Devika Singh

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FRB and FinCEN Issue Joint Notice of Proposed Rulemaking Amending Recordkeeping Rule and Travel Rule Regulations

On October 23, 2020, the Federal Reserve Board (“FRB”) and Financial Crimes Enforcement Network (“FinCEN”) issued a joint notice of proposed rulemaking that would amend the Bank Secrecy Act’s Recordkeeping Rule and Travel Rule regulations.  Comments will be accepted for 30 days after Federal Register publication of the proposed rule on October 27, 2020.  The … Continue Reading

NY DFS Launches Virtual Currency Initiatives

The New York State Department of Financial Services (DFS) launched a series of virtual currency initiatives last week meant to expand access to and clarify rules regarding the use of virtual currencies in the state. First, DFS has proposed a conditional licensing framework for virtual currency providers. In connection with this framework, DFS has signed … Continue Reading

Senators Criticize the Bureau of Consumer Financial Protection’s Decision to Ease Home Mortgage Disclosure Act Reporting Requirements

On April 28, 19 Democratic senators sent a letter to the Bureau of Consumer Financial Protection (“Bureau”) protesting both its decision to temporarily suspend quarterly mortgage lending reporting requirements under the Home Mortgage Disclosure Act (“HMDA”) during the COVID-19 pandemic, and to permanently reduce the number of entities that must provide certain types of  reporting … Continue Reading
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