In This Issue. President Biden signed an executive order addressing climate-related financial risks; the Office of the Comptroller of the Currency (OCC) finalized a rule applicable to national banks and federal savings...more
5/27/2021
/ Banking Sector ,
Biden Administration ,
Call Reports ,
Climate Change ,
Coronavirus/COVID-19 ,
Environmental Social & Governance (ESG) ,
Executive Orders ,
FDIC ,
Federal Insurance Office ,
Federal Reserve ,
Federal Savings Associations ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FSOC ,
Governor Baker ,
Investment Funds ,
Masks ,
OCC ,
Proxy Voting ,
Re-Opening Guidelines ,
Secretary of the Treasury
In This Issue. The Office of the Comptroller of the Currency (OCC) announced that it will reconsider its controversial June 2020 final rule revising its Community Reinvestment Act (CRA) rules, and published its Semiannual...more
5/21/2021
/ Artificial Intelligence ,
Banking Sector ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
Digital Assets ,
FDIC ,
Federal Savings Associations ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
OCC ,
Public Comment ,
Request For Information ,
Risk Management ,
TILA-RESPA Integrated Disclosure Rule (TRID)
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
In This Issue. President Biden signed a bill extending the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) through May 31, 2021; the Consumer Financial Protection Bureau (CFPB) announced the rescission...more
4/2/2021
/ Artificial Intelligence ,
Automotive Industry ,
Biden Administration ,
Capital Requirements ,
Causation ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Dividends ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Ford Motor ,
Ford Motor Co. v Bandemer ,
Ford Motor Co. v Montana Eighth Judicial District Court ,
Jurisdiction ,
Paycheck Protection Program (PPP) ,
Payday Lending Rule ,
Personal Jurisdiction ,
Policy Statement ,
SBA ,
SCOTUS ,
Share Buybacks ,
Small Dollar Lenders ,
Stress Tests ,
Supervisory Guidance
In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more
10/29/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Amended Rules ,
Bank Secrecy Act ,
Banking Sector ,
CFTC ,
Community Development Financial Institution (CDFI) ,
Comptroller ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Depository Institutions ,
Derivatives ,
FDCPA ,
FDIC ,
Federal Reserve ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Records ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Forbearance Agreements ,
Insured Depository Institutions ,
Inter-Bank Offered Rates (IBORs) ,
Investors ,
ISDA ,
Military Service Members ,
Mortgages ,
OCC ,
Private Investment Funds ,
Proposed Rules ,
Proxy Statements ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Travel Rule ,
True Lender ,
Truth in Lending Act (TILA)
In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more
7/16/2020
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Cybersecurity ,
FDIC ,
Federal Reserve ,
FFIEC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Form 13F ,
Investment Company Act of 1940 ,
Investment Management ,
Joint Statements ,
Libor ,
Mortgage Escrow Account ,
New Guidance ,
OCC ,
OCIE ,
Paycheck Protection Program (PPP) ,
Phishing Scams ,
Popular ,
Proposed Rules ,
Ransomware ,
Reporting Requirements ,
Risk Alert ,
Risk Management ,
Rulemaking Process ,
SBA ,
Securities and Exchange Commission (SEC) ,
Small Dollar Lenders
In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more
7/6/2020
/ Banking Sector ,
Broker-Dealer ,
CFTC ,
Conflicts of Interest ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Eviction ,
FDIC ,
Federal Reserve ,
Fees ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Flood Insurance ,
Forbearance Agreements ,
Hemp Related Businesses ,
Investment Adviser ,
Investment Management ,
MNPI ,
OCC ,
OCIE ,
Paycheck Protection Program (PPP) ,
Popular ,
Private Equity Funds ,
Proposed Regulation ,
Removal For-Cause ,
Reversal ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director ,
Tenants
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more
6/26/2020
/ Advisory Opinions ,
Antitrust Division ,
Banking Sector ,
Board Meetings ,
Borrowers ,
Broker-Dealer ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Unions ,
CSBS ,
Debt Relief ,
Deposit Insurance ,
Disgorgement ,
Enforcement Actions ,
Eviction ,
Exemptions ,
FDIC ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Homeowners ,
Interim Final Rules (IFR) ,
Interpretive Rule ,
Investment Adviser ,
Joint Statements ,
Lenders ,
Libor ,
Liu v Securities and Exchange Commission ,
Loss Mitigation ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Mortgages ,
Municipal Advisers ,
Notice of Proposed Rulemaking (NOPR) ,
OCIE ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Lending Facility (PPPLF) ,
Pilot Programs ,
Presidential Nominations ,
Registered Investment Advisors ,
Regulatory Requirements ,
Relief Measures ,
Risk Alert ,
SBA ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Term Asset-Backed Securities Loan Facility (TALF) ,
U.S. Treasury ,
Virtual Meetings
In This Issue. The Office of the Comptroller of the Currency (OCC) released an advanced notice of proposed rulemaking seeking comments on several issues related to digital technology and innovation, as well as proposed...more
6/12/2020
/ Acquisitions ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Amended Rules ,
Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
E-Signatures ,
Enforcement Actions ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Reporting ,
Financial Services Industry ,
Innovation ,
Libor ,
Main Street Lending Programs ,
OCC ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payday Loans ,
Public Comment ,
Restraining Orders ,
Securities and Exchange Commission (SEC) ,
Term Asset-Backed Securities Loan Facility (TALF)
In This Issue. The Small Business Administration (SBA) provided guidance on a borrower’s good faith certification on the necessity of Paycheck Protection Program (PPP) loan requests, announcing a safe harbor regarding this...more
5/14/2020
/ Banking Sector ,
Borrowers ,
CARES Act ,
Certification Requirements ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Deposit Insurance ,
ECOA ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Good Faith ,
Loan Applications ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program and Health Care Enhancement Act ,
