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03.22.17

Will the CFPB’s Proposed Six-Month Effective Date Extension Be Enough?

In a Notice of Proposed Rulemaking, the CFPB proposed pushing back the effective date of the final prepaid accounts rule to April 1, 2018. The six-month delay provides industry participants more time to handle the difficulties of complying with certain provisions of the rule and for the CFPB to assess whether any additional adjustments to the rule are appropriate. Comments are due by April 5, 2017.

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03.22.17

CFPB Seeks Comment on Remittance Rule Assessment

The CFPB released a plan to assess the effectiveness of the remittance transfer rule, which is required within five years after the rules take effect. Industry participant comments are requested.

Winklevoss Twins Discuss Bitcoin with NY Times Dealbook
03.22.17

SEC Says ‘No’ to Winklevoss Bitcoin Exchange-Traded Fund

The Securities and Exchange Commission denied the application of Internet entrepreneurs and venture capitalists Cameron and Tyler Winklevoss to create an exchange-traded fund for the virtual currency bitcoin.

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03.22.17

DOJ Weighs in on CFPB Leadership Case, Calls for Changes to Dodd-Frank

The Department of Justice files an amicus brief filed with the D.C. Circuit Court of Appeals arguing that the president should have the authority to fire the head of the CFPB, but stopped short of calling for the bureau’s leadership format to be changed.

Pay Gov Newsletters

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03.22.17

Pay Gov – March 2017, Vol. 11, Issue V

In this issue: Will CFPB Prepaid Rule Delay Be Enough?; DOJ Weighs in on CFPB; Critics Blast OCC Fintech Charter; SEC Says No to Bitcoin; More

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03.01.17

Pay Gov – March 2017, Vol. 11, Issue IV

In This Issue: CFPB Wins another Day in Court; Visa Settles Interchange Suit; Paycard Regs Revoked in N.Y.; Prepaid Complaints Drop; More

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02.15.17

Pay Gov – February 2017, Vol. 11, Issue III

In this issue: Cruz, Ratcliffe Fire Kill Shot at Embattled CFPB; Congress Pushes to Repeal Prepaid Accounts Rule; Trump’s Order on Dodd-Frank; More

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02.01.17

Pay Gov – February 2017, Vol. 11, Issue II

In This Issue: Is Trump’s ‘1-in-2-Out’ Order Practical, Legal?; N.Y. Template Turmoil; Top Regulatory Threats, Opps in EU; MC’s Interchange Win; More

Pay Gov State Update

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03.21.17

Illinois Regulator Joins Global Virtual Currency Consortium

The Illinois Department of Financial and Professional Regulation has become the first U.S. regulatory agency to join the R3 Consortium, a global partnership of banks and other parties working to develop distributed ledger-based applications for financial services. The agency oversees the regulation and licensing of banks and financial institutions, among other businesses, in the state.

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03.01.17

Cybersecurity Requirements Take Effect in New York State

Cybersecurity requirements to protect the financial services industry and consumers from cyberattacks go into effect in New York State on March 1. The mandates require certain banks, insurance companies and other financial services providers that are regulated by the New York Department of Financial Services (NYDFS) to develop and maintain a cybersecurity program.

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03.01.17

N.Y. Gov Budget Includes More Online Lending Supervision, Stokes OCC Charter Debate

New York Governor Andrew Cuomo’s proposed budget includes verbiage giving the Department of Financial Services additional oversight of online lenders, including thresholds on the amount of loans and licensing requirements, which could adversely affect loan providers in the state.

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03.01.17

Bank Regulators Launch BSA/AML Risk-Assessment Tool

To assist financial institutions in identifying, monitoring and communicating BSA/AML risk, a national organization of bank regulators has released a voluntary tool FIs can use to mitigate uncertainties regarding BSA/AML compliance, as well as foster more transparency within the financial sector.

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