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 -
In This Issue. Federal Reserve Vice Chairman for Supervision Randal K. Quarles delivered a speech detailing plans for more tailored supervision of large financial institutions; the Office of the...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 -
Proposed Volcker Rule Amendments Reduce Burden on Community Banks and Banks With Limited Trading Activities. Last week and earlier this week, all five federal financial regulators with jurisdiction over the...more
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 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 -
In This Issue. The Consumer Financial Protection Bureau (CFPB) issued a request for information regarding the consumer complaint reporting process, marking the sixth request in a series of RFIs; the House...more
Editor's Note -
Consumer Finance 2017 Year in Review. Year 2017 brought leadership change at the Consumer Financial Protection Bureau (CFPB), turnover at various regulatory agencies, the continued rise of state-level...more
3/1/2018
/ Bankruptcy Code ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt-Relief Industry ,
Dodd-Frank ,
FASB ,
Financial Institutions ,
Mutual Funds ,
Securities and Exchange Commission (SEC) ,
Tax Reform ,
TCPA ,
Whistleblower Protection Policies
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 -
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 -
In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more
8/10/2017
/ Acquisitions ,
Appraisal ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cybersecurity ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Injunctions ,
Investment Management ,
OCC ,
OCIE ,
Overdraft Fees ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins
Editor's Note -
Fireworks After the July 4th Holiday. On July 10, the Consumer Financial Protection Bureau (CFPB) issued the highly anticipated final Arbitration Rule, which prohibits the use of mandatory arbitration...more
7/13/2017
/ Arbitration ,
Arbitration Agreements ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Initial Public Offering (IPO) ,
JOBS Act ,
Mandatory Arbitration Clauses ,
Mortgages ,
OCC ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
Trump Administration
Editor's Note -
In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more
3/3/2017
/ Bitcoin ,
Consent Order ,
Cybersecurity ,
Debt Collection ,
Enforcement Actions ,
FDCPA ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
Investment Adviser ,
Margin Requirements ,
NYDFS ,
OCC ,
OCIE ,
Robo-Advisors ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
TCPA
Editor's Note -
President Trump Signs Executive Order to Reduce Regulation and Control Regulatory Costs. On January 30, President Trump signed an executive order (Executive Order) designed to reduce the regulatory...more
2/2/2017
/ BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
Federal Bank Regulatory Agencies ,
Financial Institutions ,
Financial Services Industry ,
Mortgages ,
OCC ,
Penalties ,
Small Entity Compliance Guide ,
Statute of Limitations
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 -
Potential CFPB Reform in the Wake of the Election. The November 16 edition of the Roundup indicated that the Financial CHOICE Act (Act) may be a blueprint for legal changes affecting the financial...more
11/30/2016
/ C&DIs ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Controlling Stockholders ,
Debt Collection ,
Department of Labor (DOL) ,
Energy Futures Holdings ,
Enforcement Actions ,
FCC ,
Financial Institutions ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Institutional Shareholder Services (ISS) ,
Lead Paint ,
Loans ,
Minimum Salary ,
Over-Time ,
Preliminary Injunctions ,
Private Offerings ,
Rule 506 Offerings ,
Securities and Exchange Commission (SEC) ,
TCPA ,
Text Messages ,
Wage and Hour
Editor's Note -
FinTech at the Forefront. FinTech remains at the forefront of Washington’s discussions about how best to regulate financial products and services. As discussed in more detail below, the SEC announced the...more
11/10/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
FTC Act ,
Mortgage Servicers ,
OCC ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Tracking Systems
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 -
In this edition. The NYDFS proposed a cybersecurity regulation governing New York-chartered banks and insurance companies, the OCC released its bank supervision priorities in its annual supervision...more
9/22/2016
/ Broker-Dealer ,
Brokerage Accounts ,
BSA/AML ,
Cybersecurity ,
Department of Justice (DOJ) ,
Fair Housing Act (FHA) ,
False Claims Act (FCA) ,
Financial Institutions ,
FinTech ,
HUD ,
Mortgages ,
NYDFS ,
OCC ,
Proposed Regulation ,
Settlement Agreements ,
Transparency
Regulatory Developments -
Client Alert: Volcker Rule Conformance Period for Legacy Covered Fund Activities Extended One Year -
On July 7, the Board of Governors of the Federal Reserve System announced that it has...more
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 -
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 -
FinCEN Issues Advisory on Update to List of FATF Identified Jurisdictions -
FinCEN has issued an advisory to financial institutions summarizing updates made by the FATF to the list of...more