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Comments on Proposed Rules for Georgia Fairness Hearings

July 7, 2014

Authors

Michael Shumaker and Eliot Robinson

Comments on Proposed Rules for Georgia Fairness Hearings

July 7, 2014

by: Michael Shumaker and Eliot Robinson

On May 9, 2014, the Georgia Securities Division issued a proposed rule to create a formal process for fairness hearings to be conducted by the Georgia Commissioner of Securities.  The proposed rule would establish procedures for administrative hearings to determine the fairness of certain mergers and other business combinations in which securities are issued.  If the Commissioner determines that the terms of the proposed transaction are fair to the shareholders receiving securities, the issuer would be able to claim an exemption from the registration requirements of the federal Securities Act of 1933 for the securities to be issued.  Specifically,

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Proposed Rule for Georgia Merchant Acquirer Limited Purpose Bank

August 27, 2013

Authors

Jerry Blanchard

Proposed Rule for Georgia Merchant Acquirer Limited Purpose Bank

August 27, 2013

by: Jerry Blanchard

The Georgia DBF recently published its proposed rules (the “Rule”) for implementing the Georgia Merchant Acquirer Limited Purpose Bank Act. The Act was adopted 2012 to create a special purpose state-chartered bank that would allow companies to enter card networks directly rather than renting a Bank Identification Number (“BIN”) from a financial institution sponsor. Existing networks currently require that members be “eligible” for FDIC deposit insurance coverage in order to obtain a BIN and currently the only institutions that are eligible for such coverage are state and federal owned financial institutions that accept demand deposits. The Act addresses that

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CFPB to Amend Remittance Transfer Rules

December 5, 2012

Authors

Jeannie Osborne

CFPB to Amend Remittance Transfer Rules

December 5, 2012

by: Jeannie Osborne

On November 27, 2012, the CFPB announced that it intends to propose adjustments to its rules on international remittances, as well as briefly extend the effective date of the rule. A notice of proposed rulemaking is expected in December, and the bureau stated it intends to “fast track” the rule changes so that the new implementation date will be sometime in the spring of 2013. The rules are currently slated to become effective on February 7, 2013.

In its blog post regarding these plans, the CFPB acknowledged that some entities covered by the rules have identified issues that

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CFPB Focusing on General Purpose Reloadable Prepaid Cards

July 2, 2012

Authors

Bryan Cave Leighton Paisner

CFPB Focusing on General Purpose Reloadable Prepaid Cards

July 2, 2012

by: Bryan Cave Leighton Paisner

As a precursor to further regulation of general purpose reloadable (GPR) cards, the Consumer Financial Protection Bureau (CFPB) is seeking responses to 10 questions before July 23, 2012.

The CFPB recently released an advance notice of proposed rulemaking (ANPR) seeking comments, data and information regarding GPR cards, including questions regarding costs, benefits and risks to consumers. The ANPR is the first step in the long-anticipated process of regulation by the CFPB over “open loop” or “general use” prepaid cards.

While the ANPR specifically discusses “cards,” other mechanisms that access a prepaid financial account are also encompassed, including key fobs

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FinCEN Seeks Comments on Potential New Customer Due Diligence and Beneficial Ownership Regulations

March 1, 2012

Authors

Bryan Cave Leighton Paisner

FinCEN Seeks Comments on Potential New Customer Due Diligence and Beneficial Ownership Regulations

March 1, 2012

by: Bryan Cave Leighton Paisner

On February 29, 2012, FinCEN released an advance notice of proposed rulemaking on customer due diligence and beneficial owners, proposing to make a customer due diligence obligation explicit for ALL customers (to “clarify, consolidate and harmonize” the federal banking agencies’ expectations) and extending the requirement to collect (and possibly verify) beneficial owner information for most or all customers as well.

FinCen’s advance notice of proposed rulemaking (ANPRM), seeks public comment on a range of questions regarding the development of a customer due diligence (CDD) regulation that would “(i) codify, clarify, consolidate, and strengthen existing CDD regulatory requirements

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FinCEN issues Proposed Rulemaking Regarding Cross-Border Reporting of Prepaid Cards

October 19, 2011

Authors

Bryan Cave Leighton Paisner

FinCEN issues Proposed Rulemaking Regarding Cross-Border Reporting of Prepaid Cards

October 19, 2011

by: Bryan Cave Leighton Paisner

FinCEN has released a proposed rulemaking that would require consumers holding prepaid cards that aggregate to more than $10,000 in value, to report such prepaid cards when crossing into or out of the U.S., in the same way they currently report cash, travelers checks and other monetary instruments. The notice of proposed rulemaking (NPRM) would add “tangible prepaid access devices” to the list of currency and monetary instruments that must be reported when transported, mailed or shipped into or out of the United States in aggregate amounts over $10,000.

Currently persons crossing into or out of the US

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