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<option value="39"> Cumberland School of Law </option>
<option value="522"> Dalhousie University </option>
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<option value="42"> Davidson College </option>
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<option value="558"> Excelsior College </option>
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<option value="76"> Franklin and Marshall College </option>
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<option value="481"> The College of Law </option>
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<option value="518"> University College, London </option>
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<option value="193"> University of California, Berkeley </option>
<option value="134"> University of California, Berkeley, School of Law </option>
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<option value="454"> University of Central Florida </option>
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<option value="223"> University of Delaware </option>
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<option value="533"> University of Exeter, Devon </option>
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<option value="540"> University of Greenwich, London </option>
<option value="90"> University of Illinois, Urbana-Champaign </option>
<option value="452"> University of Kansas </option>
<option value="539"> University of Law, London </option>
<option value="100"> University of Maine Law School </option>
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<option value="311"> University of Miami School of Law </option>
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<option value="23"> University of Michigan Law School </option>
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<option value="525"> University of Newcastle </option>
<option value="345"> University of Newcastle upon Tyne </option>
<option value="327"> University of North Carolina at Chapel Hill </option>
<option value="209"> University of North Carolina School of Law </option>
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<option value="429"> University of Nottingham </option>
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<option value="50"> University of Pennsylvania Law School </option>
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<option value="435"> Villanova University School of Law </option>
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<option value="13"> Washington University School of Law </option>
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<option value="16"> Wesleyan University </option>
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<option value="3"> Yale University </option>
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Christi College Cumberland School of Law Dalhousie University Dartmouth College
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Emory University Emory University School of Law Excelsior College Fairleigh
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Purdue University Queen Mary University of London Queen's College Queens
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School - Newark Rutgers School of Law-Newark Rutgers University Saint Petersburg
State University Seton Hall University School of Law Shaarei Torah of Rockland
Skidmore College Smith College Southern Connecticut State University Southern
Methodist University St. Anne's College, Oxford St. John's University St. John's
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KARA A. KUCHAR
Partner
* 919 Third Avenue
* New York, NY 10022
* United States of America
* * +1 212.756.2734 Phone
kara.kuchar@srz.com
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PRACTICES
* Bank Regulatory
* Financial Institutions
* Regulatory & Compliance
* Blockchain Technology & Digital Assets
BAR ADMISSIONS
* Connecticut
* New York
EDUCATION
University of Connecticut School of Law, J.D., 2006
* Connecticut Law Review
Trinity College, B.A., with honors, 2003
+ View Details
Kara A. Kuchar concentrates her practice on the regulation of financial services
providers, and specifically, the regulation of money services businesses,
payment processors, stablecoin issuers, cryptocurrency exchanges and fintech
companies. Kara represents and advises leading fintech companies and private
equity firms in transactional and regulatory matters associated with payments
products and services, including e-commerce marketplaces, traditional brick and
mortar money transmitters, cross-border B2B payment solution providers, prepaid
card managers, payment processors, multi-currency wallet providers,
cryptocurrency exchanges and emerging payments companies. She manages money
transmitter and virtual currency licensing projects for companies of all sizes.
She has advised a number of non-bank financial service providers regarding
compliance with Consumer Financial Protection Bureau regulations and guidance,
including the establishment and enhancement of compliance management systems,
implementing remittance rule programs and strengthening policies and procedures
to prohibit unfair, deceptive, or abusive acts or practices.
+ REPRESENTATIONS
Representing Western Union in its pending sale of Western Union Business
Solutions to Goldfinch Partners and The Baupost Group.
Represented Visa in its acquisition of Currencycloud, a global platform that
enables banks and fintechs to provide innovative foreign exchange solutions for
cross-border payments.
Represented Remitly in its initial public offering.
Represented GCP Partners and Flexpoint in their acquisition of TransNetwork
Corporation, a B2B electronic domestic and cross-border processing payment
platform.
Represented Thoma Bravo affiliated funds in their acquisition of RealPage, a
leading provider of technology platform used by owners and managers of real
property.
Represented Thoma Bravo affiliated funds in their strategic growth investment in
Greenphire, a global leader in financial lifecycle management software for
clinical trials.
Represented WorldRemit in its acquisition of Sendwave, an Africa-focused,
app-based remittance firm.
Represented Centerbridge Partners affiliated funds in their majority investment
in Syncapay, and the combination of daVinci Payments with North Lane
Technologies, formerly Wirecard North America.
Represented Western Union in its sale of its Speedpay bill payments business to
ACI Worldwide.
Represented First Data Corporation and KKR in connection with Fiserv's
acquisition of First Data.
Represented Noventis, a licensed money transmitter and provider of payment
solutions, in its acquisition by WEX, a provider of payment processing and
information services.
Represented Small World Financial Services Group, a leading international
omni-channel payment service provider, and Equistone Partners, a private equity
fund, in connection with Equistone’s controlling investment in Small World and
its U.S. licensed money transmitter, Choice Money Transfer.
Represented Securus Technologies in its acquisition of JPay, a market-leading
technology company that introduced electronic payments to the corrections space,
and Securus Technologies and Platinum Equity affiliated funds in Platinum
Equity's subsequent acquisition of Securus Technologies.
