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
Regulatory Developments -
FDIC Seeks Comments on Third-Party Lending Guidance -
On July 29, the FDIC announced that it is seeking comments on proposed Guidance for Third-Party Lending addressing steps...more
8/4/2016
/ Beneficial Owner ,
Capital Requirements ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Disclosure Requirements ,
Dodd-Frank ,
FDCPA ,
FDIC ,
Federal Reserve ,
FinCEN ,
Geographic Targeting Order ,
Insurance Industry ,
Mortgages ,
Real Estate Transactions ,
Third Party Lenders
Regulatory Developments -
NY DFS Adopts Final Anti-Terrorism Program Regulation -
On June 30, New York’s Department of Financial Services (DFS) adopted a risk-based anti-terrorism and anti-money laundering...more
7/7/2016
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Bank of America ,
Broker-Dealer ,
Brokered Deposits ,
BSA/AML ,
Certiorari ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Services ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Mortgages ,
NYDFS ,
Privacy Notice Rule ,
Property Tax ,
Wells Fargo
Regulatory Developments -
SEC Staff Updates 2014 Money Market Fund Reform FAQs -
On May 23, the staff of the Securities and Exchange Commission’s (SEC) Division of Investment Management published additional...more
Breaking News -
Solicitor General Files Brief in Madden v. Midland Funding -
On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more
5/26/2016
/ Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Services ,
Department of Labor (DOL) ,
Depository Institutions ,
Due Diligence ,
Fair Housing Act (FHA) ,
Fair Labor Standards Act (FLSA) ,
FDIC ,
Financial Services Industry ,
FinCEN ,
Investment Companies ,
Madden v Midland Funding ,
Minimum Salary ,
Money Market Funds ,
National Bank Act ,
Non-GAAP Financial Measures ,
NPRM ,
OCC ,
Online Marketplace Lending ,
Payday Loans ,
Pleadings ,
Preemption ,
PSLRA ,
Reconciliation ,
Reverse Mortgages ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
State Law Claims ,
Unpaid Overtime ,
White-Collar Exemptions
Regulatory Developments -
Client Alert: CFPB Proposes Rules Prohibiting Class-Action Waivers in Arbitration Agreements -
On May 5, the CFPB issued long-expected proposed rules that will drastically limit the use of...more
5/12/2016
/ Anti-Money Laundering ,
Class Action Arbitration Waivers ,
Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
Due Diligence ,
FDIC ,
FHFA ,
FinCEN ,
Multi-Family Development ,
OCC ,
Online Marketplace Lending ,
Student Loans ,
Tax Evasion
Regulatory Developments -
CFPB Responds to Industry Concerns on Know Before You Owe Rule -
On April 28, the CFPB issued a letter to banking and industry groups in response to an inquiry by the Mortgage Bankers...more
5/5/2016
/ Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Insurance ,
Enforcement Actions ,
FASB ,
FDIC ,
Investment Adviser ,
Mortgage Lenders ,
Negligence ,
OCC ,
Securities and Exchange Commission (SEC) ,
Settlement Agreements ,
Student Loans ,
Volcker Rule
Regulatory Developments -
Federal Banking Regulators Propose Net Stable Funding (Liquidity) Ratio -
The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation...more
4/29/2016
/ Accreditation ,
Banking Regulators ,
Banks ,
Civil Investigation Demand ,
Consumer Financial Protection Bureau (CFPB) ,
Content Aggregators ,
Debt Collection ,
Deposit Insurance ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
For Profit Colleges ,
Incentive Compensation ,
Lead Generators ,
Liquidity Coverage Ratio ,
Loans ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
DOL Issues Final Fiduciary Rule -
On April 6, the Department of Labor (DOL) unveiled its pre-publication final version of the long-awaited fiduciary rule (the Final Rule). Some of the more...more
4/7/2016
/ Banking Sector ,
Broker-Dealer ,
Community Banks ,
Corporate Governance ,
Cybersecurity ,
Department of Labor (DOL) ,
FDIC ,
Fiduciary Duty ,
Final Rules ,
FinCEN ,
FSOC ,
Funding Portal ,
GE Capital Bank ,
Independent Directors ,
Innovation ,
Investment Adviser ,
Mary Jo White ,
OCC ,
Phishing Scams ,
Private Equity ,
Securities and Exchange Commission (SEC) ,
SIFIs
Regulatory Developments -
FHA Revises Loan-Level Certification Form -
On March 15, the Federal Housing Administration (FHA) announced changes to its loan-level certification form. The changes resulted from concerns...more
3/24/2016
/ Automotive Loans ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Housing Act (FHA) ,
FDIC ,
FinTech ,
Investment Management ,
Madden v Midland Funding ,
Mortgages ,
OCIE ,
Operation Choke Point ,
Preemption ,
Prepaid Payment Products ,
Proxy Access Rule ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Telemarketing Sales Rule
Regulatory Developments -
FDIC Adopts Final Rule to Increase Deposit Insurance Fund to Statutorily Required Level -
On March 15, the Federal Deposit Insurance Corporation (FDIC) approved a final rule to increase the...more
Regulatory Developments -
CFPB Now Accepting Complaints on Online Marketplace Lenders -
On March 7, the Consumer Financial Protection Bureau (CFPB) announced two initiatives: it will now accept complaints from...more
3/10/2016
/ Americold Realty Trust v Conagra Foods ,
Bank Secrecy Act ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Data Security ,
Diversity Jurisdiction ,
Enforcement Actions ,
FBAR ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
FinCEN ,
Liquidity ,
OCC ,
Online Marketplace Lending ,
REIT ,
SCOTUS ,
Trusts ,
Volcker Rule
Regulatory Developments -
CFPB Announces No-Action Policy for Innovative Consumer Products -
On Feb. 18, the CFPB issued a final policy statement that permits some companies with innovative consumer products to seek...more
Regulatory Developments -
Federal Reserve Board Repeals Regulation AA and Proposes Repeal of Regulation C -
On Feb. 11, the Federal Reserve Board took steps towards transferring some of its rulemaking authority to...more
2/18/2016
/ Anti-Money Laundering ,
CFTC ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
EMIR ,
EU ,
European Commission ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Funding Portal ,
OCC ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Stress Tests
Regulatory Developments -
FDIC Provides Framework for Cybersecurity in Recent Supervisory Insights -
The FDIC featured an article titled “A Framework for Cybersecurity” in the Winter 2015 issue of Supervisory...more
2/5/2016
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Cybersecurity ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Dodd-Frank ,
Export Administration Regulations (EAR) ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Funding Portal ,
OCC ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Stress Tests
Regulatory Developments -
Under Review: Deposit Insurance Assessments for Small Banks -
On Jan. 21, the FDIC approved revised proposed rules on risk-based federal deposit insurance assessments for small banks...more
1/28/2016
/ Banking Sector ,
CFTC ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Conduct Authority (FCA) ,
Hart-Scott-Rodino Act ,
OCC ,
Prudential Regulation Authority (PRA) ,
Securities and Exchange Commission (SEC) ,
Swap Execution Facilities ,
UK ,
Whistleblowers