Publications

"Expect greater regulatory scrutiny of crypto-asset activities" by Kathryn L. Ryan, Gordon L. Miller, and Max Bonici (Law360)

In mid-August, the Federal Reserve issued guidance on crypto-asset and related activities, joining the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation in alerting their supervised entities that they must provide written notice before engaging in this space...

Kathryn L. Ryan, Gordon L. Miller , Max Bonici

Special Alert: New Fed guidelines clarify, but do not transform, master account and payment services access

The Federal Reserve Board recently issued final guidelines for the Reserve Banks to use in reviewing requests from a range of financial services providers for access to Federal Reserve master accounts and payment services. Master account and Federal Reserve services allow institutions to transfer...

"Companies doing business in China caught in a double bind" by Michael Rosenberg

Continuing tensions between the U.S. and China are creating concerns for multinational companies doing business in China. Last June, China enacted the Anti-Foreign Sanctions Law, designed to counteract “discriminatory restrictive measures employed by foreign nations” against Chinese citizens or...

Special Alert: NYDFS fines trading platform for BSA/AML, transaction monitoring, and cybersecurity lapses

The New York Department of Financial Services and a trading platform on Aug. 1 entered into a consent order to resolve deficiencies identified during a 2019 examination and a subsequent investigation by the department’s enforcement section. The consent order focused on deficiencies related to Bank...

"CFPB revises UDAAP manual to include discriminatory practices" by Sasha Leonhardt, Jeffrey P. Naimon, and John R. Coleman (The Banking Law Journal)

The Consumer Financial Protection Bureau (“CFPB”) has announced1 significant revisions to its Unfair, Deceptive, or Abusive Acts or Practices (“UDAAP”) exam manual,2 in particular highlighting the CFPB’s view that its broad authority under UDAAP allows it to address discriminatory conduct in the...

Sasha Leonhardt, Jeffrey P. Naimon, John R. Coleman

“Implications of the SCOTUS Viking River Cruises decision for arbitration agreements covering California consumer protection claims” by Fredrick S. Levin, James McGuire, Sarah Davis, and Lauren L. Erker

For practitioners seeking to send California consumer claims to arbitration, the U.S. Supreme Court’s recent opinion in Viking River Cruises, Inc. v. Moriana (“Viking”), offers guidance for avoiding the pitfalls of California’s McGill rule, which has been a roadblock...

Special Alert: House subcommittee hears testimony on privacy bill

The House Subcommittee on Consumer Protection and Commerce held a June 14 hearing , “Protecting America’s Consumers: Bipartisan Legislation to Strengthen Data Privacy and Security,” to listen to testimony from consumer advocates and industry representatives on the recently proposed American Data...

Special Alert: DOJ settles claims of algorithmic bias

On June 21, the United States Department of Justice announced that it had secured a “groundbreaking” settlement resolving claims brought against a large social media platform for allegedly engaging in discriminatory advertising in violation of the Fair Housing Act. The settlement is one of the...

Special Alert: Congress releases draft privacy bill

A comprehensive federal privacy law drew one step closer to reality earlier this month when a bipartisan group of representatives and senators released a draft of the proposed American Data Privacy and Protection Act. Passage of the ADPPA, which combines elements of prior proposals in an effort to...

Special Alert: Fed finalizes rule for FedNow platform

The Federal Reserve Board recently issued a final rule for its FedNow instant-payments platform that offers more clarity on how the new service will work while essentially adopting the proposed rule. FedNow will stand alongside private sector initiatives and, like more modern payments systems, will...