Archive:August 2024

1
Banking Regulators’ Growing Concerns over Bank-Fintech Partnerships
2
Vermont Enters a New Age of Virtual Currency Money Transmission

Banking Regulators’ Growing Concerns over Bank-Fintech Partnerships

By: Jeremy M. McLaughlin, Grant F. Butler, Andrew C. Glass, Gregory N. Blase, and Joshua L. Durham

The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Board), and the Federal Deposit Insurance Corporation (FDIC) have jointly issued a request for information (RFI) seeking input on the nature, risks, and implications of bank-fintech partnerships. Accompanying the RFI, the agencies issued a joint statement on banks’ arrangements with third parties to deliver bank deposit products and services (Joint Statement). We will be hosting a webinar on this topic on 10 September (register here), and comments to the RFI are due 30 September.

Read More

Vermont Enters a New Age of Virtual Currency Money Transmission

By: Jeremy McLaughlin and Joshua Durham

Effective July 2024, Vermont rehauled its money transmission law, joining the other states (approximately half) that have enacted some or all of the Money Transmission Modernization Act (MTMA). In doing so, Vermont furthers a trend of states expanding their regulators’ purview over the virtual currency industry.

Read More

Copyright © 2024, K&L Gates LLP. All Rights Reserved.