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  • The Wait is Over: Louisiana Proposes Virtual Currency Business Rules

    The Louisiana Virtual Currency Business Act (Act), which requires virtual currency businesses to hold a license became effective on August 1, 2020. At that time the Louisiana Office of Financial Institutions (OFI) was tasked with adopting administrative rules to govern the licensing process before it could begin accepting license applications. The wait is over andMore

  • Practice Area Insights — Digital Assets: A Brave New World

    Marshall Grodner (Baton Rogue) joined a panel titled "Digital Assets: A Brave New World" at the American Bar Association's 2022 Hybrid Spring Meeting.

  • Will the Push for a Bank Safe Harbor on Cannabis Succeed?

    The Conference of State Bank Supervisors (CSBS) has sent letters to the U.S. House of Representatives and the Senate, stressing the importance of providing safe harbor for financial institutions offering financial products and services to cannabis or cannabis ancillary businesses under the proposed Secure and Fair Enforcement (SAFE) Banking Act.

  • Regulatory Challenges in Crypto

    Block-chain is building the plane as it flies. It’s important to know how this changing technology and the changing regulations that govern it impact you. Aaron Kouhoupt (Cleveland) and Amy Greenwood-Field (Washington, DC) are speaking on a panel on “Regulatory Challenges in Crypto” at the Been Around the Block-Chain: Exploring the Legal Impact of Digital Currency,More

  • FDIC Final Rule and its Impact on Bank Partnerships

    On May 17, 2022, the Federal Deposit Insurance Corporation (“FDIC”) adopted a final rule establishing a new subsection B to the Federal Deposit Insurance Act (“FDIA”) addressing False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC’s Name or Logo. The rule was the result of an “increasing number of instances where individuals or [financial service providers or other] entities have misused the FDIC’s name or logo, or made false or misleading representations about deposit insurance.” Between January 1, 2019, and December 31, 2020, the FDIC resolved at least 165 instances regarding the potential misuse of the FDIC’s name or logo and/or misrepresentations related to deposit insurance. The Consumer Financial Protection Bureau (“CFPB”) immediately followed with a Consumer Financial Protection Circular indicating that a violation of the new FDIC rule would likely result in a violation of the Consumer Financial Protection Act’s prohibition on Unfair, Deceptive, or Abusive Acts or Practices.

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