Represented Trans-Fast Remittance, a leading global payments company, and Apis
affiliated funds in connection with Apis' investment of primary capital into the
company.
Represented H.I.G. Capital, a private equity fund, in connection with its
acquisition of the Keefe Group and its licensed money transmitter, Keefe
Commissary Network.
Represented Fleetcor Technologies, a leading global provider of commercial
payment solutions, and Cambridge Global Payments, a leading B2B international
payments provider, in connection with Fleetcor’s acquisition of Cambridge.
Represented Travelex Group with its acquisition by a consortium led by the owner
of UAE Exchange, a leading global money transfer and foreign exchange provider,
and Centurion Investments, an Abu Dhabi-based private equity firm.
Represented Western Union in its acquisitions of Custom House and Travelex
Global Business Payments.
+ PUBLICATIONS
“NYDFS Announces $100 Million Settlement with Coinbase for AntiMoney Laundering
Compliance Deficiencies” SRZ Alert, Jan. 23, 2023
“Substantial Penalty Against Major Bank Highlights Aggressive CFPB
Enforcement,” SRZ Alert, Dec. 21, 2022
“CFPB Proposes Rule to Establish Public Registry of Nonbanks with Consumer
Financial Law Enforcement Orders,” SRZ Alert, Dec.19, 2022
“NYDFS Continues Effort to Amend Cybersecurity Regulation (“Part 500”) and
Publishes Revised Proposed Amendments,” SRZ Alert, Nov. 23, 2022
“Financial Institutions Invited to Comment on CFPB’s Initial Sketch of New
Consumer Data Rights Rule,” SRZ Alert, Nov. 3, 2022
“Consumer Financial Protection Bureau Supports Broad Assertion of State
Enforcement Power,” SRZ Alert, May 27, 2022; republished in The Banking Law
Journal, Sept. 2022
“Federal Reserve Board Issues Letter Regarding Crypto-Asset-Related
Activities,” SRZ Alert, Aug. 23, 2022
“Federal Reserve Board Approves Guidelines for Evaluating Reserve Bank Account
Requests,” SRZ Alert, Aug. 17, 2022
“NYDFS Publishes Pre-Proposed Amendment to Cybersecurity Regulations (“Part
500”),” SRZ Alert, Aug. 15, 2022
“The Crypto Winter of Discontent Gets Colder with First of Its Kind Insider
Trading Charges,” SRZ Alert, Aug. 9, 2022
“CFPB Signals Cuts to Credit Card Late Fees,” SRZ Alert, June 29, 2022
“As Federal Agencies Organize, US States Continue to Lead in Regulating Digital
Assets,” CoinDesk, June 8, 2022
“CFPB Supports Broad Assertion of State Enforcement Power,” SRZ Alert, May 27,
2022
“CFPB Obtains $10 Million Penalty Against Major Bank Using Expansive UDAAP
Authority,” SRZ Alert, May 11 2022
“CFPB Invokes ‘Dormant’ Authority to Conduct Exams of Fintech Companies,” SRZ
Alert, April 27, 2022
“Russian Sanctions Update: FinCEN and NYDFS Issue Guidance,” SRZ Alert, April
25, 2022
“FDIC Issues Letter on Crypto-Related Activities,” SRZ Alert, April 13, 2022
“PayPal Appeal May Limit Scope of CFPB's Rulemaking Power,” Law 360, April 4,
2022
“New CFPB UDAAP Examination Manual Announces Anti-Discrimination Agenda,” SRZ
Alert, March 24, 2022
“Federal Reserve Releases Report on Central Bank Digital Currency,” SRZ Alert,
Jan. 25, 2022
“CFPB Authorizes Debt Collectors to Use Social Media, Text and Email,” SRZ
Alert, Dec. 20, 2021
“CFPB Updates Electronic Fund Transfers FAQs,” SRZ Alert, Dec. 16, 2021
“Federal Agencies Issue Joint Statement on Approach to Crypto-Asset Regulation
for Banking Organizations,” SRZ Alert, Dec. 1, 2021
“OCC Outlines System for Banks to Engage in Certain Cryptocurrency Activities
Subject to Supervisory Non-Objection,” SRZ Alert, Dec. 1, 2021
“FATF Releases Anticipated Guidance for Virtual Assets and Virtual Asset Service
Providers, Survey Results on Cross-Border Payments and Proposed Revisions to
Beneficial Ownership Standard,” SRZ Alert, Nov. 30, 2021
“President’s Working Group Issues Interagency Risk Assessment of Stablecoins,”
SRZ Alert, Nov. 8, 2021
“Treasury Issues Reports and Guidance to Assist Industry In Addressing Threats
Posed by Certain Virtual Currency Transactions and Ransomware Payments,” SRZ
Alert, Oct. 28, 2021
“FinCEN Issues First National AML/CFT Priorities and Defers Implementation of
Priorities and No-Action Letter Process to Future Rulemakings,” SRZ Alert, July
12, 2021
“FinCEN Releases Notice of Proposed Rulemaking and FAQs Concerning Convertible
Virtual Currency and Legal Tender Digital Asset Transactions,” SRZ Alert, Dec.
