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FinCEN proposed rule relating to money services businesses

Sidley Austin LLP
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USA
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May 18 2009

On May 12, 2009, the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) released a proposed rule to revise FinCEN’s regulations regarding money services businesses (MSBs) under the Bank Secrecy Act (BSA

Regulatory developments regarding acquisitions of failed depository institutions

Sidley Austin LLP
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USA
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July 9 2009

This update summarizes recent developments from the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) regarding private capital investments in failed depository institutions

Federal Reserve releases proposed gift certificate, gift card and general-use prepaid card rule

Sidley Austin LLP
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USA
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November 20 2009

On November 16, 2009, the Board of Governors of the Federal Reserve System (the "Board") released a proposed rule regarding gift certificates, gift cards and general-use prepaid cards (the "Proposed Rule"

Financial Crimes Enforcement Network releases proposed rule applying Bank Secrecy Act regulations to non-bank issuers of prepaid access products

Sidley Austin LLP
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USA
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July 7 2010

On June 21, 2010, the Financial Crimes Enforcement Network (“FinCen”) released a proposed rule (“Proposed Rule”) that would revise Bank Secrecy Act (“BSA”) requirements currently applicable to money services businesses (“MSBs”) with regard to stored value products and services

Federal Reserve releases final gift card rule

Sidley Austin LLP
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USA
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March 29 2010

On March 23, 2010, the Board of Governors of the Federal Reserve System ("Board") released a final rule ("Rule") regarding gift certificates, gift cards and general-use prepaid cards, which are referred to generally in this Update as "prepaid cards"

Federal Reserve Board proposes rules governing “remittances”

Sidley Austin LLP
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USA
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May 23 2011

Section 1073 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") amended the Electronic Fund Transfer Act ("EFTA") by adding a new Section 919 that applies to consumer-initiated remittances to foreign recipients

Financial Crimes Enforcement Network rules on application of prepaid access rule to bank-controlled programs

Sidley Austin LLP
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USA
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June 18 2012

On May 23, 2012, the Financial Crimes Enforcement Network (“FinCEN”) published an administrative ruling in which FinCEN concludes that (i) although non-bank participants in a prepaid access arrangement may designate one party as the “provider of prepaid access,” the designation of a bank in this regard is ineffective unless it exercises primary oversight and control over the arrangement; and (ii) sellers of prepaid access acting as agent of a bank are not exempt from treatment as money services businesses (“Ruling”

FFIEC requests comment on proposed social media guidance

Sidley Austin LLP
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USA
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January 30 2013

On January 22, 2013, the Federal Financial Institutions Examination Council ("FFIEC") issued a request for comment on proposed guidance entitled

FinCEN issues guidance on application of Bank Secrecy Act regulations to virtual currencies

Sidley Austin LLP
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USA
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March 26 2013

On March 18, 2013, the Financial Crimes Enforcement Network ("FinCEN") issued guidance entitled "Application of FinCEN's Regulations to Persons

FTC releases staff report on mobile payments

Sidley Austin LLP
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USA
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March 14 2013

On March 8, 2013, the Federal Trade Commission ("FTC") issued a staff report, entitled Paper, Plastic or Mobile: an FTC Workshop on Mobile

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