The Access Rule takes effect Feb. 20, 2024 and is the second of three FinCEN rulemakings to implement the Corporate Transparency Act. Read more on Orrick.com
Other new topics in the annual regulatory oversight report include OTC Quotations in Fixed Income Securities, Advertised Volume, and the Market Access Rule.
The settlement resolves allegations that the company did not properly communicate Income-Driven Repayment (IDR) plan renewals to borrowers.
The company must also surrender its BitLicense for failing to meet compliance obligations related to NYDFS virtual currency and cybersecurity regulations.
A comment letter submitted by 19 state attorneys general emphasized the importance of regulating nonbank financial institutions, including popular digital payment applications.
The DOJ alleged that the bank engaged in unlawful redlining in Memphis, Tennessee in violation of the Fair Housing Act, ECOA, and Regulation B.
The proposed provisions would require buy now pay later financing providers to pay a fee and file a written application to receive a license, among other things.