Undefined control sequence with hypersetup in moderncv

The MWE below results in the error:

Undefined control sequence. hypersetup

It’s minimized from a CV that definitely compiled fine a month ago (with the warnings discussed in What does "You have requested package `foo', but the package provides `foo'." mean?). I’ve tried in up-to-date setups of both MiKTeX and TeX Live. I suspect some package that was updated in the meantime is causing an incompatibility, but having a hard time tracking down which one. I’m hoping someone can identify it, so that I can revert to an older version, or suggest a workaround.

documentclass{moderncv}

moderncvstyle{banking}
moderncvcolor{black}
name{John}{Doe}

hypersetup{}

begin{document}

makecvtitle

Lorem ipsum

end{document}

Changing the documentclass to article (and replacing the moderncv specific lines with usepackage{hyperref}) makes it compile fine. If I include

usepackage{hyperref}

I get an Option clash for package hyperref. error, presumably because moderncv is loading hyperref.

documentclass{moderncv}

moderncvstyle{banking}
moderncvcolor{black}
name{John}{Doe}

%hypersetup{} % <========================================= move it down

begin{document}
hypersetup{} % <=======================================================

makecvtitle

Lorem ipsum

end{document}