virtual Currency

On Jan. 3, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) (collectively…

Continue Reading Federal Reserve, FDIC, and OCC Issue the First Joint Statement on Crypto-Asset Risks to Banking Organizations
Immigration_Proposal

CFPB Says ‘Show Me The (Consumer Unfriendly) Fine Print’

By Timothy A. Butler, Matthew White, Tessa Cierny ˘, Gil Rudolph & Benjamin M. Saul on January 19, 2023
Posted in CFPB, Consumer Financial Services, Featured, Financial Regulation, Regulatory, Regulatory Compliance

Go-To Guide:

  • CFPB proposes rule requiring nonbanks to “register” with the CFPB if they include certain terms and conditions in their form contracts, including in their website terms of use
… Continue Reading CFPB Says ‘Show Me The (Consumer Unfriendly) Fine Print’
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NYDFS Proposes Significant Changes to Its Cybersecurity Regulation

By Timothy A. Butler, Matthew White, Michael A. Berlin & Tessa Cierny ˘ on January 6, 2023
Posted in banking, Banks, Compliance, Consumer Financial Services, Cybersecurity, Featured, Fintech, New York, Regulatory, Regulatory Compliance, Risk, State and Local

On Nov. 9, 2022, the New York Department of Financial Services (NYDFS) issued a proposed second amendment to its 2017 cybersecurity regulation for financial service companies.[1] In July 2022…

Continue Reading NYDFS Proposes Significant Changes to Its Cybersecurity Regulation
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Crypto Exchange Bittrex Settles $53 Million in Fines with Treasury Department for Sanctions, Anti-Money-Laundering Violations

By Kara M. Bombach, Kyle R. Freeny, Marina Olman-Pal & Madeline Orlando on October 19, 2022
Posted in Anti-Money Laundering, Blockchain, Blockchain Technology Task Force, Client Alert, Compliance, cryptocurrency, Digital Assets, economic sanctions, Featured, Financial Crimes Enforcement Network, Financial Regulation, Government, GT Alert, Regulatory, Uncategorized

On Oct. 11, 2022, the U.S. Treasury Department announced that cryptocurrency exchange Bittrex Inc. had agreed to settle $53 million total in fines over allegations it violated sanctions and anti-money-laundering…

Continue Reading Crypto Exchange Bittrex Settles $53 Million in Fines with Treasury Department for Sanctions, Anti-Money-Laundering Violations
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Digital Assets: Financial Stability Oversight Council Risk Report Assesses Regulatory Gaps; Offers Recommendations

By Barbara A. Jones, India L. Sneed, William Mack & Robert Mangas on October 17, 2022
Posted in Blockchain, cryptocurrency, Digital Assets, Featured, Financial Regulation, FSOC, Government, GT Alert, Regulatory, Virtual Currency

On Oct. 3, the Financial Stability Oversight Council (FSOC) took another step in identifying, assessing, and responding to the risks various types of digital assets pose to the financial system…

Continue Reading Digital Assets: Financial Stability Oversight Council Risk Report Assesses Regulatory Gaps; Offers Recommendations
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ENABLERS Act Proposes to Expand Definition of ‘Financial Institution’; Impose BSA/AML Requirements on Professional Service Providers

By Richard M. Cutshall, Kyle R. Freeny, Marina Olman-Pal & Janiell "Alexa" Gonzalez on October 14, 2022
Posted in Anti-Money Laundering, banking, Client Alert, Compliance, Featured, Government, GT Alert, Regulatory, Regulatory Compliance, white collar

On July 14, 2022, the U.S. House of Representatives passed bipartisan legislation that, if passed by the Senate and signed into law, would expand the types of institutions required to…

Continue Reading ENABLERS Act Proposes to Expand Definition of ‘Financial Institution’; Impose BSA/AML Requirements on Professional Service Providers
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Regulatory Scrutiny on the Rise of Bank and Crypto Company Dealings

By Barbara A. Jones, William Mack, Marina Olman-Pal, Benjamin M. Saul & John B. Hutton III on August 19, 2022
Posted in Blockchain, CFPB, Client Alert, cryptocurrency, Digital Assets, FDIC, Featured, Federal Reserve System, GT Alert, Regulatory, Regulatory Compliance, Virtual Currency

Federal regulatory agencies are closely monitoring crypto-asset developments and banking organizations’ participation in the crypto-asset industry. This GT Alert covers the guidance issued by the FDIC, CFPB, and the Federal…
Continue Reading Regulatory Scrutiny on the Rise of Bank and Crypto Company Dealings

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CFPB Circular 2022-03: Complex Lending Algorithms Cannot Excuse Failure to Provide Specific, Principal Reasons for an Adverse Credit Determination

By Tonya Esposito, Benjamin M. Saul, Anne V. Dunne, Michael E. Jusczyk & Jonathan Huie on June 7, 2022
Posted in CFPB, Featured, GT Alert, Regulatory, Regulatory Compliance

On May 26, the Consumer Financial Protection Bureau (the Bureau or CFPB) issued its third Circular, emphasizing that creditors must adhere to the Equal Credit Opportunity Act (ECOA) and…
Continue Reading CFPB Circular 2022-03: Complex Lending Algorithms Cannot Excuse Failure to Provide Specific, Principal Reasons for an Adverse Credit Determination

Corporate_Proposal

Deputizing State AGs: CFPB Issues Broad New Interpretive Rule on States’ Ability to Enforce Federal Consumer Protection Laws

By Tonya Esposito, Benjamin M. Saul, Anne V. Dunne & Michael E. Jusczyk on May 23, 2022
Posted in CFPB, Consumer Financial Services, Consumer Lending, Featured, Financial Regulation, Financial Services Litigation, Regulatory, Regulatory Compliance

On May 19, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule (Section 1042 Interpretive Rule 5 19 2022) confirming that the Consumer Financial…
Continue Reading Deputizing State AGs: CFPB Issues Broad New Interpretive Rule on States’ Ability to Enforce Federal Consumer Protection Laws

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CFPB Advisory Opinion Clarifies that ECOA Applies Throughout Credit Lifecycle

By Tonya Esposito, Benjamin M. Saul & Jonathan Huie on May 11, 2022
Posted in CFPB, Client Alert, Dodd-Frank, Featured, GT Alert, Regulatory

On May 9, 2022, the Consumer Finance Protection Bureau (CFPB or the Bureau) issued an advisory opinion to clarify that the Equal Credit Opportunity Act (ECOA) and Regulation B (Reg…
Continue Reading CFPB Advisory Opinion Clarifies that ECOA Applies Throughout Credit Lifecycle

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Greenberg Traurig’s Financial Regulatory and Compliance Group brings together attorneys from various offices and practice areas to assist financial services firms of all types and sizes, as well as vendors to those firms, as they face regulatory, legislative, supervision, examination, licensing, compliance, and governance matters

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  • Federal Reserve, FDIC, and OCC Issue the First Joint Statement on Crypto-Asset Risks to Banking Organizations
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