The U.S. House of Representatives on June 24th voted 218 to 208 to repeal the Office of the Comptroller of the Currency’s (OCC) “True Lender” rule under the Congressional Review Act (CRA). As discussed in earlier alerts, the...more
Every day, the mainstream media and social media are filled with references to cryptocurrency. Depending on who you ask, it’s either simply the next way to spend your money, or it’s a haven for criminal activity. In this...more
5/27/2021
/ Anti-Money Laundering ,
Banking Sector ,
Blockchain ,
Cross-Border Transactions ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Currency ,
Financial Crimes ,
Financial Institutions ,
Financial Transactions ,
Money Laundering ,
Regulatory Oversight ,
Terrorist Financing Regulations ,
Virtual Currency
On January 14, 2021, the governor of Massachusetts signed H 5250 into law, which includes a licensing requirement applicable to student loan servicers, and other requirements related to the regulation and supervision of...more
In recent months, we’ve provided several updates on “True Lender” and “Valid When Made” developments from the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and state...more
Since the beginning of the COVID pandemic in early 2020, consumers and the business community have had to navigate new realities. The pandemic has dramatically changed the ways in which we interact, presenting challenges that...more
The Office of the Comptroller of the Currency (OCC) issued a final rule last week to establish a “simple, bright-line test” to determine when a national bank or federal savings association is the true lender. Under the rule,...more
This morning (Wednesday, July 1), the South Dakota Division of Banking posted a Mortgage Branch Registration requirement to the Nationwide Multistate Licensing System (NMLS). According to the NMLS Description of this...more
At long last, the FDIC has issued its final rule codifying the “valid when made” doctrine. The rule was finalized on June 25, 2020, and clarifies that the interest rate lawfully assessed by an originating depository...more
6/26/2020
/ Bank Loan Markets ,
Branch Offices ,
Compliance ,
Depository Institutions ,
FDIC ,
Final Rules ,
Interest Rates ,
Lenders ,
Non-Depository Institutions ,
Partnerships ,
Real Party in Interest ,
State and Local Government ,
State Charters ,
Valid When Made Doctrine
On June 9, 2020, the Colorado District Court issued an order stating that federal interest rate exportation authority under Section 27 of the Federal Depository Insurance Act does not extend to non-bank entities that purchase...more
6/22/2020
/ Appeals ,
Colorado ,
FDIC ,
Interest Rates ,
Loans ,
Non-Bank Lenders ,
State and Local Government ,
Third Party Purchaser (TPP) ,
True Lender ,
Uniform Commercial Code (UCC) ,
Usury
We have been in close communication with our financial services clients to provide timely guidance on how to handle the evolving implications of coronavirus disease 2019 (COVID-19). Many clients have raised concerns...more
3/21/2020
/ Business Continuity Plans ,
Compliance ,
Coronavirus/COVID-19 ,
Financial Crisis ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Lenders ,
Public Health Emergency ,
Relief Measures ,
State Regulators
As noted in a previous alert, the ongoing global spread of coronavirus disease 2019 (COVID-19) has created a conflict between the legal requirements that financial services companies conduct regulated activity only from...more
As the COVID-19 virus pandemic evolves, certain more specific effects are becoming more likely. One of these may result in a significant increase in requests for relief, and the applicability of the obligations imposed, under...more
The ongoing global spread of coronavirus disease 2019 (COVID-19) has created unique regulatory considerations for the financial services industry. One example of these considerations is the tension between the legal...more