Category: Payments

GAO releases fintech report

In April, the Government Accountability Office (GAO), an independent agency that oversees government spending, released a report on fintech to help Congress better understand the industry. The report focused on the subsectors of marketplace lending, mobile payments, digital wealth management, and distributed ledger technology. Congressional staffers responsible for drafting legislation […]

CFPB seeks comment on remittance rule assessment

The Consumer Financial Protection Bureau (CFPB) will publish in 2018 its five-year assessment of its remittance rule, part of Regulation E and the Electronic Funds Transfer Act (EFTA) that governs transfers from within the United States to outside the country. Currently, the remittance rule aims to protect consumers by requiring […]

Arkansas to passport money transmitter licenses?

Any company running a payments business has come across one major hurdle in the US:  state money transmitter law. Over 45 jurisdictions within the US regulate money transmission, broadly defined as engaging as a business in the acceptance and transmission of funds. Naturally, enterprising lawyers have discovered ways to avoid […]