By: Andrew C. Glass, Gregory N. Blase, and Joshua L. Durham
On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) published a Notice of Proposed Rulemaking (NPRM) to ban the inclusion of medical bills in consumer credit reports.
Read MoreBy: Daniel Knight and Ben Kneebush
On 4 June 2024, the latest chapter in ASIC’s crypto-asset enforcement efforts unfolded with the Federal Court relieving Block Earner from liability to pay penalties in connection with providing unlicensed financial services (ASIC’s media release can be found here).
Read MoreBy: John ReVeal and Jennifer Crowder
On May 21, the South Carolina Governor signed a Bill to enact the Earned Wage Access Services Act (the Act), joining Kansas, Missouri, Nevada and Wisconsin as the fifth state to codify earned wage access (EWA) services. Many other states are considering such legislation, while a few others have so far relied on regulatory opinions or guidance.
Read MoreBy: Dr. Jan Boeing and Tanner Wonnacott
MiCA Update
The Regulation on Markets in Crypto-assets (MiCA)1 is part of the European Commission’s Digital Finance Package of September 2020, which includes other regulatory initiatives, such as the Pilot Regime for market infrastructures based on distributed ledger technology2 and the Digital Operational Resilience Act (DORA).3
Read MoreBy: Daniel Knight and Kithmin Ranamukhaarachchi
The Australian Attorney-General’s Department (Department) has released five consultation papers outlining proposals for extensive reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
Read MoreBy: Daniel Knight and Kithmin Ranamukhaarachchi
The Australian Attorney-General’s Department (Department) has released five papers outlining proposals for extensive reforms to Australia’s anti-money laundering and counter-terrorism financing (AML/CTF) regime.
Read MoreBy: Jeremy McLaughlin and Chelsie Rimel
The Consumer Financial Protection Bureau (CFPB or Bureau) released a new report spotlighting common consumer complaints for credit card rewards programs. The Bureau and its Director, Rohit Chopra, have been focused on payments oversight, including by proposing a rule last Fall that would apply to nonbank entities that provide digital wallets. The new report discusses the relationship between consumers and the providers of reward programs, and it stresses the need for fairness and transparency.
Read MoreBy: Jeremy McLaughlin and Joshua Durham
Based on a new statement of policy (“Statement”) issued on 20 April 2024 by Pennsylvania’s Department of Banking and Securities (“Department”), effective 15 October 2024, the Department will include virtual currency in the definition of “money” for purposes of the state’s money transmission law (“Law”). Previously, in January 2019, the Department had issued guidance concluding the opposite, that only fiat currency constituted “money” under the Law. The Department’s about-face follows other state regulators that have increasingly concluded that virtual currency is regulated under their state money transmission laws.
Read MoreBy: Dan Knight and Ben Kneebush
On 12 March 2024, the Australian Treasury released for consultation an exposure draft legislative package that proposes to amend the current regulatory framework to regulate low cost credit contracts (LCCCs), including Buy Now Pay Later (BNPL) arrangements and other types of credit contracts. These changes are designed to be flexible, adaptable and proportionate to the risk of consumer harm.
Read MoreBy: Jay Lee and Anson Chan
Earlier this year, the US Securities and Exchange Commission approved 11 spot Bitcoin ETFs. In Hong Kong, in view of rapid developments of virtual asset (VA) products and growing investment products offering exposure to VAs, the Securities and Futures Commission (SFC) issued a circular, on 22 December 2023, detailing requirements for investment funds with exposure of more than 10% of net asset value (NAV) to VA seeking authorization for public offerings in Hong Kong (Circular).
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