NYDFS launches virtual currency initiatives
NYDFS issued a a Memorandum of Understanding with the State University of New York to launch a virtual currency program and resources intended to help virtual currency market participants.
OCC issues interpretive letter addressing money transmitter licensing
According to the OCC, state laws that are intended to impose licensing requirements on a national bank’s exercise of fiduciary powers are preempted and satisfaction of an exemption from those requirements is not required.