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April

3
2025
Industry News

The Conference of State Bank Supervisors Pushes Back on STABLE Act

The Conference of State Bank Supervisors (CSBS), a nationwide organization of state banking and financial regulators from all 50 states, the District of Columbia, and U.S. territories, has raised significant concerns regarding the current draft of the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act.

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April

3
2025
Industry News

Two former Democratic FTC commissioners file suit over dismissal

The two Democratic FTC members who were fired by President Trump have filed suit in federal court challenging their dismissal.

Alvaro Bedoya and Rebecca Slaughter filed suit in U.S. District Court for the District of Columbia contending that their dismissals were illegal since the FTC is supposed to be an independent agency. They said that Trump’s decision was in direct violation of federal law and Supreme Court precedent.

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April

2
2025
Industry News

Congress Urged to Reform AML Rules, Repeal Corporate Transparency Act Amid Rising Fraud Costs

Witnesses from the ranks of business and banking told lawmakers that efforts to fight payment and investment scams must be aided by a “whole government” approach, along with fine-tuning of suspicious activity reporting — in addition to a repeal of the Corporate Transparency Act.

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April

2
2025
Compliance

New Hampshire Consumer Privacy Act Update

The New Hampshire Attorney General’s Office has published guidance on the state’s new consumer data privacy law, which took effect on January 1, 2025. The law (2024 SB 255) was signed by former Governor Sununu last year.

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April

2
2025
Compliance

FDIC Turns a New Page on Banks’ Engagement in Crypto-Related Activities

Last Friday, the Federal Deposit Insurance Corporation (FDIC) announced the rescission of Financial Institution Letter (FIL-16-2022) and issued new guidance clarifying the process for FDIC-supervised institutions to engage in crypto-related activities. The new Financial Institution Letter (FIL-7-2025) represents a 180 degree turn from the prior Chairman’s position, which required prior notification and relevant information by banks seeking to engage in crypto-related activities.

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