Regulatory Developments -
CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies -
On November 10, the CFPB issued a Consumer Financial Protection Circular (Circular) affirming that consumer...more
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), in response to an increased number of inquiries and access requests from companies with fintech and other narrow purpose charters, invited...more
5/7/2021
/ Acquisitions ,
AMG Capital Management LLC v FTC ,
Anti-Money Laundering ,
Arbitration Agreements ,
Banking Sector ,
Broker-Dealer ,
Cash Transactions ,
Community Development Financial Institution (CDFI) ,
Consumer Financial Products ,
Depository Institutions ,
Enforcement Actions ,
Enforcement Authority ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
FinTech ,
FTC Act ,
FTCA Section 13(b) ,
Geographic Targeting Order ,
Injunctive Relief ,
Lenders ,
Loan Applications ,
Mergers ,
Paycheck Protection Program (PPP) ,
Payment Services Directive ,
Permanent Injunctions ,
Pre-Dispute Arbitration ,
Private Placements ,
Public Comment ,
Real Estate Transactions ,
Residential Real Estate Market ,
SBA ,
SCOTUS ,
Title Insurance ,
Unregistered Securities
On April 16, 2021, the staff of the SEC Division of Trading and Markets reminded broker-dealers borrowing fully paid and excess margin securities from their customers (FPL programs) that they are obligated to comply with...more
In This Issue. The Office of the Comptroller of the Currency (OCC) proposed a rule that would establish that a national bank or federal savings association is the “true lender” of a loan if, as of the date of origination, the...more
7/23/2020
/ Banking Sector ,
Board of Directors ,
Board of Governors ,
Comment Period ,
Consumer Complaint Database ,
Consumer Financial Protection Bureau (CFPB) ,
Court of Justice of the European Union (CJEU) ,
Data Privacy ,
Data Protection ,
Digital Assets ,
Enforcement Actions ,
EU ,
EU-US Privacy Shield ,
FDIC ,
Federal Reserve ,
Federal Savings Associations ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Interim Final Rules (IFR) ,
International Data Transfers ,
Lenders ,
Loan Agreements ,
Main Street Lending Programs ,
Nonprofits ,
OCC ,
Paycheck Protection Program (PPP) ,
Personal Data ,
Proposed Rules ,
Public Comment ,
Regulation Z ,
Request For Information
In This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more
2/27/2020
/ Auto-Dialed Calls ,
Banking Sector ,
Banks ,
Blockchain ,
Broker Commissions ,
Broker-Dealer ,
Call Reports ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Management ,
Debt Collection ,
Debtors ,
Disclosure Requirements ,
Due Diligence ,
Enforcement Actions ,
FDIC ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
HMDA ,
Investment Firms ,
MD&A Statements ,
New Guidance ,
OCC ,
Popular ,
Proposed Regulation ,
Public Comment ,
Risk Management ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
TCPA
In This Issue. The Securities and Exchange Commission (SEC) approved amendments to the Financial Industry Regulatory Authority’s (FINRA) initial public offering (IPO) allocations rules, expanding the exemptions and exclusions...more
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have extended for an additional...more
7/25/2019
/ BSA/AML ,
FASB ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinCEN ,
Mutual Funds ,
NYSE ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Volcker Rule
Editor's Note -
The Legacy of the Government Shutdown Lives On. The federal government shutdown is finally over, at least temporarily. However, its legacy lives on as federal financial regulators must now deal with the...more
Editor's Note -
Everything You Wanted to Know About De Novo Bank Formations But Were Afraid to Ask. For several years under two different chairs, the Federal Deposit Insurance Corporation (FDIC) has been publicly stating...more
Editor's Note -
In This Issue. The Securities and Exchange Commission (SEC) issued a no-action letter that closes the gap in investor protection created by the SEC’s approval of FINRA Rule 2165; the SEC’s Investment...more
Regulatory Developments -
FinCEN Provides 90-Day Exceptive Relief From Beneficial Ownership Requirements for Certain Products and Services With Automatic Rollovers or Renewals -
On May 16, the Financial Crimes...more
5/24/2018
/ Anti-Money Laundering ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
OCC ,
RESPA ,
Securities and Exchange Commission (SEC) ,
TCPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
Editor's Note -
