Treasury’s New “Beneficial Ownership” Rule Should Not Affect Pawnbrokers’ Existing Bank Accounts

On May 11, 2018, banks and credit unions will be required to collect “beneficial ownership” information about “legal entity customers” seeking to open new accounts. This new requirement does not affect existing accounts of “legal entities.”

“Examining De-risking and its Effect on Access to Financial Services”

The pawn industry had a big day last Thursday, February 15, 2018, on Capitol Hill in Washington, DC. The House Financial Institutions and Consumer Credit Subcommittee conducted a hearing entitled “Examining De-risking and its Effect on Access to Financial Services”.

Bitcoin or Other Virtual Currencies: Information about Using Virtual Currencies to Take or Make Payments for Goods or Services

In this memorandum, we answer four basic questions about the ability of pawnbrokers to take virtual currency in payment for goods or services, or to use them to pay for goods or services. We will address some issues that might arise in accepting virtual currencies as collateral for pawn transactions in a second document to follow.