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Carlin is a regulatory, compliance, and payments attorney with experience representing financial institutions, fintechs, lenders, debt collectors, payment processors, neobanks, virtual currency companies, and mortgage servicers.

On November 30, Senate Banking Committee Chairman Sherrod Brown (D-OH) sent a letter to Treasury Secretary Janet Yellen requesting that she coordinate with other financial regulators to further work on the recommendations from the Financial Stability Oversight Council Report on Digital Asset Financial Stability Risks and Regulation (FSOC report), which we previously discussed here.

On November 28, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $362,158.70 settlement with Payward, Inc. d/b/a Kraken. The Delaware-incorporated virtual currency exchange allegedly processed 826 transactions amounting to approximately $1.7 million on behalf of individuals located in Iran. In addition to the fine, Kraken also has agreed to

On November 21, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) filed a joint amicus brief in Louis v. Bluegreen Vacations Unlimited, Inc., No. 22-12217 (11th Cir.) regarding servicemembers’ right to sue under the Military Lending Act (MLA).

The plaintiffs in the case were both covered borrowers under the MLA when

On November 10, the Consumer Financial Protection Bureau (CFPB) released a new complaint bulletin, highlighting consumer complaints it has received related to crypto-assets. The bulletin suggests that fraud, theft, hacks, and scams pose a significant problem in crypto-asset markets. Also, according to the bulletin, consumers reported issues with executing transactions and transferring assets between

Missouri recently modernized its money laundering statute to define cryptocurrency and to include cryptocurrency within its definition of “monetary instruments.” This is a significant step for Missouri as it eliminates what was once a safe harbor, by clarifying any underlying confusion and permitting state prosecutors to pursue previously elusive criminal activity.

Missouri amended its money

The Federal Trade Commission (FTC) reached a $100 million settlement with Vonage over allegations that the internet phone service provider violated the FTC and Restore Online Shoppers’ Confidence Act (ROSCA) by adding “junk fees” and using “dark patterns” to make it difficult for consumers to cancel. In addition to the fine that will be used

Five Democratic Senators — Elizabeth Warren (MA), Dianne Feinstein (CA), Brian Schatz (HI), Jack Reed (RI), and Alex Padilla (CA) — recently petitioned the Consumer Financial Protection Bureau (CFPB) to “take action to eliminate hidden fees associated with international remittance payments.”

The Remittance Transfer Rule requires transfer providers to provide prepayment disclosures to consumers prior

As part of its ongoing initiative to scrutinize so-called “junk fees,” the Consumer Financial Protection Bureau (CFPB) published guidance on two practices that it opines potentially violate the Consumer Financial Protection Act’s prohibition on unfair practices. Specifically, the CFPB published a compliance bulletin, cautioning against charging across-the-board depositor fees to consumers who deposit a

On October 18, the Consumer Financial Protection Bureau (CFPB) filed a complaint in a Texas federal court against Active Network LLC (Active) for allegedly tricking people, when trying to sign up for a fundraising race or other community event, into subscribing to its discount club Active Advantage.

Specifically, the complaint alleges Active inserted a webpage

On October 3, the Financial Stability Oversight Council (FSOC) released its “Report on Digital Asset Financial Stability Risks and Regulation” (Report), concluding, among other things, that unregulated cryptocurrencies could pose a risk to the stability of the U.S. financial system. FSOC further recommended legislation empowering financial regulators to more vigorously oversee the industry