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30 December 20226 minute read

eSignature and ePayment News and Trends - 30 December 2022

Achieving Digital Transformation and Securing Digital Assets

A fact of business today is that customers – both consumers and other businesses – and employees expect to transact digitally. To remain competitive, companies find themselves increasing their efforts to digitally transform their businesses.

Successfully implementing this transformation requires careful planning to ensure regulatory compliance, a smooth integration with existing business technology and a positive customer experience.

Each issue will feature in-depth insight on a timely and important current topic.

In this issue, as we look ahead to 2023, we highlight our past Insights pieces for 2022.  This issue also includes reports on other recently enacted federal and state laws, federal and state regulatory activities, fresh judicial precedent and other important news.

For related information regarding blockchain and digital assets, please see our monthly bulletin Blockchain and Digital Assets News and Trends.


2022 – Year in review

This last year saw numerous changes and advancements on the regulatory front related to digital transformation. Below are links to our Insights articles addressing these developments:


Alaska expands money transmission to include virtual currency. The Alaska Division of Banking and Securities (ADBS) has adopted amendments to the Alaska Administrative Code that clarify that regulated money transmission activities include such activities using virtual currency that are effective January 1, 2023. Additionally, money transmission licenses will be required for companies engaged in money transmission involving virtual currency to, from or within Alaska. The amendments include a new definition of virtual currency and an expansion of the definition of monetary value. This is a shift from the prior position of the ADBS. As a result of the expansion of the license requirement, the “Limited Licensing Agreements” previously offered will be phased out and those previously entered into with the ADBS will be void.

New York DFS issues guidance for prior approval for virtual currency activities. The New York State Department of Financial Services (NYDFS) issued an Industry Letter on December 15, 2022 applicable to all New York banking organizations, branches and agencies of foreign banking organizations licensed by NYDFS reiterating expectations for approval that is required prior to engaging in “new or significantly different virtual currency-related activity” as a matter of safety and soundness. The procedure outlined includes the initiation of the approval process a minimum of 90 days before the date the institution intends to begin such activity as well as the scope of information required by NYDFS. The guidance also outlines requirements, including the submission of a business plan, risk management, consumer protection, financials, and a legal and regulatory analysis.

California DFPI issues compendium of state licensee-related 2022 laws. The California DFPI has published Highlights of 2022 Chaptered Legislation, containing descriptions and links to text of new state laws that may affect or be of interest to DFPI licensees. These laws include SB 1415, which requires institutions to report revenue earned from overdraft and insufficient fund fees, and AB 2001, which allows employees of some DFPI licensees to telework under certain conditions.

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Embracing digital evolution: Our new business report


Margo Tank and David Whitaker co-presented at the eSignRecords2022 Electronic Signatures and Records Association (ESRA) Annual Conference, held November 15-17 at DLA Piper’s Washington, DC offices. Their presentations included the Legal Year in Review, an annual roundup of key legal developments affecting electronic signatures and records, as well as New UCC Article 12 – Its Purpose, Provisions and Potential Impact, focused on the provisions of the Amendments, and particularly UCC Article 12, that address gaps in existing law governing the transfer of property rights (including both ownership rights and security interests) in certain assets that consist of, or are evidenced by, electronic records.  Andrew Gastwirth presented Real-World Blockchain Solutions for Business, which covered solutions designed to drive profitability through tokenization of real-world assets, managing supply chains, creating circular economies and supporting sustainability.

Margo Tank and David Whitaker were featured speakers at NACHA’s ACH Legal & Compliance Summit on November 30, 2022, where they discussed the intersection between ESIGN, the UETA and the laws and regulations governing electronic fund transfers.

David Whitaker presented at a webinar hosted by MERSCORP Holdings, Inc. and ICE Mortgage Technology on electronic home equity lines of credit and the potential impact of proposed Article 12 of the Uniform Commercial Code on transfers of ownership.  A recording of the presentation can be accessed here.

DLA Piper ranked in 2023 Chambers FinTech GuideDLA Piper is pleased to announce that the firm's FinTech Legal practice has been ranked nationwide by the prestigious legal publisher Chambers and Partners. Margo Tank and David Whitaker both received individual FinTech rankings. Overall, the firm received 21 practice rankings and 16 individual lawyer rankings in the Chambers FinTech 2023 edition.


Cryptocurrency and Digital Asset Regulation, published by the American Bar Association and co-edited by Deborah Meshulam and Michael Fluhr, including chapters by Meshulam and Fluhr and by Margo H.K. Tank and Andrew Grant.

The MBA Compliance Essentials Remote Online Notarization State Surveys, developed by DLA Piper, provides a comprehensive look at RON requirements in each state that has enacted RON legislation.  These fully editable surveys are organized by category of requirements, including registration, technology, seal and signature, certificates of RON acts, journal, authentication, session, recording and additional requirements. Companies can purchase the full package which includes surveys for all states that have enacted RON legislation along with a matrix summarizing state requirements, or companies can purchase information about individual states as needed. Read more.

For more information

Our Global Tax Reform hub looks at the latest developments regarding US tax legislation.

In case you missed it

Read the latest issue of our bulletin Bank Regulatory News and Trends

Read the latest issue of our bulletin Consumer Finance Regulatory News and Trends


How the Digital Commodities Consumer Protection Act of 2022 would broaden the CFTC’s authority to regulate cryptocurrencies and other digital assets


Learn more about our eSignatures and ePayments practice by contacting:

Margo H.K. Tank

David Whitaker