CFTC Treatment of Cryptocurrencies as Commodities Confirmed by a Federal Court

  In its ruling of March 6, 2018 in Commodity Futures Trading Commission v. Patrick K. McDonnell, and Cabbagetech, Corp. d/b/a Coin Drop Markets, the U.S. District Court for the Eastern District of New York confirmed in a settlement order the position taken by the Commodity Futures Trading Commission (the “CFTC”) that (1) “[v]irtual currencies […]

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Upcoming “Sessions” in the State Legalized Marijuana and Financial Services Industry

President-elect Donald Trump sent shock waves through the medicinal and recreational marijuana industry last week when he nominated Senator Jeff Sessions for United States Attorney General. But why should the mere nomination reverberate as it did?  Senator Sessions is a former attorney general for the State of Alabama who as an advocate and ardent supporter […]

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Cybersecurity and Financial Institutions

Like many other industries, financial institutions that become more technologically reliant are subjected to numerous and repeated cyberattacks. As the former General Counsel for Florida’s financial institution’s regulator (the Florida Office of Financial Regulation), I was amazed at the frequency and complexity of many such cyberattacks.  As expressed to me by a cybersecurity expert, “it’s […]

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Time Is Running Out – The Florida Family Trust Company Clock Is Counting Down

For Family Trust Companies contemplating or operating currently in Florida, pursuant to Section 662.1225, Florida Statutes, “A [family trust] company in operation as of October 1, 2016, which meets the definition of a family trust company, must, on or before December 30, 2016, apply for licensure as a licensed family trust company, register as a […]

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Court Ruling on CFPB

If you are engaged in the consumer finance industry, including payday lending or check cashing, a recent court decision challenges the fundamental legal authority of the federal agency regulating the industry.  The fallout from this decision will have far reaching consequences for how the consumer finance industry is going to be regulated going forward. The […]

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Considerations for Warehouse Mortgage Lenders

Warehouse mortgage lenders who make loans to mortgage originators secured by the underlying notes and mortgages customarily take possession of the notes, endorsed by the mortgage originator in blank. Possession of the negotiated, endorsed promissory note not only permits the warehouse mortgage lender to perfect its security interest in the note and related mortgage in […]

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