Articles
Insight
The special case of Puerto Rico stablecoin issuers
Aug. 22, 2025
Under the GENIUS Act, is a Puerto Rico-based stablecoin issuer a U.S. issuer or a foreign issuer? It seems like it could be either -- or even both. Reading the GENIUS Act as a banking lawyer, one...
Insight
The path to large state-regulated stablecoin issuers
Aug. 21, 2025
A common misconception is that the GENIUS Act allows only sub-$10b issuers to be state-qualified and imposes federal regulation on all larger issuers. Neither is true. For a state issuer that reaches...
Firm News
Faster Payments at Less Cost and Lower Risk: The Case for Allowing Nonbank Payment Processors Direct Access to Federal Reserve Payment Systems
Aug. 20, 2025
Twice since the 1913 enactment of the Federal Reserve Act, Congress has expanded direct access to Federal Reserve payment systems. In 1980, at the urging of thrifts and DOJ, Congress expanded access...
Insight
Stablecoin sandwich as an alternative to MTLs
Aug. 18, 2025
As fintechs work on GENIUS Act stablecoin strategies, one thing is becoming clear: The Act offers the equivalent of a national money transmission license for many previously non-crypto use cases. It...
Insight
The missing piece from the FDIC ILC RFI
July 28, 2025
The FDIC's ILC RFI is missing a very important section on funding. Deposit and funding strategy issues determine the outcome of many ILC applications. Here are some questions they could have asked:...
Insight
The key question in the FDIC ILC RFI
July 16, 2025
There’s a question in the FDIC’s Industrial Bank RFI that will make or break an industrial bank application. Which one? That depends on the applicant, the business model, and the structure. But I can...
Insight
Does the Senate Finance Committee have something against thrifts?
June 20, 2025
Does the Senate Finance Committee have something against thrifts? Thrifts were inexplicably left out of an exception to the proposed tax on remittance transfers in the Senate Finance draft of title...
Insight
Rescinded CFPB rulemaking procedural rule
June 19, 2025
Yesterday's notice rescinding the CFPB rulemaking procedural rule references a rarely acknowledged problem in regulatory change monitoring: the distinction between the agency announcement of a...
Analysis
CFPB Files Motion for Summary Judgment in Section 1033 Litigation
June 2, 2025
On Friday, May 30th, the CFPB filed a motion for summary judgment in Forcht Bank v. CFPB asking the court to vacate the entire rule implementing Section 1033 (Rule). The motion argues that the Rule...
Analysis
CFPB's Withdrawal of Sub-Regulatory Items
May 12, 2025
On May 12, 2025, the CFPB published the withdrawal of several guidance documents, interpretive rules, policy statements, and advisory opinions dating back to 2011, when the CFPB began operations....