Editor's Note -
Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more
5/25/2017
/ Banks ,
Cyber Attacks ,
Debt Collectors ,
Department of Labor (DOL) ,
False Claims Act (FCA) ,
FDIC ,
Fiduciary Rule ,
Financial Services Industry ,
FIRREA ,
Interest Rates ,
OCC ,
Ransomware ,
Reverse Mortgages ,
Securities and Exchange Commission (SEC)
Editor's Note -
The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more
5/18/2017
/ Arbitration ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
Distributed Ledger Technology (DLT) ,
Dividends ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
FinTech ,
HUD ,
Initial Public Offering (IPO) ,
Mortgages ,
NYDFS ,
NYSE ,
OCC ,
Payday Loans
Editor's Note -
The Battle Over the Proposed OCC FinTech Charter Continues. The Office of the Comptroller of the Currency (OCC) has released a draft supplement to its Licensing Manual explaining the process for FinTech...more
3/23/2017
/ Acquisitions ,
Bank Holding Company ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Department of Justice (DOJ) ,
Federal Reserve ,
Financial Services Industry ,
Fintech Charter ,
HMDA ,
No-Action Letters ,
OCC ,
Remittance Transfer Rule ,
Securities and Exchange Commission (SEC) ,
Unconstitutional Condition
Editor's Note -
The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more
3/16/2017
/ Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Relief ,
Electronic Fund Transfer Act ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinTech ,
Loans ,
NYDFS ,
OCC ,
Prepaid Payment Products ,
Regulation Z ,
Truth in Lending Act (TILA)
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 -
No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more
2/9/2017
/ Bitcoin ,
CCAR ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
Debt Relief ,
Department of Labor (DOL) ,
Dodd-Frank ,
Executive Orders ,
FDCPA ,
Fiduciary Rule ,
Financial Services Industry ,
Investment Adviser ,
Lenders ,
OCIE ,
Presidential Memorandum ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
Trump Administration
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 -
Opposition Emerges to OCC FinTech Charter. In advance of the deadline to submit comments to the Office of the Comptroller of the Currency’s (OCC) paper proposing a federal FinTech charter, the Conference...more
1/26/2017
/ Antitrust Provisions ,
Blockchain ,
CFTC ,
Civil Monetary Penalty ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Hart-Scott-Rodino Act ,
Mortgages ,
NYDFS ,
OCC ,
Proposed Amendments ,
Student Loans ,
Technology ,
Virtual Currency
Editor's Note -
In This Issue.The SEC and FINRA released their examination priorities for 2017; the SEC’s Division of Investment Management issued an interpretative letter that would permit brokers to charge their own...more
1/19/2017
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Bad Actors ,
Brokers ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Debt Collection ,
Department of Labor (DOL) ,
Examination Priorities ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment Management ,
Mortgages ,
OCC ,
Payday Loans ,
Rent-a-Tribe ,
Sales Load Variations ,
Securities and Exchange Commission (SEC) ,
Trump Administration
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 -
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
Voting Matters. Next week, we head to the polls to elect a new president of the United States and other government representatives. Voting is important because it allows registered citizens to cast their...more
Editor's Note -
Never Satisfied. Despite the Securities and Exchange Commission’s announcement that, in its just completed fiscal year 2016, it filed a record 868 enforcement actions reprimanding misconduct by companies...more
10/20/2016
/ Banking Sector ,
Broker-Dealer ,
Compensation Agreements ,
Consumer Financial Protection Bureau (CFPB) ,
EFTs ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Hart-Scott-Rodino Act ,
Investor Protection ,
Liquidity Risk Management Rule ,
Mandatory Disclosure Rules ,
Mutual Funds ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Small Entity Compliance Guide ,
Swing Pricing ,
Tandy Letter ,
TILA-RESPA Integrated Disclosure Rule (TRID)
Editor's Note -
Regulation and Innovation, Part IV. In the April 6, June 22 and September 14 editions of the Roundup, we discussed the approaches of various banking regulators generally, and the Office of the...more
10/6/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Department of Business Oversight ,
Dodd-Frank ,
Federal Reserve ,
Final Rules ,
Financial Contracts ,
Financial Services Industry ,
FinTech ,
IRS ,
Military Lending Act ,
Money Transfer ,
Mortgages ,
OCC ,
Prepaid Payment Products ,
Private Funds ,
Public Disclosure ,
Recovery Plans ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC)
Editor's Note -
Investment Company Institute Publishes FAQ on SEC No-Action Letter Regarding Auditor Independence. On September 23, the Investment Company Institute (ICI) published a memorandum (ICI Memo) responding to...more
9/29/2016
/ CFCs ,
Commodities ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Relief ,
Department of Labor (DOL) ,
Exemptions ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinCEN ,
Internal Revenue Code (IRC) ,
Investment Trust Companies ,
IRS ,
Penalties ,
PFIC ,
Private Letter Rulings ,
Proposed Regulation ,
Public Comment ,
Scams ,
Securities and Exchange Commission (SEC) ,
Subpart F ,
Unfair or Deceptive Trade Practices
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