23, 2020
“OCC’s Brooks Indicates National Payments Charter to Be Offered Later This
Year,” SRZ Alert, June 29, 2020
“CFPB Remittance Rule Fine Spotlights Cash-Transfer Conduct,” Law360, Sept. 13,
2019 (co-author)
“CFPB Issues First Enforcement Action Based on Violations of the Remittance
Transfer Rule,” SRZ Alert, Sept. 6, 2019 (co-author)
“CFPB Issues Request for Information Regarding Potential Changes to Remittance
Rule,” SRZ Alert, May 1, 2019 (co-author)
“FinCEN Assesses Civil Money Penalty Against P2P Currency Exchanger for BSA
Violations,” SRZ Alert, April 26, 2019 (co-author)
“CFPB Proposes Revisions to Its Policy on No-Action Letters and Creation of New
Product Sandbox to Spur Fintech Innovation,” SRZ Alert, Dec. 14,
2018 (co-author)
“OCC Issues Draft Guidance and Requirements for Fintech Charter Applications,”
SRZ Alert, March 17, 2017 (co-author); republished in Bloomberg BNA – Banking
Report, April 17, 2017
“Virtual Currency Regulation: ‘BitLicense’ Re-Proposed by NYDFS,” SRZ Alert,
Feb. 6, 2015 (co-author)
“CFPB Issues Proposed Rule to Provide Additional Federal Consumer Protections
for Prepaid Products,” SRZ Alert, Nov. 18, 2014 (co-author)
“CFPB Issues Larger Participants Rule for International Money Transfer Market,”
SRZ Alert, Sept. 17, 2014 (co-author)
“Virtual Currency Regulation: Analysis of New York’s Proposal,” Westlaw Journal
—Computer & Internet, Sept. 11, 2014 (co-author)
“CFPB Extends Temporary Remittance Rule Exception for Depository Institutions to
2020 and Issues Clarifications and Technical Corrections,” SRZ Alert, Aug. 26,
2014 (co-author)
“Virtual Currency Regulation: Summary and Analysis of the New York State
Department of Financial Services Proposal,” SRZ Alert, Aug. 15, 2014 (co-author)
“CFPB Updates Remittance Rule Compliance Guide and Issues Clarifying Amendment
and Technical Correction,” SRZ Alert, Aug. 13, 2013 (co-author)
“What Your Prepaid Business Needs to Know about the Dodd-Frank Remittance
Transfer Provisions: CFPB Issues Final Rule and Concurrent Notice of Proposed
Rulemaking on Safe Harbors,” Paybefore, Feb. 28, 2012 (co-author)
“Consumer Financial Protection Bureau Issues Final Rule and Concurrent Notice of
Proposed Rulemaking to Implement the Dodd-Frank Act Remittance Transfer
Provisions,” SRZ Alert, Jan. 27, 2012 (co-author)
“Federal Reserve Board Announces TALF Eligibility for Legacy CMBS, Revises Terms
& Conditions and FAQ Documents, SRZ Alert, May 22, 2009
“U.S. Treasury Announces Public-Private Investment Program,” SRZ Alert, March
25, 2009
“TALF Program Increased to $1 Trillion and to Provide Financing for Commercial
Mortgage-Backed Securities; New Program to Finance Purchases of Illiquid Assets,
SRZ Alert, Feb. 11, 2009
”Financing Available for Investors in Asset-Backed Securities from the Federal
Reserve Bank of New York Under the TALF Program,” SRZ Alert, Feb. 9, 2009
“Schools May Be Required to Comply with FTC Rules Aimed at Preventing Identity
Theft,” SRZ Alert, Jan. 15, 2009
”Banking Agencies Adopt Rules to Protect Credit Card Customers and Federal
Reserve Adopts Further Protections by Amending Regulations Z and DD,” SRZ Alert,
Dec. 23, 2008
“Summary of the U.S. Treasury Department’s ‘Blueprint For A Modernized Financial
Regulatory Structure’,” SRZ Alert, April 3, 2008
+ SPEAKING ENGAGEMENTS
“Decentralized Finance (‘DeFi’): Money Transmission Issues and AML and Sanctions
Risks,” Money Transmitter Regulators Association 2022 Annual Conference &
Regulators’ School, Sept. 2022
“What’s Up with the CSBS Money Transmitter Model Law?”, NMLS 2022 Annual
Conference and Training, Feb. 2022
“Digital Assets and Fintech,” SRZ 30th Annual Private Investment Funds Seminar,
Jan. 2021
“Preparing for and Responding to Increased State-Level Regulations, Examinations
and Enforcement Efforts in the Prepaid Space,” ACI 20th Annual Forum on Prepaid
Card Compliance, Washington, DC, Jan. 2020
“State Activity Round-Up: What Has Changed in the Last Year in State Money
Transmitter Licensing Requirements, and the Latest Regulatory Strides to
Streamline Multistate Licensing, Examination and Supervision,” ACI FinTech &
Emerging Payment Systems Conference, New York, April 2019
“Payment Processing – A Deep Dive,” Money Transmitter Regulators Association
2017 Annual Conference & Examiners’ School, Savannah, Ga., Sept. 2017
