Keith Barnett

Atlanta

Writer at JD Supra

Banking and securities attorney for 13 years. Selected as a Rising Star by my peers every year since 2008.

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Articles

Earned Wage Access: An Overview of Federal and State Regulation and Enforcement

1 month ago | pymnts.com | Keith Barnett |Carlin McCrory

The article explores the growing reliance on Earned Wage Access (“EWA”) products in the financial market, where many individuals live paycheck-to-paycheck. EWA allows employees to access earned wages before payday, with products generally categorized into employer-integrated and direct-to-consumer models. The Consumer Financial Protection Bureau has shifted its stance on EWA, initially not considering it as credit under the Truth in Lending Act, but later suggesting they might be consumer le...
EWA Provider Sues New York Attorney General Over Threatened Enforcement Action

2 months ago | openlegalblogarchive.org | Keith Barnett |Carlin McCrory

On April 7, DailyPay, LLC, an employer-integrated earned wage access (EWA) provider, filed a lawsuit against New York Attorney General Letitia James, seeking declaratory relief to prevent the enforcement of state and federal laws that the company argues do not apply to its business model.
EWA Provider Sues New York Attorney General Over Threatened Enforcement Action | JD Supra

2 months ago | jdsupra.com | Keith Barnett |Carlin McCrory

On April 7, DailyPay, LLC, an employer-integrated earned wage access (EWA) provider, filed a lawsuit against New York Attorney General Letitia James, seeking declaratory relief to prevent the enforcement of state and federal laws that the company argues do not apply to its business model.
OCC Patriot Bank Order Spotlights AML Issues For Managers

2 months ago | law360.com | Keith Barnett |Caleb Rosenberg |Carlin McCrory

By Keith Barnett, Caleb Rosenberg and Carlin McCrory ( April 11, 2025, 5:20 PM EDT) -- On Jan. 14, Patriot Bank, based in Stamford, Connecticut, entered into an agreement[1] with the Office of the Comptroller of the Currency to address and rectify several alleged unsafe or unsound practices and violations of law. This agreement followed the bank's reported loss of nearly $27 million for the quarter ending Sept. 30, 2024.... Law360 is on it, so you are, too.
OCC Patriot Bank Order Spotlights AML Issues For Managers

2 months ago | law360.co.uk | Keith Barnett |Caleb Rosenberg |Carlin McCrory

By Keith Barnett, Caleb Rosenberg and Carlin McCrory ( April 11, 2025, 5:20 PM EDT) -- On Jan. 14, Patriot Bank, based in Stamford, Connecticut, entered into an agreement[1] with the Office of the Comptroller of the Currency to address and rectify several alleged unsafe or unsound practices and violations of law. This agreement followed the bank's reported loss of nearly $27 million for the quarter ending Sept. 30, 2024....
Patriot Bank and OCC Sign Agreement to Strengthen Oversight and Payment Activities | JD Supra

Feb 26, 2025 | jdsupra.com | Keith Barnett |Carlin McCrory |Caleb Rosenberg

On January 14, Patriot Bank, N.A. entered into an agreement with the Office of the Comptroller of the Currency (OCC) to address and rectify several unsafe or unsound practices and violations of law. This agreement follows the bank’s reported loss of nearly $27 million for the quarter ending September 30, 2024.
FDIC Acting Chairman Hill Supports Modernizing Customer Identification Program Requirements | JD Supra

Feb 12, 2025 | jdsupra.com | Keith Barnett |Carlin McCrory

In a recent letter to Andrea Gacki, Director of the Financial Crimes Enforcement Network (FinCEN), Federal Deposit Insurance Corporation (FDIC) Acting Chairman Travis Hill expressed his support for updating the Customer Identification Program (CIP) requirements to better align with modern financial services practices. This initiative is part of Hill’s broader commitment to regulatory reform and innovation, as outlined in his recent policy statements.
CFPB Rescinds 2020 Advisory Opinion on Earned Wage Access Products | JD Supra

Jan 23, 2025 | jdsupra.com | Keith Barnett |Jason Cover |Mark J. Furletti

As part of a flurry of last minute regulatory activity by the Biden administration’s Consumer Financial Protection Bureau (CFPB or Bureau), on January 15, the CFPB published an advisory opinion in the Federal Register rescinding a previous advisory opinion which the Bureau issued during the first Trump administration in November 2020.
New Year = New Earned Wage Access Legislation in New York | JD Supra

Jan 10, 2025 | jdsupra.com | Keith Barnett |Jason Cover |James Kim

This week, New York became the latest state to introduce legislation aimed at regulating Earned Wage Access (EWA) services. Assembly Bill 258 titled — “An Act to Amend the Banking Law, in Relation to Providing for Income Access Services in the State” — contains several significant provisions that, if passed, will significantly impact EWA providers in New York.
CFPB Finalizes Rule on Federal Oversight of Digital Payment Apps | JD Supra

Dec 9, 2024 | jdsupra.com | Keith Barnett |James Kim |Carlin McCrory

Late last year, we discussed the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposed rule aimed at supervising larger technology companies offering digital wallets and payment apps. On November 21, the CFPB finalized this rule, which will bring significant changes to the oversight of nonbank digital payment companies. This final rule is set to take effect 30 days after its publication in the Federal Register.