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Weekly Fintech Focus
The CFPB finalizes its rule clarifying the role of supervisory guidance.
Federal banking regulators issue FAQs on SAR filing obligations.
The Federal Reserve continues to support the development of AI in financial services.
OCC Issues Ruling Permitting National Banks to Use Certain Blockchain Technologies
California issues proposed rules for sharing data on marijuana-related businesses to promote due diligence and KYC efforts.
Federal Regulation Actions Frozen Pending Review from New Administration
On January 20, 2021, newly inaugurated President Joe Biden issued a memorandum to the Heads of Executive Departments and Agencies asking current agency leaders to freeze implementation of all new or pending rules to allow the President’s appointees or designees to have an opportunity to review any new or pending rules. In the memo, the new administration asks that no new rules be implemented until a department or agency head appointed or designated by Presiden
Weekly Focus:
New Administration Appoints New Agency Leads
OCC Issues Ruling Permitting National Banks to Use Certain Blockchain Technologies
CFPB Finalizes Rule on the Role of Supervisory Guidance
Federal banking regulators issue FAQs on SAR filing obligations.
Dutch Gambling Regulator Fines Virtual Coin Gaming Company
U.S. Regulatory Updates
Federal Regulation Actions Frozen Pending Review from New Administration
On January 20, 2021, newly inaugurated President Joe Biden issued a memorandum to the Heads of Executive Departments and Agencies asking current agency leaders to freeze implementation of all new or pending rules to allow the President’s appointees or designees to have an opportunity to review any new or pending rules. In the memo, the new administration asks that no new rules be implemented until a department or agency head appointed or designated by President Biden reviews and approves the rule with the exception of emergency situations relating to health, safe
On Thursday, the Office of the Comptroller of the Currency finalized its Fair Access to Financial Services rule, which will prevent banks from refusing to serve entire classes of customers that they find politically or morally unsavory. The rule is a huge win for civil liberties, and for the many.
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Trump Administration Establishes a Banking Rule Worth Paying Attention To
Jan. 18 , 2021 (EIRNS) With just a week remaining in President Donald Trump’s administration, his Office of the Controller of the Currency (within the U.S. Treasury) promulgated a “Fair Access to Financial Services” rule on Jan. 13 which has angered Wall Street and, no doubt, annoyed Windsor Castle and the Old Lady of Threadneedle Street. The rule, if enforced, would appear to rule “green finance” out of order in the United States banking system, in spite of the Network of Central Banks and Supervisors for Greening of the Financial System which the Federal Reserve just joined after four years of being scared out of it by the President.