In This Issue. The Consumer Financial Protection Bureau (CFPB) announced its intention to allow the “QM Patch,” which exempts Fannie Mae and Freddie Mac from the full scope of the ability-to-repay/qualified mortgage rule, to...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 -
Working Weekends and Holidays. While most Americans were enjoying the Independence Day holiday weekend, the Board of Governors of the Federal Reserve System (Federal Reserve), the Office of the Comptroller of...more
7/12/2019
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Banking Sector ,
Call Blocking ,
Consumer Financial Protection Bureau (CFPB) ,
FCC ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
HMDA ,
HOLA ,
Mutual Funds ,
No-Action Relief ,
OCC ,
Payday Lending Rule ,
Popular ,
Securities and Exchange Commission (SEC) ,
Summary Judgment ,
Volcker Rule
In This Issue. The Securities and Exchange Commission (SEC): (i) adopted amendments clarifying auditor independence rules in light of lending relationships with shareholders of an audit client; (ii) adopted a set of new...more
Editor's Note -
In This Issue. The U.S. Securities and Exchange Commission’s (SEC) Division of Investment Management staff announced plans to seek industry input on custodial practices relating to trading that is not...more
3/21/2019
/ CFTC ,
Disclosure Requirements ,
FDCPA ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Investment Adviser ,
Investment Company Act of 1940 ,
Securities and Exchange Commission (SEC) ,
TCPA ,
UK Brexit
Editor's Note -
Busy Week for the Fed. The Board of Governors of the Federal Reserve System (Federal Reserve) was busy this past week, announcing that it would limit use of the “qualitative objection” in its Comprehensive...more
3/14/2019
/ CCAR ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
FFIEC ,
Financial Services Industry ,
FSOC ,
Minimum Salary ,
Over-Time ,
Regulation D ,
Servicemembers Civil Relief Act (SCRA) ,
Wage and Hour
Editor's Note -
In This Issue. The Securities and Exchange Commission’s (SEC) Division of Investment Management released a No-Action Letter that relieves mutual fund directors from in-person voting requirements under...more
3/7/2019
/ Clean Energy ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Department of Justice (DOJ) ,
FHFA ,
Financial Services Industry ,
Mutual Funds ,
No-Action Relief ,
PACE ,
Preliminary Injunctions ,
Securities and Exchange Commission (SEC)
Editor's Note -
Good News, Bad News. Key developments in federal securities laws have recently brought both good news and bad news for current and prospective public companies. First, the Securities and Exchange Commission...more
Editor's Note -
A Big Deal. On February 7, BB&T and SunTrust announced a “merger of equals” in an all-stock transaction valued at $66 billion. The transaction is the largest U.S. bank merger in over a decade and will...more
Editor's Note -
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) released 2019 stress test scenarios and exempted less complex banks with between $100 billion and $250 billion in assets...more
2/7/2019
/ Banks ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Employee Retirement Income Security Act (ERISA) ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Investment Management ,
OCC ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
Subsidiaries ,
TILA-RESPA Integrated Disclosure Rule (TRID)
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 -
CFPB Remains Active During Government Shutdown. As the government shutdown entered its fourth week and became the longest in history, many federal agencies, including many federal financial regulatory...more
1/17/2019
/ Consumer Financial Protection Bureau (CFPB) ,
Debt-Relief Industry ,
FDCPA ,
Financial Services Industry ,
Mortgage Servicing Rules ,
Non-GAAP Financial Measures ,
Qualified Mortgage Rule ,
Regulation A ,
RESPA ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
When will the government shutdown end? The government shutdown has forced many federal agencies, including those mentioned in the articles below, to operate in accordance with the agency's emergency plan for...more
1/10/2019
/ BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
FDIC ,
Financial Services Industry ,
HMDA ,
Interest Rates ,
OCC ,
OCIE ,
Popular ,
Securities and Exchange Commission (SEC) ,
Stress Tests
Editor's Note -
In This Issue. Federal financial regulators issues a proposed rule exempting community banks from the Volcker Rule; the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking...more
12/20/2018
/ Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
FDIC ,
Financial Services Industry ,
FinTech ,
Investment Adviser ,
No-Action Letters ,
OCIE ,
Sandbox ,
Stress Tests ,
Volcker Rule
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) adopted rules and amendments designed to promote research on mutual funds, exchange-traded funds (ETFs), registered closed-end funds, business...more
12/7/2018
/ Banking Sector ,
Banks ,
Carlton & Harris Chiropractic Inc v PDR Network LLC ,
Data Protection ,
EU ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Institutional Shareholder Services (ISS) ,
Investment Funds ,
OCC ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
TCPA
Editor's Note -
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a risk alert announcing that it was conducting a series of examination...more
Editor's Note -
First Half of 2018 Sees Significant Decline in Publicly Announced or Publicly Filed Enforcement Activity. During the first half of 2018, Enforcement Watch tracked 40 publicly announced or publicly filed...more
11/8/2018
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Excessive Fees ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Investors ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
SIFIs ,
TCPA
Editor's Note -
State Regulators Sue OCC Over Federal FinTech Charter, Again. On October 25, the Conference of State Bank Supervisors (CSBS) once again sued the Office of the Comptroller of the Currency (OCC) in the U.S....more
Editor's Note -
Regulators Continue Push for Financial Innovation. Speaking at the American Bankers Association Annual Convention in New York City, Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams...more
Editor's Note -
In This Issue. The Securities and Exchange Commission (SEC) granted no-action relief for fund boards; the Financial Stability Oversight Council (FSOC) announced the rescission of the “systemically important...more
10/18/2018
/ ATDS ,
Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Excessive Fees ,
Financial Services Industry ,
FinTech ,
FSOC ,
Investment ,
Joint Statements ,
No-Action Relief ,
Securities and Exchange Commission (SEC) ,
TCPA ,
Virtual Currency
In This Issue. The Office of the Comptroller of the Currency (OCC) released its annual supervision operating plan outlining its bank supervision priorities, issued an updated Truth in Lending Act booklet, and provided...more
10/4/2018
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Corrective Actions ,
Cybersecurity ,
Financial Services Industry ,
FinCEN ,
Form 10-Q ,
Loans ,
OCC ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Truth in Lending Act (TILA)
Editor's Note -
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (together, the Federal...more
Editor's Note -
OCC to Accept FinTech Charters; Treasury Endorses “Regulatory Sandbox” to Encourage Financial Innovation. The Office of the Comptroller of the Currency (OCC) announced on July 31 that it would begin...more
Editor's Note -
In This Issue. California enacted a new data privacy law; the SEC’s Office of Compliance Inspections and Examinations (OCIE) issued a risk alert highlighting deficiencies observed in recent examinations of...more
7/23/2018
/ ATDS ,
Banking Sector ,
Consumer Fraud ,
Credit Reporting Agencies ,
Data Privacy ,
Department of Justice (DOJ) ,
Federal Agency Taskforce ,
Financial Services Industry ,
NYDFS ,
OCIE ,
Summary Judgment ,
TCPA ,
Volcker Rule