Regulatory Relief, One Way or Another. It seems that banks may finally be the beneficiaries of meaningful regulatory relief and such relief is coming from several different sources. Yesterday, May 8, 2018,...more
5/10/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Debtors ,
Department of Labor (DOL) ,
Due Diligence ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Lending ,
Repeal ,
Securities and Exchange Commission (SEC)
Editor's Note -
Breaking News. This morning, the U.S. Court of Appeals for the D.C. Circuit, sitting en banc, issued its long-awaited decision in PHH Corp. v. CFPB, holding that the provision of the Dodd-Frank Act...more
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 -
Attack of the State AGs. On December 12, New York Attorney General Eric T. Schneiderman and 16 other state attorneys general (State AGs) sent a letter to President Trump arguing that past statements by Mick...more
12/14/2017
/ Basel III ,
Cybersecurity ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Form N-PORT ,
Libor ,
NYSE ,
OCC ,
PCAOB ,
Securities and Exchange Commission (SEC) ,
Stress Tests
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 -
CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation. How companies share consumer data, and how much they tell consumers about their information sharing practices, has...more
10/27/2017
/ Arbitration ,
Arbitration Agreements ,
CFTC ,
Class Action Arbitration Waivers ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Digital Currency ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
FinTech ,
Initial Coin Offering (ICOs) ,
OCC ,
Payday Loans
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 -
DOJ Emphatically Ends Operation Chokepoint. After four years, the Department of Justice (DOJ) announced the formal end of its controversial Operation Chokepoint initiative. Launched in 2013, Operation...more
8/24/2017
/ Arbitration ,
Basel III ,
Capital Acquisition Broker (CAB) ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Credit Reporting Act (FCRA) ,
Federal Bank Regulatory Agencies ,
FHFA ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
HARP ,
NYSE ,
OCC ,
Pay-To-Play ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Standing
Editor's Note -
State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more
4/28/2017
/ Bitcoin ,
Class Action ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Debt Collection ,
Dodd-Frank ,
ETFs ,
Executive Orders ,
Fair Housing Act (FHA) ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Committee ,
FSOC ,
HUD ,
Liquidation ,
Mortgage Brokers ,
Mortgages ,
Presidential Memorandum ,
Safe Harbors ,
SCOTUS ,
SIFIs ,
Trump Administration
Editor's Note -
Cross River Bank Takes on Colorado in True Lender Action. This past January, the Administrator of Colorado’s Uniform Consumer Credit Code filed a court action against Marlette Funding LLC (Marlette),...more
4/19/2017
/ Capital Formation ,
Corporate Financing ,
Faxes ,
FCC ,
Financial Industry Regulatory Authority (FINRA) ,
FinTech ,
OCC ,
Opt-Outs ,
Proposed Amendments ,
Solicitation ,
TCPA
Editor's Note -
The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more
3/16/2017
/ Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Relief ,
Electronic Fund Transfer Act ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinTech ,
Loans ,
NYDFS ,
OCC ,
Prepaid Payment Products ,
Regulation Z ,
Truth in Lending Act (TILA)
Editor's Note -
Opposition Emerges to OCC FinTech Charter. In advance of the deadline to submit comments to the Office of the Comptroller of the Currency’s (OCC) paper proposing a federal FinTech charter, the Conference...more
1/26/2017
/ Antitrust Provisions ,
Blockchain ,
CFTC ,
Civil Monetary Penalty ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Hart-Scott-Rodino Act ,
Mortgages ,
NYDFS ,
OCC ,
Proposed Amendments ,
Student Loans ,
Technology ,
Virtual Currency
Editor's Note -
In This Issue.The SEC and FINRA released their examination priorities for 2017; the SEC’s Division of Investment Management issued an interpretative letter that would permit brokers to charge their own...more
1/19/2017
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Bad Actors ,
Brokers ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Debt Collection ,
Department of Labor (DOL) ,
Examination Priorities ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment Management ,
Mortgages ,
OCC ,
Payday Loans ,
Rent-a-Tribe ,
Sales Load Variations ,
Securities and Exchange Commission (SEC) ,
Trump Administration
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