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 -
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 -
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
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
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 -
Investment Advisers Breathe a Sigh of Relief. On Thursday, August 25, the federal district court in New Jersey ruled after a 26-day trial in favor of AXA Equitable Insurance Company and against the...more
9/1/2016
/ Add-ons ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Customer Identification Program (CIP) ,
Excessive Fees ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
First National ,
Form ADV ,
Investment Adviser ,
Pay-To-Play ,
Public Comment ,
Regulation S-K ,
Securities and Exchange Commission (SEC) ,
Transparency
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
Editor's Note -
MetLife Fights On. MetLife continued to fight its designation as a nonbank systemically important financial institution (SIFI) this week as the insurer filed its reply brief in the Financial Stability...more
8/19/2016
/ Bitcoin ,
Confidentiality Agreements ,
Debtors ,
Disclosure Requirements ,
Enforcement Actions ,
FCC ,
Financial Industry Regulatory Authority (FINRA) ,
FSOC ,
Gifts ,
Government-Backed Loans ,
Hackers ,
Hong Kong ,
Illegal Gratuities ,
MetLife ,
Mortgages ,
Non-Cash Compensation ,
Retail Investors ,
Robocalling ,
Securities and Exchange Commission (SEC) ,
Securities Exchanges ,
SIFIs ,
Student Loans ,
Whistleblowers
Editor's Note -
OATS Reporting Violations and FINRA Enforcement. FINRA’s Order Audit Trail System (OATS), is an integrated audit trail of order, quote and trade information for all NMS stocks and OTC equity securities,...more
8/12/2016
/ Administrative Law Judge (ALJ) ,
Appeals ,
Appointments Clause ,
Banks ,
Civil Monetary Penalty ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Diversity ,
Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 ,
Federal Reserve ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Foreclosure ,
Interim Rule ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Small Business
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
Editor's Note -
What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more
7/28/2016
/ ACH Payments ,
Amicus Briefs ,
Bitcoin ,
Commerce Clause ,
Consumer Financial Protection Bureau (CFPB) ,
Criminal Prosecution ,
CT Supreme Court ,
Customer Due Diligence (CDD) ,
Debt Collection ,
Dormant Commerce Clause ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Forum Selection ,
FRB ,
HMDA ,
Interstate Commerce ,
MERS ,
Money Laundering ,
Money Transmitter ,
Mortgages ,
NACHA ,
Short-Term Loans ,
Virtual Currency
Regulatory Developments -
SEC Proposes Amendments to Update and Simplify Disclosure Requirements as Part of Overall Disclosure Effectiveness Review -
On July 13, the Securities and Exchange Commission (SEC) proposed...more
7/21/2016
/ Banks ,
Broker-Dealer ,
Conflicts of Interest ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Service Standard ,
Disclosure Requirements ,
EU ,
Executive Compensation ,
FASB ,
Fiduciary Duty ,
GAAP ,
Golden Leash Arrangements ,
IFRS ,
Investment Adviser ,
Nasdaq ,
OCIE ,
Overdraft Fees ,
Recess Appointments ,
Securities and Exchange Commission (SEC) ,
Separation of Powers ,
Stocks ,
Telemarketing ,
Vendors
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 -
FSOC Rescinds GE Capital's SIFI Designation -
On June 29, the Financial Stability Oversight Council (FSOC) announced that it had voted unanimously to “rescind its determination that...more
6/30/2016
/ Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Financial Industry Regulatory Authority (FINRA) ,
FSOC ,
Guidance Update ,
Innovation ,
Investment Adviser ,
Investment Companies ,
Madden v Midland Funding ,
Mortgage Servicers ,
NASD ,
National Bank Act ,
OCC ,
Petition for Writ of Certiorari ,
Preemption ,
Registered Investment Companies (RICs) ,
Securities ,
Securities and Exchange Commission (SEC) ,
SIFIs ,
Smaller Reporting Companies ,
Usury
Regulatory Developments -
SEC Issues Order Approving Inflation Adjustments to “Qualified Client” Dollar Thresholds for Investment Adviser Performance Fee Rule -
On June 14, the SEC issued an order approving...more
6/23/2016
/ Blockchain ,
Congressional Investigations & Hearings ,
Dodd-Frank ,
Enforcement Actions ,
FSOC ,
GAAP ,
Inflation Adjustments ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
No-Action Letters ,
Non-GAAP Financial Measures ,
Online Marketplace Lending ,
Performance Fee Rule ,
Qualified Client ,
Securities and Exchange Commission (SEC) ,
Securities Exchanges ,
Threshold Requirements
Regulatory Developments -
OFAC Updates Frequently Asked Questions Regarding Lifting Sanctions on Iran -
On June 8, the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) updated its...more
6/16/2016
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Funds Protection ,
Cybersecurity ,
Department of Labor (DOL) ,
Dodd-Frank ,
Enforcement Actions ,
Fiduciary Duty ,
Iran Sanctions ,
Offerings ,
Office of Foreign Assets Control (OFAC) ,
Preemption ,
Presidential Veto ,
Regulation A ,
Securities ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans -
On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more
6/9/2016
/ Administrative Procedure Act ,
Anti-Money Laundering ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Labor (DOL) ,
Dodd-Frank ,
E*Trade ,
Federal Reserve ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
First Amendment ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Usury
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 -
SEC Publishes Small Entity Compliance Guide for Crowdfunding -
On May 13, the Securities and Exchange Commission (SEC) published a small entity compliance guide for companies wishing to...more
5/19/2016
/ Article III ,
Banks ,
Class Action ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Crowdfunding ,
Federal Housing Administration (FHA) ,
Financial Industry Regulatory Authority (FINRA) ,
Funding Portal ,
Injury-in-Fact ,
Mutual Funds ,
Non-GAAP Financial Measures ,
OCC ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Standing
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