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
In This Issue. Federal banking regulators proposed the long-awaited “community bank leverage ratio,” which would exempt community banks with a leverage ratio of at least 9% from Basel III capital requirements; the Federal...more
11/29/2018
/ Antitrust Division ,
ATDS ,
Banking Sector ,
Banks ,
Basel III ,
Blockchain ,
CFIUS ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
FASB ,
FDIC ,
FFIEC ,
FHFA ,
NYSE ,
Real Estate Development ,
Regulation CC ,
Regulation J ,
Regulation M ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
Servicemembers Civil Relief Act (SCRA) ,
Smaller Reporting Companies
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)
In This Issue. The Securities and Exchange Commission (SEC) withdrew interpretive guidance pertaining to reliance on voting recommendations of proxy advisory firms in advance of their upcoming Roundtable on the U.S. proxy...more
9/20/2018
/ Advertising ,
Affiliates ,
Cease and Desist Orders ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
FinTech ,
Investment Adviser ,
Marketing ,
NYDFS ,
OCC ,
Securities and Exchange Commission (SEC)
Editor's Note -
No Rest for the Regulators. While many in the financial services industry used the last few weeks of August to enjoy additional time with family and friends before the back-to-school crunch, federal...more
9/13/2018
/ Bank Holding Company ,
Banking Sector ,
Class Action ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Currency ,
Enforcement Actions ,
Filing Fees ,
FinCEN ,
HMDA ,
Interest Rates ,
Liquidity Coverage Ratio ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Summary Judgment ,
Volcker Rule
Editor's Note -
In This Issue. The Office of the Comptroller of the Currency (OCC) issued revised guidance on Community Reinvestment Act ratings; the OCC also released an update to the Bank Accounting Advisory Series; and...more
Editor's Note -
Hollow Victory. At the close of its 2013 fiscal year end, the Total Return Fund, sponsored by Pacific Investment Management Company LLC (PIMCO), held over $230 billion in assets under management and, at...more
Editor's Note -
Additional Regulatory Support for Financial Innovation. Last week, the Roundup reported that the Office of the Comptroller of the Currency (OCC) would begin accepting applications for special purpose national...more
Editor's Note -
Third Circuit Affirms AXA Section 36(b) Decision. On July 10, the U.S. Court of Appeals for the Third Circuit affirmed the district court’s decision in favor of the investment adviser in the Sivolella v....more
Editor's Note -
SEC Administrative Law Judge Appointments Are Subject to the Appointments Clause. On June 21, in a majority opinion in Lucia v. SEC delivered by Justice Elena Kagan, the United States Supreme Court held that...more
Editor's Note -
Differing Priorities? On June 14, Comptroller of the Currency Joseph M. Otting testified before the Senate Committee on Banking, Housing, and Urban Affairs, addressing his priorities for the Office of the...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 -
In This Issue. The Consumer Financial Protection Bureau (CFPB) published its Spring 2018 rulemaking agenda; the U.S. Department of Housing and Urban Development (HUD) announced that it will seek public...more
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 -
In This Issue. The Securities and Exchange Commission’s (SEC) Division of Enforcement issued answers to frequently asked questions regarding its recently announced Share Class Selection Disclosure...more
Editor's Note -
Appointments Clause Revisited. As we noted in a previous edition of the Roundup, Raymond Lucia was fined and barred from the industry by the Securities and Exchange Commission (SEC) for material...more
Editor's Note -
Modest Proposals. Last week, federal banking regulators issued two proposals that would substantively amend certain regulatory capital regulations applicable to the nation’s largest banks. On April 10, the...more
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 -
In This Issue. The Federal Financial Institutions Examination Council (FFIEC) provided an update on its Examination Modernization Project; the Consumer Financial Protection Bureau (CFPB) invited comments on...more
3/29/2018
/ Basel Committee on Banking Supervision (BCBS) ,
Bitcoin ,
Consumer Financial Protection Bureau (CFPB) ,
Cyan Inc v Beaver Cty Emps Ret Fund ,
FFIEC ,
Financial Institutions ,
FinTech ,
Request For Information ,
SCOTUS ,
Securities Act of 1933 ,
SLUSA
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