“Ensuring Compliance with the Increasingly Aggressive State Regulatory and
Enforcement Framework Governing Emerging Payment Systems: Bit Licenses, New
Issues Relating to State Money Transmitter Licenses (Including the Examination
Process), Payment Processing, and Other Considerations,” ACI 12th National Forum
on Emerging Payment Systems, San Francisco, July 2016
“Dodd-Frank Remittance Rule Requirements for Consumer Remittances Originating
from the U.S. to Abroad,” ACI Advanced Legal, Regulatory and Compliance Forum on
Cross-Border Global Payments & Technologies, New York, Nov. 2015
“Prepaid Access,” Money Transmitter Regulators Association 2015 Annual
Conference & Examiners’ School, Kansas City, Mo., Oct. 2015
“Cross-Border Remittances: Dodd-Frank Section 1073, the CFPB and the Emerging
Regulatory Paradigm,” ACI 2nd Advanced Forum on International & Cross-Border
Payments, San Francisco, June 2013
“What’s Happening on the State Level?,” IIR 8th Annual Prepaid Expo, Orlando,
March 2013
“Cross-Border Remittances: Dodd-Frank Section 1073, the Emerging Regulatory
Paradigm, and Their Impact on Remittances,” ACI Advanced Forum on International
& Cross-Border Payments, New York, Nov. 2012
“Post-Conference Workshop: Prepaid Anti-Fraud and your Program. Leveraging the
Power of Actively Collaborating as an Industry and Working with Law
Enforcement,” Network Branded Prepaid Card Association The Power of Prepaid,
Washington, D.C., June 2012
“Emerging Payment Systems: Legal, Regulatory and Compliance Considerations,” IIR
7th Annual Prepaid Expo, Las Vegas, March 2012
“Legislative and Regulatory Updates Affecting Payments Companies,” Fidelity
National Information Services Network Payments Executives Council Forum, Miami,
March 2012
HIGHLIGHTS (64)
Alerts
NYDFS ANNOUNCES $100 MILLION SETTLEMENT WITH COINBASE FOR ANTI-MONEY LAUNDERING
COMPLIANCE DEFICIENCIES
January 23, 2023
The New York Department of Financial Services (“NYDFS”) announced on January 4
that it had reached a $100 million settlement with Coinbase, Inc. (“Coinbase”),
a NYDFS-licensed money transmitter and “Bitlicensee,” to resolve deficiencies in
Coinbase’s...
Alerts
SUBSTANTIAL PENALTY AGAINST MAJOR BANK HIGHLIGHTS AGGRESSIVE CFPB ENFORCEMENT
December 21, 2022
The Consumer Financial Protection Bureau (“Bureau”) reached a consensual
resolution with Wells Fargo, N.A. (the “Bank”), which calls for restitution to
consumers totaling $2 billion, in addition to a $1.7 billion civil penalty — the
largest penalty...
Alerts
CFPB PROPOSES RULE TO ESTABLISH PUBLIC REGISTRY OF NONBANKS WITH CONSUMER
FINANCIAL LAW ENFORCEMENT ORDERS
December 19, 2022
On Dec. 12, 2022, the Consumer Financial Protection Bureau (“Bureau”) issued a
proposed rule (“Proposed Rule”) which would require nonbank covered persons
(subject to certain exceptions) that offer consumer financial products or
services to report to...
Alerts
NYDFS CONTINUES EFFORT TO AMEND CYBERSECURITY REGULATION (“PART 500”) AND
PUBLISHES REVISED PROPOSED AMENDMENTS
November 23, 2022
On Nov. 9, 2022, the New York Department of Financial Services (“NYDFS”)
published a proposed amendment (“Proposed Amendment”)[1] to its 2017
cybersecurity regulation (“Part 500”), which requires certain NYDFS-regulated
financial services companies...
Alerts
FINANCIAL INSTITUTIONS INVITED TO COMMENT ON CFPB’S INITIAL SKETCH OF NEW
CONSUMER DATA RIGHTS RULE
November 3, 2022
The Consumer Financial Protection Bureau (“CFPB”) is beginning to craft a data
portability rule it hopes will foster greater competition and consumer choice
(the “Data Rule”).[1] The initial draft of the Data Rule applies to “financial
institutions”...
Publications
CONSUMER FINANCIAL PROTECTION BUREAU SUPPORTS BROAD ASSERTION OF STATE
ENFORCEMENT POWER
September 2022
When federal enforcement reached a historic lull in the last administration,
state enforcement stepped up to fill in the gaps. While federal enforcement is
active in the current administration, state enforcement has not slowed down.
Now, through the...
Alerts
FEDERAL RESERVE BOARD ISSUES LETTER REGARDING CRYPTO-ASSET-RELATED ACTIVITIES
August 23, 2022
On Aug. 16, 2022, the Board of Governors of the Federal Reserve System (“FRB”)
issued a letter (“Letter”)[1] regarding FRB-supervised banking organizations
(“Covered Entities”) engaging in crypto-asset-related activities (“C-A-R
activities”).[2]...
