USA Law and Practice Contributed by: Margo H. K. Tank, Michael Fluhr, Deborah Meshulam, Kristin Boggiano, David Stier, Liz S. M. Caires, Adam Dubin, Emily Honsa Hicks, Meghan Carey, Kathleen Birrane and Eric Hall, DLA Piper LLP
• Embedded finance – the integration of finan - cial services, including mobile payments, online banking, lending, and digital asset use into non-financial platforms. • Open banking – the ability of third-party finan - cial services providers and data aggregators to use and access bank customer data via an application programming interface (API) or other means. • Decentralised finance (DeFi) – financial ser - vices and products using a blockchain for critical infrastructure, including decentralised exchanges (DEXs), borrowing/lending proto - cols, derivatives, staking, and stablecoins. • Fintech-driven investment platforms – hedge funds and asset managers leveraging digital platforms to onboard clients, manage trading (using platform algorithms), automate client communications, and provide reporting. • Earned wage access – this allows employees to access their earned wages before a tradi - tional pay period, often through mobile apps or platforms that connect directly to employer payroll systems. • Tokenisation and digital assets – digital origination of assets such as cryptocurrency, securities, electronic chattel paper, transfer - able records, and carbon credits. 2.2 Regulatory Regime Federal Regulators The US federal government actively regulates most financial products and services. A non- exhaustive list of federal regulators includes: • Consumer Financial Protection Bureau (CFPB) (virtually all financial products and services for consumers); • Federal Reserve Board of Governors (FRB); • Federal Deposit Insurance Corporation (FDIC);
• US Department of the Treasury (Treasury), including: (a) Financial Crimes Enforcement Network (FinCEN); (b) Federal Financial Institutions Examination Council (FFIEC); (c) Office of the Comptroller of the Currency (OCC); (d) Office of Foreign Asset Control (OFAC); and (e) Internal Revenue Service (IRS); • Securities and Exchange Commission (SEC); and • Commodities Futures Trading Commission (CFTC). With respect to laws and regulations within the jurisdictions of the federal agencies noted above, a non-exhaustive list of statutes and regulations addressing financial products and services includes: • Electronic Fund Transfer Act (EFTA) and Regulation E; • Fair Credit Reporting Act (FCRA) and Regula - tion V; • Truth in Savings Act and Regulation DD; • Truth-in-Lending Act (TILA) and Regulation Z; • Bank Secrecy Act (BSA) and/or the USA PATRIOT Act; • Securities Act of 1933 and related regula - tions; • International Emergency Economic Powers Act (IEEPA); • Securities and Exchange Act of 1934 and related regulations (Exchange Act); • Investment Company Act of 1940 and related regulations (ICA); and • the Commodities Exchange Act (CEA).
967 CHAMBERS.COM
Powered by FlippingBook