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FDIC Issues Final Rule on ILCS: Strengthens Pathway for Companies Seeking Bank Charters

USA - December 28 2020 The Federal Deposit Insurance Corporation ("FDIC") issued a new rule formalizing requirements for industrial loan companies ("ILCS"). The…

Carleton Goss, Peter G. Weinstock, Richard S. Garabedian.

Paycheck Protection Program: Preparing for Round 3

USA - December 23 2020 After several months of negotiations, Congress has finally passed a new stimulus package that includes additional funding for the Paycheck Protection…

Peter G. Weinstock.

New Legislation Proposes to Merge Crypto and Banking

USA - December 8 2020 Newly-proposed federal legislation would require all issuers of stablecoins and certain other digital asset companies to obtain a bank charter as a…

SEC and Wyoming Division of Banking Address Custody of Digital Assets

USA - November 16 2020 The Wyoming Division of Banking issued a No-Action Letter (NAL) in October 2020 in response to a request from a Wyoming-chartered public trust…

Wyoming Issues Second Crypto Bank Charter

USA - November 10 2020 Wyoming recently awarded its second special-purpose depository institution (SPDI) charter to Avanti Bank. Kraken was the first institution to receive…

Marysia Laskowski.