Premier Banking Law News and Insights

2022 was billed as the year regulation will descend on the cryptocurrency (“crypto”) and decentralized finance (“DeFi”) spaces. While it seems regulation may indeed be coming, it initially appears to be buried in lengthy measures with broader and more generalized application than what may have been expected. These initial provisions could potentially—and...

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The Financial Stability Oversight Council ("FSOC") finalized interpretive guidance on its authority to require the supervision and regulation of certain nonbank financial companies. In the final guidance, FSOC referred to Dodd-Frank Section 113, which permits FSOC to place a nonbank financial company under the supervision of the Federal Reserve Board...

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On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor and its founder (collectively, "defendants"), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors. As a third-party payment processor, the company processed over $70 million in remotely created...

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