Recent Texas Banking Commissioner consent orders involving OKX and Triple A address the application of state money transmission licensing requirements to certain stablecoin-related activities.
Continue Reading Texas Banking Commissioner Penalizes 2 Crypto Firms for Unlicensed Money Transmission Involving Stablecoins
The Federal Trade Commission has reached a proposed $12 million settlement with Humboldt Merchant Services based on allegations that it processed payments for merchants that were shell companies or engaged in fraud.
If entered, the proposed order would permanently prohibit Humboldt from processing payments for certain high-risk merchant categories and from engaging in credit card
Louisiana’s Money Transmission Act replaces the state’s prior framework with a new licensing regime for money transmitters.
Continue Reading Louisiana Enacts New Money Transmission Act, Largely Adopting Model Money Transmission Modernization Act
On Nov. 12, 2024, the Consumer Financial Protection Bureau (CFPB) released a report examining federal and state privacy protections for consumers’ financial data. In the report, the CFPB “critiques” the privacy protections available under the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA), asserting that the federal framework has “limitations.” The CFPB then
On Oct. 22, 2024, the CFPB issued a final rule that will require covered financial institutions to provide consumers and authorized third parties with access and portability options for their financial data. The CFPB’s final rule, called the “Personal Financial Data Rights Rule,” implements Section 1033 of Title X of the Dodd-Frank Act, a to-date
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, NYDFS issued a draft version of the changes, but the current amendment has significant changes. Most of the proposed changes will take effect 180 days
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On Nov. 15, 2022, the Federal Trade Commission