In This Issue. The Federal Deposit Insurance Corporation (FDIC) finalized technical amendments to its deposit insurance assessment rules; the Federal Housing Finance Agency (FHFA) requested comments on how its rules could be...more
Editor's Note -
D.C. Circuit Strikes Down Key Pieces of FCC’s TCPA Interpretive Order. On March 16, the U.S. Court of Appeals for the D.C. Circuit issued its long-awaited decision in ACA International v. FCC, invalidating...more
Editor's Note -
Judge Rules for Defendants in Mutual Fund Excessive Fee Lawsuit. On March 9, the U.S. District Court for the Southern District of Ohio entered summary judgment for defendants in an action brought under...more
3/15/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
EDGAR ,
FDIC ,
Financial Services Industry ,
FinCEN ,
Initial Coin Offering (ICOs) ,
Liquidity ,
NYSE ,
Request For Information ,
Securities and Exchange Commission (SEC) ,
Servicemembers Civil Relief Act (SCRA) ,
Token Sales
Editor's Note -
In This Issue. State regulators agreed to a multistate compact to standardize key components of the licensing process for money services businesses (MSBs); the Board of Governors of the Federal Reserve...more
2/8/2018
/ CCAR ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Fair Housing Act (FHA) ,
FDIC ,
HMDA ,
MSB ,
PHH Corp. v CFPB ,
Swaps ,
Tax Cuts and Jobs Act ,
Tax Reform
Editor's Note -
A Busy Holiday Season. We hope that all of you had a happy holiday season and wish everyone a happy, healthy and prosperous new year. While the Roundup has been on hiatus during the holidays, the federal...more
1/11/2018
/ Antitrust Litigation ,
Bitcoin ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Debt Relief ,
Department of Justice (DOJ) ,
FDIC ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Fixing America’s Surface Transportation Act (FAST Act) ,
HMDA ,
Initial Coin Offering (ICOs) ,
Marijuana Related Businesses ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Securities and Exchange Commission (SEC) ,
Tax Reform
Editor's Note -
We Don’t Need No Stinking Badges. In 2013, former financial advisor, Raymond Lucia, was fined and barred from the industry by the Securities and Exchange Commission (SEC) for material misrepresentations to...more
12/7/2017
/ Bank Holding Company ,
Clean Energy ,
Community Reinvestment Act ,
Comptroller ,
Countercyclical Capital Buffer (CCyB) ,
FDIC ,
FHFA ,
Financial Industry Regulatory Authority (FINRA) ,
Institutional Shareholder Services (ISS) ,
Israel ,
OCC ,
PACE ,
Senate Banking Committee
Editor's Note -
A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more
11/30/2017
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
Department of Labor (DOL) ,
FDIC ,
Federal Bank Regulatory Agencies ,
Fiduciary Rule ,
Institutional Shareholder Services (ISS) ,
Loans ,
Mortgages ,
OCC ,
Payday Loans ,
Proxy Season ,
Securities and Exchange Commission (SEC) ,
Small Business ,
TCPA
Editor's Note -
Change at the Fed. As expected, on November 2, President Trump nominated Jerome H. Powell to be Chairman of the Board of Governors of the Federal Reserve System (FRB) for a term of four years beginning...more
11/9/2017
/ Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
Due Diligence ,
Equity Investors ,
FDIC ,
Federal Trade Commission (FTC) ,
FinCEN ,
OCC ,
Subsidiaries
Editor's Note -
Swimming Against the Tide. As discussed below, the Trump administration’s plans for financial regulatory reform are beginning to take shape, especially in agencies, such as the Securities and Exchange...more
10/19/2017
/ Arbitration ,
Capital Markets ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Fixing America’s Surface Transportation Act (FAST Act) ,
HMDA ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
Translating Goals Into Action.Many financial institutions likely would say that financial regulatory reform in the Trump administration has fallen short of expectations, at least so far. While various...more
Editor's Note -
In This Issue. The Department of Labor (DOL) filed a Notice of Administrative Action seeking to delay the Fiduciary Rule until July 2019; federal banking agencies issued guidance on the capital treatment of...more
8/17/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Department of Labor (DOL) ,
False Claims Act (FCA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Investment Adviser ,
Joint Accounts ,
OCC ,
Robocalling
Editor's Note -
In This Issue. The Office of the Comptroller of the Currency (OCC) announced that it was seeking public comments on revising the Volcker Rule; the Securities and Exchange Commission (SEC) offered a window...more
8/4/2017
/ Data Collection ,
Data Protection ,
EU ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Fraud ,
General Data Protection Regulation (GDPR) ,
Hyperlink ,
Initial Coin Offering (ICOs) ,
OCC ,
Public Comment ,
Reverse Mortgages ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Volcker Rule
Editor's Note -
In This Issue. After making a splash with the finalized version of its Arbitration Rule, the Consumer Financial Protection Bureau (CFPB) proposed temporary adjustments to the reporting requirements for...more
7/20/2017
/ Arbitration ,
Blockchain ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Division of Investment Management ,
FDIC ,
HMDA ,