Alerts
FEDERAL RESERVE BOARD APPROVES GUIDELINES FOR EVALUATING RESERVE BANK ACCOUNT
REQUESTS
August 17, 2022
On Aug. 15, 2022, the Board of Governors of the Federal Reserve System (“FRB”)
unanimously voted to approve guidelines (“Guidelines”) for Federal Reserve Banks
(“Reserve Banks”) to use in evaluating requests by institutions — including
those with...
Alerts
NYDFS PUBLISHES PRE-PROPOSED AMENDMENT TO CYBERSECURITY REGULATIONS (“PART 500”)
August 15, 2022
On July 29, 2022, the New York State Department of Financial Services (“NYDFS”)
published pre-proposal amendments (“Proposed Amendments”)[1] to its
cybersecurity regulations (“Part 500”).[2] While NYDFS will be accepting
comments on the Proposed...
Alerts
THE CRYPTO WINTER OF DISCONTENT GETS COLDER WITH FIRST OF ITS KIND INSIDER
TRADING CHARGES
August 9, 2022
As market and regulatory uncertainty swirl around cryptocurrencies and other
digital assets, the Securities and Exchange Commission (the “SEC”) and the
Department of Justice (the “DOJ”) have taken divergent approaches to charging
digital asset...
Alerts
CFPB SIGNALS CUTS TO CREDIT CARD LATE FEES
June 29, 2022
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) continues
to aggressively examine the fees associated with consumer financial products and
services. The Bureau is pressing for providers under its purview to state total
prices up...
Publications
AS FEDERAL AGENCIES ORGANIZE, US STATES CONTINUE TO LEAD IN REGULATING DIGITAL
ASSETS
June 10, 2022
On March 9, 2022, the Biden administration issued a much anticipated executive
order regarding digital assets, which called for "the first-ever,
whole-of-government approach to addressing the risks and harnessing the
potential benefits of digital...
Alerts
CFPB SUPPORTS BROAD ASSERTION OF STATE ENFORCEMENT POWER
May 27, 2022
When federal enforcement reached a historic lull in the last administration,
state enforcement stepped up to fill in the gaps. While federal enforcement is
active in the current administration, state enforcement has not slowed down.
Now, through the...
Alerts
CFPB OBTAINS $10 MILLION PENALTY AGAINST MAJOR BANK USING EXPANSIVE UDAAP
AUTHORITY
May 11, 2022
The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) reached a
settlement with Bank of America, N.A. (the “bank”), including a penalty of $10
million.[1] This settlement provides a powerful example of the flexibility of
the Bureau’s...
Alerts
CFPB INVOKES 'DORMANT' AUTHORITY TO CONDUCT EXAMS OF FINTECH COMPANIES
April 27, 2022
The Consumer Financial Protection Bureau (“CFPB”) announced that it will conduct
exams of nonbank covered entities who otherwise would not be subject to
supervision if it believes they pose “risks to consumers.”[1] In addition, the
CFPB outlined a...
Alerts
RUSSIAN SANCTIONS UPDATE: FINCEN AND NYDFS ISSUE GUIDANCE
April 25, 2022
In response to the ongoing Russia-Ukraine conflict, President Biden has imposed
broad sanctions on a multitude of individuals and institutions connected to
Russia and Belarus.[1] These sanctions have targeted dozens of individuals,
entities, and...
Alerts
FDIC ISSUES LETTER ON CRYPTO-RELATED ACTIVITIES
April 13, 2022
On April 7, 2022, the Federal Deposit Insurance Corporation (“FDIC”) released a
Financial Institution Letter (the “Letter”)[1] in order to address
FDIC-supervised institutions (“Covered Entities”) that are intending to engage
or are already engaging...
Alerts
NEW CFPB UDAAP EXAMINATION MANUAL ANNOUNCES ANTI-DISCRIMINATION AGENDA
March 24, 2022
The Consumer Financial Protection Bureau revised its Examination Manual to
announce that the Bureau will pursue discrimination as an “unfair” practice
under its authority to address unfair, deceptive or abusive acts or practices
(“UDAAPs”). These...
Alerts
FEDERAL RESERVE RELEASES REPORT ON CENTRAL BANK DIGITAL CURRENCY
January 25, 2022
On Jan. 20, 2022, the Board of Governors of the Federal Reserve System (“Federal
Reserve”) released its report on central bank digital currency (“CBDC”)
(“Report”).[1] The Report discusses and examines the potential benefits and
risks of issuing a...
Alerts
CFPB AUTHORIZES DEBT COLLECTORS TO USE SOCIAL MEDIA, TEXT AND EMAIL
December 20, 2021
A new rule adopted in the last administration has now gone into effect.[1] The
Debt Collection Rule, which implements the Fair Debt Collection Practices Act,
permits debt collectors to contact consumers “through any medium,” including on
social media...
Alerts
CFPB UPDATES ELECTRONIC FUND TRANSFERS FAQS
December 16, 2021
On Dec. 13, 2021, the Consumer Financial Protection Bureau (“CFPB”) updated its
FAQs compliance aid[1] on electronic fund transfers (“EFTs”).[2] The prior June
4, 2021 version highlighted certain Regulation E requirements and noted
Regulation E...
