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MoFo Reenforcement The Enforcement Blog

Tag Archives: financial institutions

Assembly Bill 539 and the Future of Consumer Loans in California

Posted in Regulatory Developments

The California legislature is poised to cap rates on larger consumer installment loans. Assembly Bill 539 has passed the state Assembly and the state Senate Committee on Banking and Financial Institutions. Although directed only to California Financing Law (CFL) licensees, the bill has broader implications for consumer installment lending in California. Read our client alert.

FinCEN Issues Convertible Virtual Currency Guidance and Advisory

Posted in Enforcement Actions, Regulatory Developments

The Financial Crimes Enforcement Network recently issued a guidance, Application of FinCEN’s Regulations to Certain Business Models Involving Convertible Virtual Currencies (CVC), together with an Advisory on Illicit Activity Involving Convertible Currency. The Guidance largely summarizes FinCEN’s existing regulatory framework regarding the application of the Bank Secrecy Act to virtual currency activities. The Advisory warns financial institutions of… Read More