In this Issue: Senate Votes to Expand Paycheck Protection Program; FHFA (Finally) Addresses Liquidity Concerns for Mortgage Servicers. Yesterday, the U.S. Senate unanimously passed legislation providing $484 billion in...more
4/24/2020
/ Banking Sector ,
Borrower Protection Programs ,
Borrowers ,
BSA/AML ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Fannie Mae ,
Federal Funding ,
Federal Reserve ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Financial Stimulus ,
Freddie Mac ,
HMDA ,
Legislative Agendas ,
Lenders ,
Liquidity ,
Main Street Lending Programs ,
Mortgage Servicers ,
Paycheck Protection Program (PPP) ,
Regulatory Requirements ,
SBA ,
SBA Lending Programs ,
Small Business ,
Startups
Paycheck Protection Problems. In last week’s Roundup, we discussed the initial guidance issued by the U.S. Department of the Treasury (Treasury) and the Small Business Administration (SBA) on the implementation of the...more
4/10/2020
/ Banking Sector ,
Broker-Dealer ,
CARES Act ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Loans ,
Federal Reserve ,
Financial Services Industry ,
Financial Stimulus ,
Form CRS ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Investment Management ,
Lenders ,
OCIE ,
Paycheck Protection Program (PPP) ,
Regulation Best Interest ,
Regulatory Requirements ,
Relief Measures ,
Risk Alert ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
U.S. Treasury
In This Issue. Federal and state regulators continued to take action in the wake of the ongoing global outbreak of the coronavirus (COVID-19). As discussed in several Goodwin client alerts, Congress passed, and the President...more
4/6/2020
/ Banking Sector ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Data Collection ,
Enforcement Actions ,
Executive Orders ,
Federal Reserve ,
Financial Services Industry ,
Financial Stimulus ,
Governor Baker ,
Paycheck Protection Program (PPP) ,
Public Health ,
Publicly-Traded Companies ,
Relief Measures ,
Remote Working ,
SBA ,
Shareholder Meetings ,
U.S. Treasury ,
Virtual Meetings
In This Issue. In response to the ongoing global outbreak of the coronavirus (COVID-19), federal financial regulators continue to take aggressive actions to promote stability to the financial markets. The Board of Governors...more
3/27/2020
/ Banking Sector ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Investment Companies ,
Investment Management ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
In This Issue. The ongoing global outbreak of the coronavirus (COVID-19) continues to grow in scale and scope, creating public health and humanitarian challenges worldwide. Global economies are also being impacted. Federal...more
3/12/2020
/ Banking Sector ,
Banks ,
Business Continuity Plans ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Crisis Management ,
Disclosure Requirements ,
Exemptive Relief ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Foreign Banks ,
Foreign Investment ,
Infectious Diseases ,
Investment Management ,
New Guidance ,
OCC ,
Proposed Rules ,
Public Health ,
Risk Management ,
Securities and Exchange Commission (SEC)
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve Board) approved its long-awaited framework for tailoring enhanced prudential standards for firms with $100 billion or more in assets; the...more
In This Issue. The Securities and Exchange Commission (SEC) adopted a rule permitting most exchange-traded funds that satisfy a set of standardized conditions to operate without the expense and delay of obtaining exemptive...more
In This Issue. The U.S. House of Representatives voted to approve the SAFE Banking Act, which would permit banks to serve cannabis-related businesses in states where it is legal; the Securities and Exchange Commission (SEC)...more
10/3/2019
/ Banking Sector ,
Cannabis Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Labor (DOL) ,
FDIC ,
Financial Services Industry ,
Marijuana Related Businesses ,
Minimum Salary ,
OCC ,
Popular ,
Real Estate Transactions ,
SAFE ,
Securities and Exchange Commission (SEC)
In This Issue. The Consumer Financial Protection Bureau (CFPB) announced its intention to allow the “QM Patch,” which exempts Fannie Mae and Freddie Mac from the full scope of the ability-to-repay/qualified mortgage rule, to...more
EDITOR'S NOTE -
In This Issue. The Securities and Exchange Commission (SEC) and North American Securities Administrators Association (NASAA) explained how state and federal securities laws might apply to fundraising for...more
EDITOR'S NOTE -
Working Weekends and Holidays. While most Americans were enjoying the Independence Day holiday weekend, the Board of Governors of the Federal Reserve System (Federal Reserve), the Office of the Comptroller of...more
7/12/2019
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Banking Sector ,
Call Blocking ,
Consumer Financial Protection Bureau (CFPB) ,
FCC ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
HMDA ,
HOLA ,
Mutual Funds ,
No-Action Relief ,
OCC ,
Payday Lending Rule ,
Popular ,
Securities and Exchange Commission (SEC) ,
Summary Judgment ,
Volcker Rule
Editor's Note -
Busy Week for the Fed. The Board of Governors of the Federal Reserve System (Federal Reserve) was busy this past week, announcing that it would limit use of the “qualitative objection” in its Comprehensive...more
3/14/2019
/ CCAR ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Department of Labor (DOL) ,
FFIEC ,
Financial Services Industry ,
FSOC ,
Minimum Salary ,
Over-Time ,
Regulation D ,
Servicemembers Civil Relief Act (SCRA) ,
Wage and Hour
Editor's Note -
Good News, Bad News. Key developments in federal securities laws have recently brought both good news and bad news for current and prospective public companies. First, the Securities and Exchange Commission...more
Editor's Note -
When will the government shutdown end? The government shutdown has forced many federal agencies, including those mentioned in the articles below, to operate in accordance with the agency's emergency plan for...more
1/10/2019
/ BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
FDIC ,
Financial Services Industry ,
HMDA ,
Interest Rates ,
OCC ,
OCIE ,
Popular ,
Securities and Exchange Commission (SEC) ,
Stress Tests
Editor's Note -
First Half of 2018 Sees Significant Decline in Publicly Announced or Publicly Filed Enforcement Activity. During the first half of 2018, Enforcement Watch tracked 40 publicly announced or publicly filed...more
11/8/2018
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Excessive Fees ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Investors ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
SIFIs ,
TCPA
Editor's Note -
State Regulators Sue OCC Over Federal FinTech Charter, Again. On October 25, the Conference of State Bank Supervisors (CSBS) once again sued the Office of the Comptroller of the Currency (OCC) in the U.S....more
Editor's Note -
Regulators Continue Push for Financial Innovation. Speaking at the American Bankers Association Annual Convention in New York City, Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams...more
In This Issue. The Office of the Comptroller of the Currency (OCC) released its annual supervision operating plan outlining its bank supervision priorities, issued an updated Truth in Lending Act booklet, and provided...more
10/4/2018
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Corrective Actions ,
Cybersecurity ,
Financial Services Industry ,
FinCEN ,
Form 10-Q ,
Loans ,
OCC ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Truth in Lending Act (TILA)
Editor's Note -
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (together, the Federal...more
In This Issue. The Securities and Exchange Commission (SEC) withdrew interpretive guidance pertaining to reliance on voting recommendations of proxy advisory firms in advance of their upcoming Roundtable on the U.S. proxy...more
9/20/2018
/ Advertising ,
Affiliates ,
Cease and Desist Orders ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
FinTech ,
Investment Adviser ,
Marketing ,
NYDFS ,
OCC ,
Securities and Exchange Commission (SEC)
Editor's Note -
In This Issue. The Office of the Comptroller of the Currency (OCC) issued revised guidance on Community Reinvestment Act ratings; the OCC also released an update to the Bank Accounting Advisory Series; and...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
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 -
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