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Jan 16, 2025 | 
jdsupra.com | Mark Chorazak |Adam Cohen
Key Points New leadership at the financial regulatory agencies is likely to reverse some Biden-era rules and policy statements. President-elect Trump’s picks are expected to make industry-friendly changes in a number of areas, including supervision, capital and liquidity requirements, and digital assets. Banks and fintechs are entering the most favorable regulatory environment in years.
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Jan 15, 2025 | 
jdsupra.com | Mark Chorazak |Adam Cohen |Alexander Drylewski
Key Points A Republican president and Congress are expected to be more supportive of digital assets than the current administration. There is a reasonable chance that legislation creating a regulatory framework for cryptocurrencies will advance. Under Republican SEC chair nominee Paul Atkins, the SEC is expected to be less aggressive in enforcement in the crypto field and favor a more strategic approach.
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Sep 25, 2024 | 
jdsupra.com | Mark Chorazak |Adam Cohen |Heather Cruz
On September 9, 2024, the Chief Accountant of the U.S. Securities and Exchange Commission (SEC), Paul Munter, delivered remarks describing circumstances in which, in the SEC staff’s view, entities may engage in cryptoasset safeguarding activities without the need to account for those assets on their balance sheets in accordance with Staff Accounting Bulletin No. 121.
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Sep 23, 2024 | 
jdsupra.com | Jeffrey Brill |Mark Chorazak |Adam Cohen
On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued formal statements of policy on reviewing transactions under the Bank Merger Act (BMA).
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Sep 15, 2024 | 
corpgov.law.harvard.edu | Mark Chorazak |Adam Cohen
Board of Directors, Fintechs, Regulations, RisksMore from: Adam Cohen, Mark Chorazak, SkaddenMark Chorazak and Adam J. Cohen are Partners at Skadden, Arps, Slate, Meagher & Flom LLP. This post is based on their Skadden memorandum. Key PointsThe 2024 elections may usher in laws and regulations that impact fintechs, making it important for management to identify the areas that present the greatest challenges and opportunities.
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Sep 5, 2024 | 
jdsupra.com | Mark Chorazak |Adam Cohen
Key Points The 2024 elections may usher in laws and regulations that impact fintechs, making it important for management to identify the areas that present the greatest challenges and opportunities. As fintechs grow, they should consider whether they have all necessary licenses to operate and whether existing compliance and risk management infrastructure should be augmented to be “fit for purpose.” Bank-fintech partnerships are under the regulatory microscope.
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Jul 17, 2024 | 
jdsupra.com | Mark Chorazak |Adam Cohen |Alessio Evangelista
The Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has proposed a rule (the Proposed Rule) to implement certain aspects of the Anti-Money Laundering Act of 2020 (the AML Act), which updated the Bank Secrecy Act (BSA) to strengthen and modernize the U.S. anti-money laundering and countering the financing of terrorism (AML/CFT) regime by focusing regulatory scrutiny on the most significant national security and illicit financing threats.
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May 21, 2024 | 
lexology.com | Jeffrey Brill |Mark Chorazak |Adam Cohen |Michael Wiseman
The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Housing Finance Agency (FHFA) and the National Credit Union Administration (NCUA) recently re-proposed rules on incentive-based compensation arrangements at certain financial institutions with at least $1 billion in assets (Proposed Rule).
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Nov 7, 2023 | 
lexology.com | Mark Chorazak
On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) announced a proposal to subject certain large digital consumer payment companies to the CFPB’s authority to conduct examinations. If finalized, the rule would be the fifth time the CFPB has invoked its authority under the Dodd-Frank Act over so-called “larger participants” of a market in consumer financial products and services.
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Nov 7, 2023 | 
lexology.com | Mark Chorazak
On November 3, 2023, the Financial Stability Oversight Council (FSOC) released (i) a new “analytic framework” that sets forth how it will identify and assess potential risks to U.S. financial stability and (ii) updated guidance on how it will make designations of nonbank financial companies as systemically important. Below is our “quick take” on FSOC’s release.
