The Federal Reserve (Fed) has officially launched its new instant payment service, FedNow, which aims to modernize the U.S.’s payment system. As previously discussed here and here, consumers and businesses will be able to send and receive money within seconds, at any time of the day and on any day of the year. This will eliminate the one to three days’ lag time of traditional money transfers, providing the public with more flexibility in managing their money.
New York’s Attorney General Letitia James has proposed landmark legislation entitled the Crypto Regulation, Protection, Transparency, and Oversight Act (CRPTO Act) in an attempt to tighten New York’s regulations on the cryptocurrency industry. The CRPTO Act aims to stop conflicts of interest, require public reporting of financial statements, and bolster investor protections. The Attorney General
A federal magistrate judge in Rhode Island has ruled that the Consumer Financial Protection Bureau (CFPB or Bureau) must produce three employees for depositions, denying the agency’s motion for a protective order.
The lawsuit brought by the Bureau in 2020 alleges that Citizens Bank (Citizens) failed to reasonably investigate consumers’ claims of unauthorized credit card
Recently, the Tenth Circuit Court of Appeals held an arbitration provision impermissibly blocked rights afforded to a retirement plan participant under the Employee Retirement Income Security Act (ERISA) and was therefore unenforceable.
As background, in Harrison v. Envision Management Holding, Inc. (Envision), the plaintiff, a former employee of Envision and participant in Envision’s defined contribution