States

New York Attorney General Letitia James announced “nation-leading” regulations on the cryptocurrency industry which aims to protect investors, consumers, and the broader economy. The Crypto Regulation, Protection, Transparency, and Oversight (CRPTO) Act was proposed to the New York State Assembly and State Senate by James’ office in collaboration with New York Department of Financial Services. Read on for more details. Read on »

The California Department of Financial Protection and Innovation released its findings following an investigation into the collapse of Silicon Valley Bank. The regulator’s findings echo the finding previously published by the Federal Reserve, stating regulators did not act early or forcefully enough to prevent the collapse. Read on for more details. Read on »

The New York Department of Financial Services announced that it has begun charging crypto firms that are subject to the agency’s supervision and examination, putting the crypto industry more in line with banking and insurance firms. Read on for more details. Read on »

The Conference of State Bank Supervisors issued a request for public comment on a proposal for uniform state licensing standards for mortgage companies. The proposed standard outlines the eight major components required of a mortgage-specific business in order to receive or maintain a license through the nationwide multistate licensing system. Read on for more details. Read on »

The U.S. Court of Appeals for the Ninth Circuit affirmed the decision of a California district court to abstain from enjoining a state action brought by the Riverside County, Calif., district attorney (DA) against national bank Credit One. Credit One claimed the DA unlawfully exercised the National Bank Act and its associated regulations’ “visitorial powers.” The courts disagreed. Read on for more details. Read on »

The California Department of Financial Protection and Innovation announced it entered into a settlement agreement with Nexo Capital to resolve its securities enforcement action in connection to Nexo’s Earn Interest Product program. Read on for more details. Read on »

Cryptocurrency exchange Coinbase agreed to a consent order with the New York Department of Financial Services (DFS) after an investigation found “significant failures” in Coinbase’s compliance program which violated the New York Banking Law and DFS regulations. As part of the consent order, Coinbase agreed to pay $50 million in penalties as well as invest an additional $50 million in its compliance functions over the next two years. Read on for more details. Read on »

The Consumer Financial Protection Bureau recently announced it has started sharing customer complaint data with local governments. The data will give federal, state, and local government agencies access to more granular information about consumer complaints and companies’ responses than what is available to the public. Read on for more details. Read on »

In recent months, President Joe Biden announced his nominees for the board of directors for the Federal Deposit Insurance Corp. The Conference of State Bank Supervisors sent a letter to Sens. Sherrod Brown (D-Ohio) and Pat Toomey (R-Pa.) expressing concerns and disappointment over the nominations ahead of confirmation committee hearings. Read on for more details. Read on »

On Nov. 23, 2022, HomeTrust Mortgage reported a data breach to the Attorney General of Montana. The breach resulted in the names, addresses and Social Security numbers of some customers being compromised. Read on for more details. Read on »