On May 1, the Consumer Financial Protection Bureau (CFPB) announced that it will not prioritize enforcement or supervision of its small business lending data collection rule (the “Rule”) implementing the requirements of...more
On April 8, 2025, then Acting Chairman Mark T. Uyeda of the U.S. Securities and Exchange Commission (“SEC”), highlighted in remarks before the Annual Conference on Federal and State Securities Cooperation two areas where...more
4/22/2025
/ Broker-Dealer ,
Investment ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
NSMIA ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
SIFMA ,
State Securities Regulators
The Financial Crimes and Enforcement Network of the U.S. Treasury Department (FinCEN) on March 21, 2025 announced an interim final rule (the “Interim Rule”) which, if finalized in its current form, exempts all domestic...more
The last remaining nationwide injunction pausing obligatory reporting under the Corporate Transparency Act (CTA) and the related regulations (31 C.F.R. § 1010.380) was lifted on February 17, 2025. Absent further...more
On January 23, 2025, the United States Supreme Court ruled on McHenry v. Texas Top Cop Shop, Inc., granting the Government’s application to stay the injunction of the Corporate Transparency Act (“CTA”) initially ordered by...more
1/27/2025
/ Appeals ,
Beneficial Owner ,
Constitutional Challenges ,
Corporate Transparency Act ,
Filing Requirements ,
FinCEN ,
Injunctions ,
Legislative Agendas ,
Reporting Requirements ,
Stays ,
U.S. Treasury
For followers of developments related to National Bank Act (NBA) preemption and the United States Supreme Court’s related decision in Cantero v. Bank of America, N.A., 602 U.S. 205 (2024), the waning days of 2024 proved...more
1/17/2025
/ Appeals ,
Banking Regulators ,
Banking Sector ,
Banks ,
Compliance ,
Dodd-Frank ,
Escrow Accounts ,
Financial Institutions ,
Financial Services Industry ,
Illinois ,
Interchange Fees ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
Following up on our most recent blog post on developments regarding the enforcement date for the Corporate transparency Act (“CTA”), on December 26, 2024, the Fifth Circuit Panel that will ultimately be handling the merits of...more
12/30/2024
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Smaller Reporting Companies ,
Stays ,
Vacated
Following up on our most recent blog post on developments regarding the enforcement date for the CTA, on the afternoon of December 23, 2024, the Fifth Circuit issued its order staying the U.S. District Court for the Eastern...more
12/24/2024
/ Beneficial Owner ,
Business Entities ,
Business Ownership ,
Corporate Transparency Act ,
Filing Deadlines ,
Filing Requirements ,
FinCEN ,
Preliminary Injunctions ,
Regulatory Requirements ,
Reporting Requirements ,
Stays ,
Time Extensions
As discussed in our prior blog post, on December 3, 2024, the U.S. District Court for the Eastern District of Texas (“District Court”) issued an order preliminarily enjoining enforcement of the Corporate Transparency Act and...more
Updated December 10, 2024 to reflect the U.S. Government has filed a notice to appeal the lower court's injunction.
On December 3, the U.S. District Court for the Eastern District of Texas (“Court”) entered a sweeping...more
With the amount of commercial real estate loans scheduled for maturity over the next several years expected to increase significantly, there is accompanying heightened risk that some borrowers may be unable to replace their...more
11/7/2024
/ Banking Sector ,
Banks ,
Borrowers ,
Commercial Loans ,
Commercial Real Estate Market ,
Lenders ,
Loans ,
New Guidance ,
OCC ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management
On October 2, 2024, the Securities and Exchange Commission (“SEC”) announced it had settled enforcement proceedings against Thrivent Investment Management, Inc. (“Thrivent”), a SEC dually-registered broker-dealer and...more
On Sunday, September 29, California Governor Gavin Newsom vetoed California Senate Bill 1047, which would have established novel safety regulations on large artificial intelligence (AI) models. Known as the Safe and Secure...more
When following supervisory scrutiny of fees charged to bank customers, the activities of the Consumer Financial Protection Bureau, or CFPB, are often the focus.
The Minnesota Bankers Association and Lake Central Bank of...more
9/25/2023
/ Banking Sector ,
Class Action ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Fees ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Unfair or Deceptive Trade Practices
On June 6, 2023, the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC, and collectively with the...more
When following supervisory scrutiny of fees charged to bank customers, the Consumer Financial Protection Bureau’s (CFPB) activities are often the focus. The Minnesota Bankers Association and Lake Central Bank of Minnesota,...more
7/28/2023
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
New Guidance ,
Overdraft Fees ,
Unfair or Deceptive Trade Practices
On June 28, the CFBP released a set of FAQ’s on the CFPB’s recently finalized Small Business Lending Rule (“Section 1071”). There are twenty-one questions covering matters under “Institutional Coverage” and “Covered Credit...more
On June 1, six Federal financial regulatory agencies (Agencies) jointly issued a Notice of Proposed Rulemaking (the Proposed Rule) requiring the implementation of quality control standards for the use of automated valuation...more
7/5/2023
/ Automated Systems ,
Consumer Protection Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Notice of Proposed Rulemaking (NOPR) ,
Property Valuation ,
Proposed Rules ,
Real Estate Market ,
Regulatory Standards
The Consumer Financial Protection Bureau (the “CFPB”) has published a final rule implementing the requirements of Section 1071 of the Dodd-Frank Act (the “Final Rule”), which mandated data collection on certain credit...more
4/19/2023
/ Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Enforcement ,
Final Rules ,
Financial Institutions ,
LGBTQ ,
Minority-Owned Businesses ,
Small Business ,
Small Business Loans ,
Women-Owned Businesses
In December 2021, the Bureau of Consumer Financial Protection (or the “CFPB”) issued a notice and request for comment (the “Notice”) on its intention to make a preemption determination regarding the Truth in Lending Act...more
On August 11, 2022, the Consumer Financial Protection Bureau (“CFPB”) issued a circular (Circular 2022-04 or, the “Circular”) addressing whether insufficient data and information security practices can violate the prohibition...more
For those tracking developments impacting the crypto-asset space, the summer has been far from slow and leisurely. Multiple industry alerts flow daily with news of new legislative proposals, enforcement actions, and other...more
On June 8, 2022, the New York State Department of Financial Services (“NYDFS”) released industry guidance applicable to U.S. dollar-backed stablecoins issued by NYDFS-regulated entities (the “Guidance”)...more
In the fourteen years since the 2008 financial crisis, significant actions have been taken by Federal banking agencies to make the largest financial institutions more resilient and less likely to fail and to require planning...more
Late last year, news services reported on the results of the efforts of a black couple living in Northern California to challenge what they believed was an initial, discriminatory low-ball appraisal of their home. To test...more