Policy Statement ,
Proposed Rules ,
Regulation B ,
Safe Harbors ,
SBA ,
Term Asset-Backed Securities Loan Facility (TALF)
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to non-bank lenders and expanded the collateral eligible to...more
5/7/2020
/ Banking Regulators ,
Banking Sector ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Lenders ,
Liquidity Coverage Ratio ,
Loan Forgiveness ,
Main Street Lending Programs ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Mortgage Lenders ,
Mortgages ,
Nasdaq ,
New Guidance ,
Non-Bank Lenders ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Lending Facility (PPPL Facility) ,
Price Gouging ,
Risk Management ,
SBA ,
Securities and Exchange Commission (SEC) ,
Shareholder Approval
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more
4/30/2020
/ Banking Sector ,
Best Practices ,
Board of Directors ,
Borrowers ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Contact Tracing ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Enforcement Actions ,
Eviction ,
Fair Access to Credit ,
Fair Lending ,
Fair Valuation ,
Federal Reserve ,
FHFA ,
FHLB ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Government Investigations ,
Investment Companies ,
Investment Company Act of 1940 ,
Lenders ,
Mortgage Servicers ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Proposed Rules ,
SBA ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Small Business Loans
In this Issue: Senate Votes to Expand Paycheck Protection Program; FHFA (Finally) Addresses Liquidity Concerns for Mortgage Servicers. Yesterday, the U.S. Senate unanimously passed legislation providing $484 billion in...more
4/24/2020
/ Banking Sector ,
Borrower Protection Programs ,
Borrowers ,
BSA/AML ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Fannie Mae ,
Federal Funding ,
Federal Reserve ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Financial Stimulus ,
Freddie Mac ,
HMDA ,
Legislative Agendas ,
Lenders ,
Liquidity ,
Main Street Lending Programs ,
Mortgage Servicers ,
Paycheck Protection Program (PPP) ,
Regulatory Requirements ,
SBA ,
SBA Lending Programs ,
Small Business ,
Startups
Priming the Pump. As the COVID-19 outbreak continues, the Board of Governors of the Federal Reserve System (Federal Reserve), consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), took additional...more
4/16/2020
/ Banking Sector ,
Business Development Companies ,
Capital Rules ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Loans ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Financial Stimulus ,
Interim Final Rules (IFR) ,
Investment Management ,
Main Street Lending Programs ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Proxy Materials ,
Real Estate Transactions ,
Relief Measures ,
Remittance Transfer Rule ,
SBA ,
Securities and Exchange Commission (SEC) ,
Small Business ,
State and Local Government ,
U.S. Treasury
In This Issue. In response to the ongoing global outbreak of the coronavirus (COVID-19), federal financial regulators continue to take aggressive actions to promote stability to the financial markets. The Board of Governors...more
3/27/2020
/ Banking Sector ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Investment Companies ,
Investment Management ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
In This Issue. The ongoing global outbreak of the coronavirus (COVID-19) continues to grow in scale and scope. In response, federal financial regulators are continuing efforts to bring regulatory relief to promote stability...more
3/19/2020
/ Annual Meeting ,
Banking Sector ,
Comment Period ,
Coronavirus/COVID-19 ,
Enforcement ,
FDIC ,
Financial Institutions ,
Financial Markets ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinCEN ,
Infectious Diseases ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Investment Funds ,
New Amendments ,
New Guidance ,
New Rules ,
OCC ,
Public Comment ,
Public Health ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Shareholder Meetings ,
Virtual Meetings
In This Issue. The ongoing global outbreak of the coronavirus (COVID-19) continues to grow in scale and scope, creating public health and humanitarian challenges worldwide. Global economies are also being impacted. Federal...more
3/12/2020
/ Banking Sector ,
Banks ,
Business Continuity Plans ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Crisis Management ,
Disclosure Requirements ,
Exemptive Relief ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Foreign Banks ,
Foreign Investment ,
Infectious Diseases ,
Investment Management ,
New Guidance ,
OCC ,
Proposed Rules ,
Public Health ,
Risk Management ,
Securities and Exchange Commission (SEC)
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
I’m Dreaming of . . . LIBOR Cessation and Transition. While many of us were enjoying the holiday season, federal and state financial regulators were focused on the transition away from the London Interbank Offered Rate...more
1/9/2020
/ Accredited Investors ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Libor ,
No-Action Letters ,
OCIE ,
Popular ,
Qualified Institutional Buyers ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Swaps
In This Issue. The Office of the Comptroller of the Currency (OCC) highlighted the key risks facing the federal banking system in its Semiannual Risk Perspective for Fall 2019; the Financial Stability Oversight Council (FSOC)...more
In This Issue. The Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), in response to the Second Circuit’s 2015 decision in Madden v. Midland Funding, LLC, each proposed a rule to...more
11/22/2019
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Investment Adviser ,
Madden v Midland Funding ,
Mortgages ,
OCC ,
Popular ,
Proxy Voting Guidelines ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Shareholders
In This Issue. The staff of the Securities and Exchange Commission’s (SEC) Division of Investment Management issued a set of FAQs setting forth its views regarding the disclosure of certain conflicts related to investment...more
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve Board) approved its long-awaited framework for tailoring enhanced prudential standards for firms with $100 billion or more in assets; the...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 -
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