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
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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
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
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
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
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
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
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
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