Alerts
FEDERAL AGENCIES ISSUE JOINT STATEMENT ON APPROACH TO CRYPTO-ASSET REGULATION
FOR BANKING ORGANIZATIONS
December 1, 2021
On Nov. 23, 2021, the Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation and the Office of the Comptroller of the
Currency (collectively, “Agencies”) issued a joint statement detailing their
recent “policy...
Alerts
OCC OUTLINES SYSTEM FOR BANKS TO ENGAGE IN CERTAIN CRYPTOCURRENCY ACTIVITIES
SUBJECT TO SUPERVISORY NON-OBJECTION
December 1, 2021
On Nov. 23, 2021, the Office of the Comptroller of the Currency (“OCC”)
announced[1] the publication of Interpretive Letter 1179, dated Nov. 18, 2021
(“Letter”),[2] confirming that national banks and federal savings associations
must demonstrate to...
Alerts
FATF RELEASES ANTICIPATED GUIDANCE FOR VIRTUAL ASSETS AND VIRTUAL ASSET SERVICE
PROVIDERS, SURVEY RESULTS ON CROSS-BORDER PAYMENTS AND PROPOSED REVISIONS TO
BENEFICIAL OWNERSHIP STANDARD
November 30, 2021
On Oct. 21, 2021, the Financial Action Task Force (“FATF”), an intergovernmental
body that sets international standards and recommendations to prevent money
laundering and terrorist financing (“ML/TF”), concluded its October plenary
meeting and...
Alerts
PRESIDENT’S WORKING GROUP ISSUES INTERAGENCY RISK ASSESSMENT OF STABLECOINS
November 8, 2021
On Nov. 1, 2021, The President’s Working Group on Financial Markets, the Federal
Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the
Currency (OCC) (collectively, the “Agencies”) released an interagency report
(“Report”)[1]...
Alerts
TREASURY ISSUES REPORTS AND GUIDANCE TO ASSIST INDUSTRY IN ADDRESSING THREATS
POSED BY CERTAIN VIRTUAL CURRENCY TRANSACTIONS AND RANSOMWARE PAYMENTS
October 28, 2021
On Oct. 15, 2021, the U.S. Department of the Treasury’s (“Treasury”) Office of
Foreign Assets Control (“OFAC”) issued guidance clarifying the application of
sanctions laws to virtual currency activity (“VC Sanctions Guidance”).[1] Among
other topics...
Alerts
FINCEN ISSUES FIRST NATIONAL AML/CFT PRIORITIES AND DEFERS IMPLEMENTATION OF
PRIORITIES AND NO-ACTION LETTER PROCESS TO FUTURE RULEMAKINGS
July 12, 2021
On June 30, 2021, pursuant to the recently passed Anti-Money Laundering Act of
2020 (“AML Act”),[1] the U.S. Department of the Treasury’s Financial Crimes
Enforcement Network (“FinCEN”) issued for the first time government-wide
priorities for anti-...
Events
SRZ
30TH ANNUAL PRIVATE INVESTMENT FUNDS SEMINAR
January 26, 2021
Firm News
SCHULTE ROTH & ZABEL PRESENTS ITS 30TH ANNUAL PRIVATE INVESTMENT FUNDS SEMINAR
January 26, 2021
Schulte Roth & Zabel (SRZ) is hosting its 30th Annual Private Investment Funds
Seminar today. At the forefront of the asset management industry, SRZ has
unparalleled experience advising private investment funds. The seminar, which
has been an...
Alerts
FINCEN RELEASES NOTICE OF PROPOSED RULEMAKING AND FAQS CONCERNING CONVERTIBLE
VIRTUAL CURRENCY AND LEGAL TENDER DIGITAL ASSET TRANSACTIONS
December 23, 2020
On Dec. 18, 2020, the Financial Crimes Enforcement Network (“FinCEN”) of the
U.S. Department of the Treasury issued for public comment a notice of proposed
rulemaking (the “NPRM“ or “Proposed Rule”) that would require banks and money
services...
Alerts
OCC NOW OPEN TO RECEIVING NATIONAL PAYMENTS CHARTER APPLICATIONS, BUT STATE
BANKING REGULATORS MULL A LEGAL CHALLENGE
September 3, 2020
According to an Aug. 31, 2020 article published by Politico,[1] acting
comptroller of the Office of the Comptroller of the Currency (“OCC”) Brian
Brooks has indicated that the OCC is ready to begin processing applications for
what is being referred...
Publications
CFPB REMITTANCE RULE FINE SPOTLIGHTS CASH-TRANSFER CONDUCT
September 13, 2019
Consumers in the United States send billions of dollars abroad each year. The
remittance transfer rule is a federal consumer financial protection law that
generally applies to money-services businesses and banking institutions that
provide...
Alerts
CFPB ISSUES FIRST ENFORCEMENT ACTION BASED ON VIOLATIONS OF THE REMITTANCE
TRANSFER RULE
September 6, 2019
On Aug. 27, 2019, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”)
announced that it issued its first enforcement action based on violations of the
Remittance Transfer Rule (“Rule”).[1] The Bureau issued the consent order
against...
