Bank Law Monitor
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A Dummy’s Guide to the GENIUS Act (and Stablecoins)
It is the new buzz word: stablecoin.
What is it, and why should you care?
Here is a rundown of what you should know:
The GENIUS Act.
In July, President Trump signed the GENIUS Act into law. The Act creates a federal regulatory framework for s...
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Regulatory Update: Final Rule on Courtesy Overdraft Services
The Consumer Financial Protection Bureau (CFPB) has finalized its proposed rule that aims to close what CFPB Director Rohit Chopra has characterized as a “loophole” from certain consumer financial protection laws.
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Meet Diana Ramos, Our Newest Financial Services Attorney
The Miller Nash financial services industry team is thrilled to welcome Diana Ramos. Diana is a seasoned banking industry professional who will be working in our Portland office. She assists banks, credit unions, and other financial institutions with...
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Regulators Offer Guidance for Community Banks on Fintech Relationships
In today’s competitive banking landscape, many community banks have embraced the benefits of partnering with a variety of financial technology companies (“fintechs”). In recent years, a variety of fintechs have emerged and introduced valuable experti...
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At Long Last, FinCEN Offers Much Awaited Guidance Regarding BSA Due Diligence Requirements for Hemp Businesses
Ever since Congress passed the 2018 Farm Bill and hemp was declassified under federal law as a Schedule I controlled substance, financial institutions have struggled with whether and how to bank the hemp industry. Many bankers simply feared that the...
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Federal Banking Agencies Encourage Small-Dollar Lending
Mar 27, 2020
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No, your eyes aren’t deceiving you. On Thursday, March 26, 2020, the federal banking agencies (i.e., the FDIC, CFPB, FRB, NCUA, and OCC) issued a joint statement encouraging banks and credit unions to offer responsible small-dollar loans to consumers...
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