FinCEN Takes Urgent Action on VC, Digital Asset Reporting
Taking urgent action due a national-security emergency rising to Secretary Mnuchin’s level, FinCEN late Friday proposed to require banks and money service businesses (MSBs) to submit reports and verify the identity of customers for transactions involving convertible virtual currency (CVC) or digital assets with legal-tender status held in unhosted wallets in all jurisdictions and for hosted wallets in a financial institution not subject to the BSA that is located in certain foreign jurisdictions (now Burma, Iran, and North Korea). C

Stimulus Salvages Fed Emergency Authority
The text of the stimulus bill is now available, allowing us to assess the final version of the contentious Toomey language that stalled final action.

CFPB Clears Way for Targeted Credit Programs
Continuing to issue opinions under its new advisory opinion policy, the CFPB today clarified that it does not constitute discrimination under ECOA for a creditor to refuse to extend credit offered pursuant to a legal special purpose credit program (SPCP).

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