Alerts
CFPB ISSUES REQUEST FOR INFORMATION REGARDING POTENTIAL CHANGES TO REMITTANCE
RULE
May 1, 2019
On April 23, 2019, the Consumer Financial Protection Bureau (“CFPB”) issued a
notice and request for information (“RFI”) on its remittance transfer rule
(“Remittance Rule”) that implements Electronic Fund Transfer Act protections for
consumers...
Events
ACI
3RD ANNUAL FINTECH & EMERGING PAYMENT SYSTEMS
April 30 - May 1, 2019
Alerts
FINCEN ASSESSES CIVIL MONEY PENALTY AGAINST P2P CURRENCY EXCHANGER FOR BSA
VIOLATIONS
April 26, 2019
On April 18, 2019, the Financial Crimes Enforcement Network (“FinCEN”) of the
U.S. Department of the Treasury announced the assessment of a civil money
penalty against Eric Powers for willfully violating the registration, program
and reporting...
Firm News
SCHULTE ROTH & ZABEL ANNOUNCES PROMOTIONS
January 7, 2019
Schulte Roth & Zabel (SRZ) is pleased to announce the election of Andrew J.
Fadale and Kara A. Kuchar as partners. The firm also announces the promotion of
Patrick Dundas, Derek N. Lacarrubba, Anthony Lombardi, Jason T. Mitchell,
Lawrence P. Natke,...
Alerts
CFPB PROPOSES REVISIONS TO ITS POLICY ON NO-ACTION LETTERS AND CREATION OF NEW
PRODUCT SANDBOX TO SPUR FINTECH INNOVATION
December 14, 2018
The Consumer Financial Protection Bureau (“CFPB”)[1] recently issued a
proposal[2] consisting of: (i) revisions to its Policy on No-Action
Letters—which was finalized in February 2016 (“2016 Policy”)[3] — designed to
increase interest in applying for...
Firm News
SCHULTE ADVISES NOVENTIS IN ACQUISITION BY WEX
October 25, 2018
Schulte advised Noventis, an electronic payments network focused on optimizing
payment delivery for bills and invoices to commercial entities, as payments
regulatory counsel, in its sale to WEX Inc., a leading provider of corporate
payments solutions...
Events
MTRA
2017 ANNUAL CONFERENCE & EXAMINERS' SCHOOL
September 25-28, 2017
Publications
OCC ISSUES DRAFT GUIDANCE AND REQUIREMENTS FOR FINTECH CHARTER APPLICATIONS
April 17, 2017
On March 15, 2017, the Office of the Comptroller of the Currency (OCC) issued a
draft supplement to its existing Licensing Manual that provides additional
detail on evaluating special purpose national bank (SPNB) charter applications
from financial...
Alerts
CFPB ISSUES NOTICE AND REQUEST FOR COMMENT REGARDING ASSESSMENT OF REMITTANCE
RULE
March 21, 2017
On March 15, 2017, the Consumer Financial Protection Bureau (“CFPB”) issued a
notice (“Notice”) regarding its plans to conduct an assessment of the final rule
concerning remittance transfers (“Remittance Rule”).[1] The CFPB is requesting
public...
Alerts
OCC ISSUES DRAFT GUIDANCE AND REQUIREMENTS FOR FINTECH CHARTER APPLICATIONS
March 17, 2017
On March 15, 2017, the Office of the Comptroller of the Currency (“OCC”) issued
a draft supplement (“Supplement”)[1] to its existing Licensing Manual[2] that
provides additional detail on evaluating special purpose national bank (“SPNB”)
charter...
Alerts
CFPB PROPOSES SIX-MONTH EXTENSION TO EFFECTIVE DATE OF PREPAID ACCOUNTS RULE
March 10, 2017
On March 8, 2017, the Consumer Financial Protection Bureau (“CFPB”) proposed to
delay the effective date of its rule providing consumer protections for prepaid
products (“Prepaid Accounts Rule”) for a period of six months, to April 1, 2018
(“Proposed...
Events
ACI
12TH NATIONAL FORUM ON EMERGING PAYMENT SYSTEMS
July 28-29, 2016
Events
ACI
ADVANCED LEGAL, REGULATORY AND COMPLIANCE FORUM ON CROSS-BORDER GLOBAL PAYMENTS
& TECHNOLOGIES
November 19-20, 2015
Events
MTRA
2015 ANNUAL CONFERENCE AND EXAMINERS’ SCHOOL
October 5-8, 2015
Alerts
VIRTUAL CURRENCY REGULATION: ‘BITLICENSE’ RE-PROPOSED BY NYDFS
February 6, 2015
On Feb. 5, 2015, the New York State Department of Financial Services (“NYDFS”)
issued for public comment a revised proposal[1] for the “BitLicense” regulatory
licensing scheme for virtual currency businesses that conduct transactions with
New York...
Firm News
SRZ ANNOUNCES ELECTION OF NEW PARTNER AND PROMOTION OF ASSOCIATES TO SPECIAL
COUNSEL
January 5, 2015
SRZ is pleased to announce the election of Noah D. Beck as partner. The firm
also announces the promotion of Max Garfield, Kara A. Kuchar, Jennifer M.
