Fintech – Debevoise FinReg and FinTech Blog

Digital Assets

Why Fintechs Should Care About the CFPB

By: Zila R. Acosta-Grimes, Courtney Dankworth and Jehan A. Patterson October 26, 2022

In a Bloomberg article originally published October 12, 2022, Courtney M. Dankworth, Jehan Patterson and Zila R. Acosta-Grimes caution financial technology companies that recent actions by the Consumer Financial Protection…

Anti-Money Laundering

Will DOJ’s First Ever Digital Asset Insider Trading Case Stick?

By: Byungkwon Lim, Stephan J. Schlegelmilch, Alicia Guo and Ezra Newman June 21, 2022

On June 1, the United States Attorney for the Southern District of New York (“SDNY”) and the New York Field Office of the Federal Bureau of Investigation (“FBI”) unsealed an…

Digital Assets

Crypto Proof-of-Work Mining Faces Potential Limits over Environmental Concerns

By: Gary E. Murphy May 26, 2022

Concerns over the environmental impact of proof-of-work mining have recently led to increased focus by legislative bodies in Europe and the United States. The use of proof-of-work consensus mechanisms, by…

Digital Assets

Legislators Introduce Bill on Digital Commodity Exchanges subject to CFTC Oversight

By: Byungkwon Lim and Gary E. Murphy May 3, 2022

On April 28, 2022, a bipartisan group of legislators in the House of Representatives re-introduced and updated a bill regarding proposed regulatory oversight by the CFTC of crypto exchanges on…

Fintech

CFPB Announces Extension of Risk-Supervision Authority to Nonbanks

By: Jehan A. Patterson and Courtney Dankworth April 26, 2022

The Consumer Financial Protection Bureau announced on Monday it is planning to use a dormant statutory authority, section 1024(a)(1)(C) of the Consumer Financial Protection Act (CFPA), to conduct examinations of…

Fintech

CFPB Expands Its Authority to Examine for Discrimination (Debevoise in Depth)

By: Courtney Dankworth, Gregory J. Lyons, Josie Dikkers, Anna R. Gressel and Jehan A. Patterson April 1, 2022

On March 16, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced that it would combat perceived discrimination in the consumer financial marketplace by expanding its authority to target unfair, deceptive…

Fintech

FRB Issues Supplement to Proposed Guidelines for Access to Master Accounts and Financial Services

By: Gregory J. Lyons, Satish M. Kini, Alison Hashmall, Caroline Swett, Chen Xu, Courtney Bradford Pike and Marta Poplawski March 28, 2022

On March 8, 2022, the Federal Reserve Board (“FRB”) issued for public comment proposed supplemental guidelines (“Supplemental Proposed Guidelines”) for Federal Reserve Banks (“Reserve Banks”) to use in evaluating requests…

Fintech

Federal Trade Commission Announces Proposed Consent Order against Electronic Payment Systems

By: Paul Rubin and Jehan A. Patterson March 17, 2022

On March 15, 2022, the Federal Trade Commission (“FTC”) announced a proposed consent order in resolution of an administrative complaint filed against payment processor Electronic Payment Systems (“EPS”) and its…

Fintech

Webcast – Non-Fungible Tokens: An Introduction to NFTs, NFT Marketplaces and Related Issues

By: Byungkwon Lim, Gary E. Murphy and Anna V. Maximenko March 1, 2022

Non-Fungible Tokens (NFTs) have exploded in popularity and caught the public’s attention in the last year or two. But what is the hype all about, and what risks do participants…