Editor's Note -
OCC to Accept FinTech Charters; Treasury Endorses “Regulatory Sandbox” to Encourage Financial Innovation. The Office of the Comptroller of the Currency (OCC) announced on July 31 that it would begin...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 -
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
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
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 -
“Humility and Prudence” at the CFPB. In a memo to employees of the Consumer Financial Protection Bureau (CFPB) later turned into a Wall Street Journal op-ed, Acting CFPB Director Mick Mulvaney articulated his...more
1/25/2018
/ CFTC ,
Closed-End Funds ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Currency ,
Federal Bank Regulatory Agencies ,
Financial Services Industry ,
Initial Coin Offering (ICOs) ,
Mutual Funds ,
No-Action Letters ,
NYSE ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
PCAOB ,
Regulatory Reform ,
Securities and Exchange Commission (SEC) ,
Tax Reform
Editor's Note -
Attack of the State AGs. On December 12, New York Attorney General Eric T. Schneiderman and 16 other state attorneys general (State AGs) sent a letter to President Trump arguing that past statements by Mick...more
12/14/2017
/ Basel III ,
Cybersecurity ,
Filing Requirements ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Form N-PORT ,
Libor ,
NYSE ,
OCC ,
PCAOB ,
Securities and Exchange Commission (SEC) ,
Stress Tests
Editor's Note -
We Don’t Need No Stinking Badges. In 2013, former financial advisor, Raymond Lucia, was fined and barred from the industry by the Securities and Exchange Commission (SEC) for material misrepresentations to...more
12/7/2017
/ Bank Holding Company ,
Clean Energy ,
Community Reinvestment Act ,
Comptroller ,
Countercyclical Capital Buffer (CCyB) ,
FDIC ,
FHFA ,
Financial Industry Regulatory Authority (FINRA) ,
Institutional Shareholder Services (ISS) ,
Israel ,
OCC ,
PACE ,
Senate Banking Committee
Editor's Note -
A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more
11/30/2017
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
Department of Labor (DOL) ,
FDIC ,
Federal Bank Regulatory Agencies ,
Fiduciary Rule ,
Institutional Shareholder Services (ISS) ,
Loans ,
Mortgages ,
OCC ,
Payday Loans ,
Proxy Season ,
Securities and Exchange Commission (SEC) ,
Small Business ,
TCPA
Editor's Note -
A Rare Example of Common Sense From Washington. On November 13, Senate Banking Committee Chairman Mike Crapo (R-Idaho) and four Democratic members of the committee announced an agreement on legislative...more
Editor's Note -
Change at the Fed. As expected, on November 2, President Trump nominated Jerome H. Powell to be Chairman of the Board of Governors of the Federal Reserve System (FRB) for a term of four years beginning...more
11/9/2017
/ Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
Due Diligence ,
Equity Investors ,
FDIC ,
Federal Trade Commission (FTC) ,
FinCEN ,
OCC ,
Subsidiaries
Editor's Note -
In This Issue. The U.S. House of Representatives approved the Senate’s 2018 budget resolution, potentially paving the way for tax reform; the U.S. Securities and Exchange Commission (SEC) issued three...more
Editor's Note -
CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation. How companies share consumer data, and how much they tell consumers about their information sharing practices, has...more
10/27/2017
/ Arbitration ,
Arbitration Agreements ,
CFTC ,
Class Action Arbitration Waivers ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Digital Currency ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
FinTech ,
Initial Coin Offering (ICOs) ,
OCC ,
Payday Loans
Editor's Note -
Swimming Against the Tide. As discussed below, the Trump administration’s plans for financial regulatory reform are beginning to take shape, especially in agencies, such as the Securities and Exchange...more
10/19/2017
/ Arbitration ,
Capital Markets ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Fixing America’s Surface Transportation Act (FAST Act) ,
HMDA ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
Translating Goals Into Action.Many financial institutions likely would say that financial regulatory reform in the Trump administration has fallen short of expectations, at least so far. While various...more
Editor's Note -
The Roundup has been on hiatus since its August 23 edition. Since then, we have had the misfortune to witness the widespread devastation inflicted by Hurricanes Harvey and Irma. Our hearts go out to the...more
9/14/2017
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Dividends ,
Fair Credit Reporting Act (FCRA) ,
Federal Bank Regulatory Agencies ,
Fiduciary Rule ,
Fund Managers ,
Initial Coin Offering (ICOs) ,
Investment Management ,
Loans ,
Mutual Funds ,
NYSE ,
OCC ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Student Loans ,
TCPA
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 Department of Labor (DOL) filed a Notice of Administrative Action seeking to delay the Fiduciary Rule until July 2019; federal banking agencies issued guidance on the capital treatment of...more
8/17/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Department of Labor (DOL) ,
False Claims Act (FCA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Investment Adviser ,
Joint Accounts ,
OCC ,
Robocalling
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 -
In This Issue. The Office of the Comptroller of the Currency (OCC) announced that it was seeking public comments on revising the Volcker Rule; the Securities and Exchange Commission (SEC) offered a window...more
8/4/2017
/ Data Collection ,
Data Protection ,
EU ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Fraud ,
General Data Protection Regulation (GDPR) ,
Hyperlink ,
Initial Coin Offering (ICOs) ,
OCC ,
Public Comment ,
Reverse Mortgages ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Volcker Rule
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. President Trump announced his intended nominee for Chairman of the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB) proposed updates to its...more
Editor's Note -
Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more
6/19/2017
/ Article III ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Employee Retirement Income Security Act (ERISA) ,
FACTA ,
FDCPA ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial CHOICE Act ,
Financial Services Industry ,
Investment Funds ,
OCC ,
Regulatory Reform ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Standing
Editor's Note -
Supreme Court Limits SEC’s Disgorgement Powers. On June 5, the United States Supreme Court ruled unanimously in Kokesh v. Securities and Exchange Commission that disgorgement in a Securities and Exchange...more