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Senators Announce Bipartisan Deal to Ease Banking Regulations

On November 13, 2017, Senate Banking Committee Chairman Mike Crapo, along with several Democratic senators, announced an agreement on bipartisan financial reform legislation. The proposed legislation aims to lower the number of banks considered “systemically important” and thus subject to enhanced bank supervision rules.  The legislation also contains provisions aimed at easing the regulatory burdens … Continue Reading

NJ Governor-Elect Murphy Has Businesses Prepared for Change

Democrat Phil Murphy has been elected as the next Governor of the State of New Jersey. Murphy comes into the office with a double-digit victory over departing lieutenant governor Kim Guadagno (R), and the backing of a state legislature controlled by Democrats.  Governor-Elect Murphy, who has never served in elected office, promises to take the … Continue Reading

Blunt Talk on Marijuana Banking in New Jersey

On Wednesday, October 11, 2017, Reed Smith Princeton attorneys Travis Nelson and Kristy Keiser will lead a discussion at the quarterly meeting of the Banking Law Section of the New Jersey State Bar Association. In addition to the meeting’s regularly scheduled agenda items, including planning for future CLE programs, and discussion of recent and pending … Continue Reading

Illinois Releases Proposed Guidance on Application of State Money Transmission Law to Digital Currency Activities

On November 30, 2016, the Illinois Department of Financial and Professional Regulation (IDFPR) issued a proposed “Digital Currency Regulatory Guidance” (the Guidance) regarding the application of the Illinois Transmitters of Money Act (TOMA) to various digital currency activities. The Guidance applies only to “decentralized digital currencies,” which are not issued by a particular person or … Continue Reading

Hastert Reaches Plea Deal in Anti-Money Laundering Case – Guilty Plea Expected

As I reported in a June 2, 2015 client alert, on May 28, 2015, Dennis Hastert, former Speaker of the U.S. House of Representatives, was indicted by a federal grand jury in the Northern District of Illinois. Mr. Hastert, a former high school teacher and football coach, was charged with making a “materially false, fictitious, … Continue Reading

The Inevitable – EMV Payments On a Fast Track to Becoming a New Standard in the United States

This post was also written by Timothy J. Nagle. Last week, congressional leaders in Washington continued with their focus on the safety of the U.S. payments system in the aftermath of the massive retailer breaches at Target, Neiman Marcus and others. The House Committee on Financial Services held its session March 5, while the House … Continue Reading

FCC Creates Formal Opportunity To Be Heard on Two Aspects of Its Revised TCPA Rules Requiring Prior Express Written Consent

This entry was written by Judy Harris and posted by Travis P. Nelson. Our Global Regulatory Enforcement colleague Judy Harris recently wrote a blog post regarding Public Notices released by the Federal Communications Commission (FCC) on Friday seeking comment on two recently filed requests for guidance on different aspects of its February 2012 Report and Order … Continue Reading

Guidance and Revision for FCC’s TCPA Rules

Our Global Regulatory Enforcement colleagues Judy Harris and Jack Gindi recently wrote two blog posts on the TCPA. One discusses the FCC possibly gearing up to issue some guidance on what constitutes an automatic telephone dialing system (“auto-dialer”) under the TCPA. The other is related to today’s effective date of the FCC’s earlier revision of … Continue Reading

Pennsylvania’s Banking Modernization Package Now in Effect

On December 24, 2012, three bills, H.B. 2368, H.B. 2369, and H.B. 2370, became effective. These new laws greatly expand the regulatory and enforcement tools available to the Pennsylvania Department of Banking and Securities (“Department”), bringing Pennsylvania law into compliance with the Dodd-Frank Act and modernize, where necessary, Pennsylvania’s Banking Code. As a result of … Continue Reading

Volcker Rule Status Update

Section 619 of the Dodd-Frank Act ("Act"), otherwise known as the "Volcker Rule (the "Rule")," contains some of the most wide-sweeping and controversial provisions of the entire law. Basically, the Rule places restrictions on the proprietary trading and investment activities of insured depositories and their affiliates and subsidiaries. The purpose of this blog post, however, is not to analyze the content of section 619 and the proposed authorizing regulations. There has already been, and there necessarily will be, a great deal more said along those lines. Rather, in light of the complexity of the subject matter and the significance of the process associated with developing a final rule, this post intends to hit a more narrow target: to help the reader understand the timing and process for the finalization of the rule.… Continue Reading

New York Senator Proposes Amendments to Expand Licensed Lender Law

Senate Bill 5462 ("S. 5462"), proposed by Sen. Joseph A. Griffo (R-47th (Utica)), Chairman of the Senate Committee on Banks (the "Committee"), was introduced last year in the New York State Senate and is currently pending in the Committee. If passed, this bill would significantly change the regulatory scheme for nonbank lenders with customers in New York.… Continue Reading