Opheim, Jacob Preiserowicz and Adriana Schwartz to special counsel. The
promotions were...
Alerts
CFPB ISSUES PROPOSED RULE TO PROVIDE ADDITIONAL FEDERAL CONSUMER PROTECTIONS FOR
PREPAID PRODUCTS
November 18, 2014
On Nov. 13, the Consumer Financial Protection Bureau (“CFPB”) issued for public
comment a proposal to create a new federal regulatory regime providing consumer
protections for prepaid products (the “Proposed Rule”).[1] Generally, the
Proposed Rule...
Alerts
CFPB ISSUES LARGER PARTICIPANTS RULE FOR INTERNATIONAL MONEY TRANSFER MARKET
September 17, 2014
On Sept. 12, 2014, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”)
issued a final rule amending 12 C.F.R. Part 1090, titled “Defining Larger
Participants of the International Money Transfer Market” (“Final Rule”).[1]
Broadly, the Final...
Publications
VIRTUAL CURRENCY REGULATION: ANALYSIS OF NEW YORK’S PROPOSAL
September 11, 2014
The New York State Department of Financial Services (“NYDFS”), the state
regulator for the financial services and insurance industries, recently proposed
a framework for regulating virtual currency activities (the “Proposed Rules”).
Although various...
Alerts
CFPB EXTENDS TEMPORARY REMITTANCE RULE EXCEPTION FOR DEPOSITORY INSTITUTIONS TO
2020 AND ISSUES CLARIFICATIONS AND TECHNICAL CORRECTIONS
August 26, 2014
On Aug. 22, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a
final rule (the “Final Rule”) to provide interpretive clarifications and
technical corrections to subpart B of Regulation E (the “Remittance Rule”) and
to extend the...
Alerts
VIRTUAL CURRENCY REGULATION: SUMMARY AND ANALYSIS OF THE NEW YORK STATE
DEPARTMENT OF FINANCIAL SERVICES PROPOSAL
August 15, 2014
The New York State Department of Financial Services (“NYDFS”), the New York
state regulator for the financial services and insurance industries, recently
proposed a framework for regulating virtual currency activities involving New
York State (the “...
Alerts
‘BITLICENSE’ PROPOSED FOR VIRTUAL CURRENCY REGULATION
July 18, 2014
Yesterday, on July 17, 2014, the New York State Department of Financial Services
(“NYDFS”) issued for public comment a proposed “BitLicense” regulatory licensing
scheme for virtual currency businesses that conduct transactions with New
York...
Alerts
CFPB UPDATES REMITTANCE RULE COMPLIANCE GUIDE AND ISSUES CLARIFYING AMENDMENT
AND TECHNICAL CORRECTION
August 13, 2013
On Aug. 8, 2013, the Consumer Financial Protection Bureau (“CFPB”) released an
update of its small business guide for international fund transfers. The
revisions reflect changes made to the remittance rule earlier this year that:
(1) delayed the rule...
Events
ACI
2ND ADVANCED FORUM ON INTERNATIONAL & CROSS-BORDER PAYMENTS
June 13-14, 2013
Events
IIR
2013 PREPAID EXPO
March 4-6, 2013
Events
ACI
ADVANCED FORUM ON INTERNATIONAL & CROSS-BORDER PAYMENTS
November 27-28, 2012
Events
Network Branded Prepaid Card Association
THE POWER OF PREPAID
June 3-6, 2012
Events
IIR
7TH ANNUAL PREPAID EXPO
March 12-14, 2012
Firm News
SRZ ATTORNEYS DISCUSS COMPLIANCE CONSIDERATIONS FOR PREPAID BUSINESSES
March 9, 2012
SRZ attorneys Donald J. Mosher and Kara Kuchar have authored an article for
Paybefore.com exploring the aspects of the Dodd-Frank remittance transfer
provision that are applicable for prepaid businesses. The Dodd-Frank Act added a
new section to the...
Publications
WHAT YOUR PREPAID BUSINESS NEEDS TO KNOW ABOUT THE DODD-FRANK REMITTANCE
TRANSFER PROVISION
February 2012
On Jan. 20, 2012, the Consumer Financial Protection Bureau (CFPB) issued a final
rule (Final Rule) amending Regulation E, which implements the Electronic Fund
Transfer Act (EFTA) and the Official Interpretations (Supplement I to Part 1005)
to the...
Alerts
CONSUMER FINANCIAL PROTECTION BUREAU ISSUES FINAL RULE AND CONCURRENT NOTICE OF
PROPOSED RULEMAKING TO IMPLEMENT THE DODD-FRANK ACT REMITTANCE TRANSFER
PROVISIONS
January 27, 2012
On Jan. 20, 2012, the Consumer Financial Protection Bureau issued a final rule
amending Regulation E (12 C.F.R. Part 1005) (the "Final Rule"), which implements
the Electronic Fund Transfer Act (15 U.S.C. §§ 1693, et seq.) ("EFTA") and the
Official...
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