About

Mehul Madia, special counsel in the firm's Washington, D.C. office, provides deep consumer finance and fintech expertise to clients, leveraging more than 15 years’ of…

Mehul Madia, special counsel in the firm's Washington, D.C. office, provides deep consumer finance and fintech expertise to clients, leveraging more than 15 years’ of public and private sector experience.

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On January 12, South Dakota’s Division of Banking issued a mandate setting March 31, 2024 as the deadline for all South Dakota licensed money lenders and non-residential mortgage brokers to comply with their Bank Secrecy Act/Anti-Money Laundering (BSA/AML) requirements under a 2020 Final Rule published by the Financial Crimes Enforcement Network (FinCEN). FinCEN’s 2020 Final Rule notably closed a regulatory loophole, extending BSA/AML requirements to banks that lack a federal functional regulator. A “federal functional regulator” is any one of the following: Federal Reserve Board, FDIC, NCUA, OCC, OTS, SEC, or CFTC. There are over 550 banks that currently lack a federal functional regulator, consisting of state-chartered, non-depository trust companies, non-federally insured credit unions, and some international banking entities.

Continue Reading South Dakota Lenders on Tight Deadline for BSA/AML Compliance

About

Mehul Madia, special counsel in the firm's Washington, D.C. office, provides deep consumer finance and fintech expertise to clients, leveraging more than 15 years’ of…

Mehul Madia, special counsel in the firm's Washington, D.C. office, provides deep consumer finance and fintech expertise to clients, leveraging more than 15 years’ of public and private sector experience.

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