On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a new report, titled “Banking in Video Games and Virtual Worlds” (Report), that examines the growth of financial transactions in online video games and virtual worlds. The CFPB has previously signaled the expansion of its monitoring capabilities to new markets, and this Report continues
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N.Y. Governor Proposes Measures To Ensure Fairness in “Buy Now Pay Later” Services
By Sam Boro, Ross Handler & Samuel Klein
On January 2, New York Governor Kathy Hochul announced a proposal to establish regulations for the “Buy Now Pay Later” (BNPL) loan industry.
Gov. Hochul announced that she will propose legislation to require BNPL providers to obtain a license to operate in the state and to authorize the New York Department of Financial Services to…
California DFPI Orders Consumer Financing Platform To Cease Hidden Junk Fees
By Sam Boro, Ross Handler & Samuel Klein
On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The platform was ordered to pay a $50,000 penalty for allegedly not disclosing information about possible convenience fees assessed to its customers’ accounts. As part…
Market Turmoil Caused by “Run on the Banks” Leads to Trading Halts
On March 10, 2023, volatility resulting from concerns regarding runs on certain banks triggered trading halts in those banks’ stocks on the New York Stock Exchange (NYSE) and Nasdaq. March 13, 2023, saw additional trading halts on bank stocks. This post provides a brief explanation of the Limit Up Limit Down (LULD) rules that…
The Impact of COVID-19 on the Use of FinTech by Financial Institutions
By Perkins Coie & Perkins Coie
This blog post will briefly explore operational, strategic, and regulatory considerations related to the use of financial technologies by financial institutions in the COVID-19 era.
We specifically view these considerations through the lens of two nearly contemporaneous events from earlier today:
…
FINRA Publishes Report Detailing Uses of AI in the Securities Industry
By Perkins Coie
A new update published by Perkins Coie’s Investment Management practice, reviews a summary report, issued on June 10, 2020, by the Financial Industry Regulatory Authority (FINRA), regarding the existing and emerging uses of artificial intelligence by securities industry market participants. The report, Artificial Intelligence (AI) in the Securities Industry, reflects nearly two years’ worth of…
Understanding Cryptocurrencies in Asset Management Forum held in New York, materials now available
On January 18th, Perkins Coie LLP held a forum entitled Understanding Cryptocurrencies in Asset Management in its New York office. This forum covered how cryptocurrencies and blockchain technology are affecting the asset management industry with specifics on:
- Investing in Bitcoin futures and other crypto-derivatives
- Emerging crypto indices
- Overview of product development including Bitcoin ETFs and
…
CFTC Virtual Currency Proposed Interpretation – Part 2
On December 15, 2017, the U.S. Commodity Futures Trading Commission (the “CFTC”) issued a proposed interpretation of the term “actual delivery” as used in the provision of the Commodity Exchange Act (the “CEA”) that grants the CFTC explicit authority to oversee the marketplace for “retail commodity transactions.” This is the second blog posting in a…
Fintech Week in Review – October 13, 2017
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.…
Fintech Week in Review – June 16, 2017
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of publicly-reported news that may be of particular interest.…