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NYDFS Releases Guidance for BitLicensees and Limited Purpose Trust Companies on Asset Custody in the Wake of Cryptocurrency Insolvencies

USA - January 31 2023 On Jan. 23, 2023, the New York State Department of Financial Services (“NYDFS”) issued guidance to entities licensed under 23 NYCRR Part 200…

Kara A. Kuchar, Noah N. Gillespie, Melissa G.R. Goldstein, Hadas A. Jacobi, Donald J. Mosher, Rebecca A. Raskind, Jessica Romano, Betty Santangelo, Jessica Sklute, Jesse Weissman

NYDFS Announces $100 Million Settlement with Coinbase for Anti-Money Laundering Compliance Deficiencies

USA - January 23 2023 The New York Department of Financial Services (“NYDFS”) announced on January 4 that it had reached a $100 million settlement with Coinbase, Inc…

Kara A. Kuchar, Noah N. Gillespie, Melissa G.R. Goldstein, Hadas A. Jacobi, Donald J. Mosher, Rebecca A. Raskind, Jessica Romano, Betty Santangelo, Jessica Sklute, Jesse Weissman

Substantial Penalty Against Major Bank Highlights Aggressive CFPB Enforcement

USA - December 21 2022 The Consumer Financial Protection Bureau (“Bureau”) reached a consensual resolution with Wells Fargo, N.A. (the “Bank”), which calls for restitution…

Kara A. Kuchar, Noah N. Gillespie, Melissa G.R. Goldstein, Hadas A. Jacobi, Douglas I. Koff, Donald J. Mosher, Rebecca A. Raskind, Jessica Romano, Jessica Sklute, Jesse Weissman

CFPB Proposes Rule to Establish Public Registry of Nonbanks with Consumer Financial Law Enforcement Orders

USA - December 19 2022 On Dec. 12, 2022, the Consumer Financial Protection Bureau (“Bureau”) issued a proposed rule (“Proposed Rule”) which would require nonbank covered…

Kara A. Kuchar, Noah N. Gillespie, Melissa G.R. Goldstein, Hadas A. Jacobi, Donald J. Mosher, Rebecca A. Raskind, Jessica Romano, Jessica Sklute, Jesse Weissman

NYDFS Continues Effort to Amend Cybersecurity Regulation (“Part 500”) and Publishes Revised Proposed Amendments

USA - November 23 2022 On Nov. 9, 2022, the New York Department of Financial Services (“NYDFS”) published a proposed amendment (“Proposed Amendment”)[1] to its 2017…

Kara A. Kuchar, Noah N. Gillespie, Melissa G.R. Goldstein, Hadas A. Jacobi, Alexander M. Kim, Donald J. Mosher, Rebecca A. Raskind, Jessica Romano, Jessica Sklute, Jesse Weissman