Bank Law Monitor
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Update: DOJ Rescinds the Cole Memo—FinCen Guidance Still in Effect, For Now…
In the wake of the shift in federal marijuana enforcement policy, financial institutions have been left to speculate the risk in offering financial services to marijuana-related businesses. While the U.S. Treasury Department's Financial Crimes Enforc...
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The STATES Act—A Solution to the Cannabis Banking Problem on the Horizon?
By Danielle Hunt, Kalin Bornemann, Olivia Grabacki, and Jessica Roberts
As we previously discussed, financial institutions that offer financial services to the cannabis industry have been operating in a state of uncertainty in the wake of the rescis...
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The OCC Doubles Down on Fintech Banks
Traditional banks and lenders may soon see some increased competition from actors in the financial technology industry. As we previously discussed, the Office of the Comptroller of the Currency (OCC) has led the regulatory charge by inviting so-calle...
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The Shifting Sands of Washington’s Consumer Loan Act
Since the Great Recession, the regulation of residential mortgages and those who service them have been in sharp focus. Legislators and regulators continue to demonstrate an abiding mistrust in the servicing industry a full decade after the financial...
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FinCEN Reverses Course on Beneficial Ownership Requirements in Connection with Loan Renewals and Modifications
It can be hard for regulatory agencies to admit when they’ve made a mistake. But that’s exactly what FinCEN did last week when it announced that certain loan renewals and modifications[1] would not trigger its beneficial ownership due diligence rule...
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Bankers Beware—Trade Secret Misappropriation Can Lead to Lifetime Ban
Employees change jobs all the time. There is generally nothing wrong with an employee planning his or her next move while still employed. But when an employee’s plans include gathering up his or her employer’s trade secrets to use at a new place of e...
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