Mortgages ,
Preliminary Injunctions ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Stock Trades
Editor's Note -
Fireworks After the July 4th Holiday. On July 10, the Consumer Financial Protection Bureau (CFPB) issued the highly anticipated final Arbitration Rule, which prohibits the use of mandatory arbitration...more
7/13/2017
/ Arbitration ,
Arbitration Agreements ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Initial Public Offering (IPO) ,
JOBS Act ,
Mandatory Arbitration Clauses ,
Mortgages ,
OCC ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
Trump Administration
Editor's Note -
In This Issue. President Trump announced his intended nominee for Chairman of the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB) proposed updates to its...more
Editor's Note -
Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more
6/19/2017
/ Article III ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Employee Retirement Income Security Act (ERISA) ,
FACTA ,
FDCPA ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial CHOICE Act ,
Financial Services Industry ,
Investment Funds ,
OCC ,
Regulatory Reform ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Standing
Editor's Note -
Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more
5/25/2017
/ Banks ,
Cyber Attacks ,
Debt Collectors ,
Department of Labor (DOL) ,
False Claims Act (FCA) ,
FDIC ,
Fiduciary Rule ,
Financial Services Industry ,
FIRREA ,
Interest Rates ,
OCC ,
Ransomware ,
Reverse Mortgages ,
Securities and Exchange Commission (SEC)
Editor's Note -
In this Issue. The House Financial Services Committee passed the Financial CHOICE Act that would make significant changes to the Consumer Financial Protection Bureau; the U.S. Securities and Exchange...more
5/11/2017
/ Banks ,
Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial CHOICE Act ,
Financial Services Committee ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Investment Advisers Act of 1940 ,
Mortgage Servicers ,
Mutual Funds ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
In This Issue. The Senate confirmed Jay Clayton as the new chairman of the U.S. Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC) released its final handbook for...more
5/5/2017
/ Accredited Investors ,
Banking Sector ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
EFTs ,
FDCPA ,
FDIC ,
Interest Rates ,
Investment Adviser ,
IRS ,
Lenders ,
No-Action Relief ,
Private Letter Rulings ,
Securities and Exchange Commission (SEC)
Editor's Note -
Removal for Cause or Business as Usual? On April 5, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the House Financial Services Committee to give his semi-annual...more
4/12/2017
/ Affordable Housing ,
Banking Sector ,
Banks ,
Debit Cards ,
Department of Labor (DOL) ,
FDIC ,
Federal Trade Commission (FTC) ,
FFIEC ,
FHLB ,
Fiduciary Duty ,
Fiduciary Rule ,
JOBS Act ,
OCC ,
Securities and Exchange Commission (SEC)
Editor's Note -
In This Issue. The NYDFS revised its proposed cybersecurity regulations, the FDIC sought comment on its new de novo bank deposit insurance handbook, federal banking agencies finalized streamlined call...more
1/12/2017
/ Banks ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Deceptive Intent ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
False Claims Act (FCA) ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
OCC
Editor's Note -
In This Issue. While we eagerly await its decision on interest rates, the Fed had a busy week, granting a Volcker Rule extension for illiquid funds, issuing a joint final rule with the FDIC and the OCC...more
12/15/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Foreclosure ,
Governor Cuomo ,
Holding Companies ,
Homeowners ,
HUD ,
Mortgage Servicers ,
OCC ,
Preliminary Injunctions ,
Reverse Mortgages ,
Truth in Lending Act (TILA) ,
Volcker Rule
Editor's Note -
Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more
10/27/2016
/ Acquisitions ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Bank Secrecy Act ,
Capital Acquisition Broker (CAB) ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Enforcement ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
FinTech ,
Institutional Investors ,
Mergers ,
Mutual Funds ,
NAV ,
OCC ,
Project Catalyst ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
The OCC Takes Another Step Toward a Limited Purpose FinTech Charter. On September 13, in a speech at the Marketplace Lending Policy Summit 2016, Comptroller of the Currency Thomas J. Curry discussed the...more
9/15/2016
/ Arbitration ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Independent Community Bankers of America (ICBA) ,
International Banks ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Mutual Funds ,
OCC ,
OCIE ,
Securities and Exchange Commission (SEC)
Editor's Note -
Friend the Fed! As is the case every August, our federal government and regulators are hard at work, laser focused on the important issues of the day. In this regard, on August 18, the Federal Reserve...more
8/25/2016
/ Ability-to-Repay ,
Banks ,
Confidentiality Agreements ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Facebook ,
Fair Credit Reporting Act (FCRA) ,
Fannie Mae ,
FDIC ,
Federal Reserve ,
Freddie Mac ,
HMDA ,
Loans ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
Whistleblowers