CFPB Finalizes Rule Limiting Credit Card Late Fees
Global Fintech & Payments Blog
by Latham & Watkins LLP
2w ago
The rule targets a statutory loophole that the CFPB asserts large credit card issuers exploited to exact excessive late fees from consumers. By Barrie VanBrackle and Deric Behar On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule (the Rule) to amend Regulation Z, which implements the Truth in Lending Act (TILA) to limit credit card late fees. The Rule was initially proposed in February 2023 and was intended to go into effect in October 2023 (for more information on the proposal, see this Latham blog post). The Rule aims to ensure that credit card late fees ..read more
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Hong Kong Monetary Authority Issues Guidance for Banks on Crypto Custody and Sale of Tokenised Products
Global Fintech & Payments Blog
by Latham & Watkins LLP
3w ago
Regulator sets out its expectations for banks looking to provide digital asset custody services, and sell and distribute tokenised products. By Simon Hawkins and Adrian Fong On 20 February 2024, the Hong Kong Monetary Authority (HKMA) published two circulars prescribing additional guidance to banks interested in carrying on certain digital asset services: Provision of Custodial Services for Digital Assets (Custody Circular) provides guidance for banks who are interested in holding digital assets for clients. Sale and Distribution of Tokenised Products (Tokenised Products Circular) provides s ..read more
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The SEC’s Definition of a “Dealer” — End of the Road for DeFi, or Just Another Bump?
Global Fintech & Payments Blog
by Latham & Watkins LLP
1M ago
The SEC’s ambiguous rule could have a chilling effect both on decentralized finance and on the provision of liquidity to centralized crypto exchanges. By Jenny Cieplak, Marlon Q. Paz, Stephen P. Wink, and Naim Culhaci The Securities and Exchange Commission (SEC) adopted a new rule on February 6, 2024, further defining the phrase “as part of a regular business” — which is an integral part of what it means to be a “dealer” under securities laws. The Securities Exchange Act of 1934 (Exchange Act) defines a dealer as “any person engaged in the business of buying and selling securities … for such ..read more
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Hong Kong Consults on Proposed Regulations to Prudential Treatment of Cryptoasset Exposures
Global Fintech & Payments Blog
by Latham & Watkins
1M ago
Implementation of Basel Committee cryptoassets standard to provide additional clarity for banks looking to engage in cryptoassets business. By Simon Hawkins and Adrian Fong On 7 February 2024, the Hong Kong Monetary Authority (HKMA) released a consultation paper on its proposal for implementing new regulations on the prudential treatment of cryptoasset exposures (Consultation Paper). The Consultation Paper comes shortly after the Financial Services and the Treasury Bureau and the HKMA issued a consultation paper in December 2023 outlining their legislative proposal for a regulatory regime gov ..read more
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Hong Kong Proposes Regulation of Over-the-Counter Crypto Trading
Global Fintech & Payments Blog
by Latham & Watkins LLP
1M ago
The requirements in the proposed framework are more extensive in scope and reach than what many virtual asset industry stakeholders anticipated. By Simon Hawkins and Adrian Fong On 8 February 2024, the Financial Services and the Treasury Bureau (FSTB) released a consultation paper on its legislative proposal to introduce a regulatory regime governing over-the-counter (OTC) trading of virtual assets (VA) in Hong Kong (Consultation Paper). This blog post summarises the proposed regulatory framework set out in the Consultation Paper. Background A number of VA exchange platforms allegedly engag ..read more
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Can It Be a Commodity if It’s Not Fungible? Evaluating NFTs Under the Commodity Exchange Act
Global Fintech & Payments Blog
by Latham & Watkins LLP
2M ago
Understanding NFTs as commodities calls for a more nuanced analysis than what their “non-fungible” label might suggest at first glance. By Yvette D. Valdez The appropriate regulatory characterization of cryptocurrencies and digital assets for US legal purposes has spawned many pages of analysis and occupied many hours of industry, law firm, and regulatory consideration. Significant amounts of commentary, and later government and judicial attention, have been devoted to determining whether fungible cryptocurrencies and digital assets constitute securities for purposes of US federal securities ..read more
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SEC Issues Omnibus Approval for Spot Bitcoin Exchange-Traded Products
Global Fintech & Payments Blog
by Latham & Watkins LLP
2M ago
The SEC’s long-awaited green light for spot bitcoin ETPs is welcomed by the market, but the ambivalent decision raises more questions than it answers. By Jenny Cieplak, Aaron Gilbride, Yvette D. Valdez, Stephen P. Wink, and Deric Behar On January 10, 2024, the Securities and Exchange Commission (SEC) issued, on an accelerated basis, an Omnibus Approval Order (the Order) for proposed NYSE Arca, Nasdaq, and Cboe BZX rule changes seeking to list and trade shares of 11 spot bitcoin trusts. Spot bitcoin trusts hold actual bitcoin, as opposed to bitcoin futures trusts, which hold der ..read more
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Proposed Bill Would Reform Bank Exam Processes
Global Fintech & Payments Blog
by Latham & Watkins
2M ago
A recent bipartisan bill, if enacted, would particularly benefit small lenders and bank-fintech partnerships by promoting transparency, appellate rights, and examiner accountability. By Arthur S. Long, Parag Patel, Barrie VanBrackle, Pia Naib, and Deric Behar On December 14, 2023, a bipartisan group of senators introduced the Fair Audits and Inspections for Regulators’ Exams Act (FAIR Exams Act), which seeks to increase transparency in the bank examination process. The proposed legislation would require examining agencies to act quickly and transparently, while creating an independent review ..read more
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Hong Kong Consults on Proposed Approach to Stablecoin Legislation
Global Fintech & Payments Blog
by Latham & Watkins
2M ago
The proposed regulatory framework would create substantive obligations on issuers of fiat-referencing stablecoins to safeguard the public. By Simon Hawkins and Adrian Fong On 27 December 2023, the Financial Services and the Treasury Bureau (FSTB) and the Hong Kong Monetary Authority (HKMA) released a consultation paper on their legislative proposal for a regulatory regime governing stablecoin issuers in Hong Kong (Consultation Paper). The HKMA followed with its own press release announcing a future sandbox arrangement for stablecoin issuers. This blog post summarises the proposed Hong Kong re ..read more
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OCC Issues Policy Guidance on Buy Now, Pay Later Lending
Global Fintech & Payments Blog
by Latham & Watkins
3M ago
The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending. By Arthur S. Long, Parag Patel, Barrie VanBrackle, Becky Critchley, Deric Behar, and Charlotte Collins On December 6, 2023, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2023-37 (Guidance), which clarifies the OCC’s policy positions on the risk management of “Buy Now, Pay Later” (BNPL) lending. These consumer lending arrangements (also known as “point-of-sale installment loans” or “pay-in-4”) involve short-term instal ..read more
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