Archive: 2020

1
The OCC Tells Cryptocurrency Holders to Take It to the Bank: National Banks and FSAs Can Now (Definitively) Provide Custodial Services for Cryptocurrency
2
FATF report to the G20 on stablecoins
3
New EU digital finance rules by the end of 2020
4
It’s BA-ACK! OCC planning a new fintech charter: “Payments Charter 1.0”
5
An Empire State Glimmer of Hope for Crypto
6
The OCC’S ANPR on Digital Banking: Is this a Harbinger for Digital and Open Banking in the US?
7
OCC Issues Final Rule to Fix Madden
8
ECB reflections around central bank digital currencies
9
FSB consults on cyber-attack response and recovery
10
Expanding Your Fintech/Payments Business to the U.S.

The OCC Tells Cryptocurrency Holders to Take It to the Bank: National Banks and FSAs Can Now (Definitively) Provide Custodial Services for Cryptocurrency

By Judith Rinearson, Jeremy McLaughlin, and Daniel Cohen

On 22 July, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter confirming that national banks and federal savings associations (collectively, banks) can offer custodial services for cryptoassets because “providing cryptocurrency custody services…is a modern form of traditional bank activities related to custody services.”

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FATF report to the G20 on stablecoins

By Giovanni Campi

Stablecoins have attracted much regulatory attention lately. The G7 working group on stablecoins, the International Organization of Securities Commissions, the Financial Stability Board (FSB) and the European Commission are among the international institutions pressing for global stablecoins regulation. The overarching regulatory problems they all identify are:

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New EU digital finance rules by the end of 2020

By Giovanni Campi

In a recent address on digital finance in the context of the European Commission’s Digital Finance Outreach, European Commission Executive Vice-President Valdis Dombrovskis, shared some of the Commission’s thinking on technological innovation and digital finance.

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It’s BA-ACK! OCC planning a new fintech charter: “Payments Charter 1.0”

By Judie Rinearson and Mehreen Ahmed

On June 25, 2020, Acting Comptroller Brian Brooks announced in an American Bankers Association’s podcast that the Office of the Comptroller of the Currency (the “OCC”) is planning to introduce “Payments Charter 1.0”, which would effectively be a “national version of a state money transmission license.”

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An Empire State Glimmer of Hope for Crypto

By: Jeremy McLaughlin and Daniel Cohen

It’s no secret that accessing the New York market is difficult, if not impossible, for some digital asset companies, especially those in their early stages.  New York’s Department of Financial Services (“DFS”) is hoping to change that—at least incrementally—with several initiatives it recently announced.  Our digital asset team will soon provide a detailed analysis of the initiatives, but in the meantime here is a brief summary:

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The OCC’S ANPR on Digital Banking: Is this a Harbinger for Digital and Open Banking in the US?

By Judie Rinearson, John ReVeal and Stan Ragalevsky

The office of the Comptroller of the Currency (OCC) issued an Advance Notice of Proposed Rulemaking (ANPR) on June 3, 2020, focusing on digital banking activities. Typically such ANPRs are a precursor to new federal regulation; following collection of data from the industry and other interested parties, the OCC may propose new regulations by issuing a Notice of Proposed Rulemaking within 6-12 months.  Responses to the ANPR are due on August 3, 2020.

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OCC Issues Final Rule to Fix Madden

John ReVeal and Judie Rinearson

On May 29, 2020, the Office of the Comptroller of the Currency (“OCC”) issued a final rule (https://www.occ.gov/news-issuances/federal-register/2020/nr-occ-2020-71a.pdf) to clarify that, when a federal or state-chartered savings association transfers a loan portfolio,  interest permissible on the loans before the transfer continues to be permissible after the transfer.  In this way, the OCC hopes to resolve the uncertainty created by the Madden v. Midland Funding, LLC decision (“Madden”). 

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ECB reflections around central bank digital currencies

By Giovanni Campi and Sofia Karagianni

The digitalization of finance is accelerating during the COVID-19 outbreak. Even before the pandemic, FinTechs and BigTechs had begun to change market dynamics by offering new forms of money and new means of payment. Central banks are also looking into the future of money and payments, and at the potential issuance of digital currencies.

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FSB consults on cyber-attack response and recovery

By Giovanni Campi and Sofia Karagianni

The Financial Stability Board (FSB) issued a consultation on a toolkit of measures designed to help ensure firms and regulators are well prepared to tackle cyber incidents. This consultation is part of the work initiated in 2017 following the launch of the FSB report gathering financial sector cybersecurity regulations, guidance and supervisory practices from several jurisdictions. The consultation is expected to lead to the submission of the toolkit to the G20 in October 2020.

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Expanding Your Fintech/Payments Business to the U.S.

By Judie Rinearson, Daniel Knight and Daniel Atkin

With Australia joining the boom in new and innovative Fintechs around the world, our challenger banks, payments businesses and Fintechs have gained global recognition.

While entering into the lucrative U.S market is enticing, it can also be a daunting concept for those without insider knowledge.

K&L Gates’ New York Fintech partner Judie Rinearson, was able to provide us with the information necessary for making the transition, successfully.

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