The Consumer Financial Protection Bureau (CFPB) issued a proposed interpretive rule that, if finalized as written, would bring certain virtual currency products and services, such as stablecoins and digital wallets, within...more
1/14/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Wallets ,
Electronic Fund Transfer Act ,
Financial Institutions ,
FinTech ,
Fraud ,
Interpretive Rule ,
Proposed Rules ,
Regulation E ,
Stablecoins ,
Virtual Currency
The end of October marked the conclusion of another successful year of Money20/20, the premier event for the payments, banking, fintech, and financial services industries. If you missed the conference, fear not. Below is a...more
11/22/2024
/ Artificial Intelligence ,
Banking Sector ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Privacy ,
Data Security ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Open Banking ,
Payment Processors ,
Payment Systems ,
Popular
Federal Reserve Issues Policy Statement on Section 9(13) of the Federal Reserve Act -
On January 27, the Federal Reserve issued a policy statement interpreting section 9(13) of the Federal Reserve Act, which authorizes...more
2/13/2023
/ Asset-Backed Securities ,
Banking Sector ,
Broker-Dealer ,
Conflicts of Interest ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Deposit Insurance ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Form CRS ,
Late Fees ,
NPRM ,
Policy Statement ,
Regulation BI ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
Securitization Vehicles ,
UDAAP
Regulatory Developments -
FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards -
On December 15, FinCEN issued a Notice of Proposed Rulemaking (NPRM) that would implement...more
1/18/2023
/ 10b5-1 Plans ,
Anti-Money Laundering ,
Beneficial Owner ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Transparency Act ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Interest Rates ,
Libor ,
New Guidance ,
Nonbank Firms ,
NPRM ,
Regulation O ,
Regulation Z ,
Relief Measures ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Small Banks ,
Threshold Requirements ,
Time Extensions
Regulatory Developments -
OCC Solicits Research on Implications of Financial Technology for Banking -
On July 25, the OCC is seeking academic and policy-focused research on the impact that fintech and non-bank...more
7/29/2022
/ Accounting Standards ,
Banking Sector ,
CFTC ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Debt Collection ,
FASB ,
FDIC ,
Financial Services Industry ,
FinTech ,
Guidance Update ,
Insider Trading ,
NPRM ,
OCC ,
Public Comment ,
Request For Information ,
Risk Assessment ,
Securities and Exchange Commission (SEC)
Continuing a trend of expanding its supervisory scope, the Consumer Financial Protection Bureau (CFPB) announced on April 25, 2022 that it will examine fintechs and other nonbank financial enterprises, based on reasonably...more
5/10/2022
/ Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
FinTech ,
FOIA ,
New Rules ,
Non-Bank Lenders ,
Risk Mitigation ,
Supervision ,
Transparency
In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more
3/14/2022
/ Banking Sector ,
Belarus Sanctions ,
Beneficial Owner ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Economic Sanctions ,
Executive Orders ,
FATF ,
FDIC ,
Financial Action Task Force ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Investors ,
Money Laundering ,
OCC ,
Risk Assessment ,
Risk Management ,
Russia ,
Shell Corporations ,
Terrorist Financing ,
U.S. Treasury ,
Virtual Currency
In This Issue. The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule about the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs); FinCEN published the final...more
1/28/2022
/ Borrowers ,
Broker-Dealer ,
Civil Monetary Penalty ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cross-Border ,
Deposit Insurance ,
Disclosure Requirements ,
Division of Investment Management ,
European Securities and Markets Authority (ESMA) ,
Examination Procedures ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fund Distribution ,
Inflation Adjustments ,
Investors ,
Irrevocable Trusts ,
Lenders ,
Marketing ,
Mortgage Servicers ,
New Rules ,
Notice of Proposed Rulemaking (NOPR) ,
Pilot Programs ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Revocable Trusts ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
Suspicious Activity Reports (SARs)
In This Issue. The Consumer Financial Protection Bureau (CFPB) reminded institutions of a new threshold for reporting Home Mortgage Disclosure Act data about open-end lines of credit; the Financial Crimes Enforcement Network...more
11/22/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
HMDA ,
Investment Adviser ,
Mortgage Lenders ,
Mortgages ,
Open-Ended Lines of Credit ,
Ransomware ,
Reporting Requirements ,
Risk Alert ,
Robo-Advisors ,
Securities and Exchange Commission (SEC) ,
Threshold Requirements
In this Issue. The U.S. Securities and Exchange Commission’s (SEC) Division of Examinations recently published a risk alert spotlighting observations from its “RIC Initiatives”; the Federal Financial Institutions Examination...more
11/8/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Examination Procedures ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Guidance Documents ,
Lenders ,
OCC ,
OTCBB ,
Registered Investment Companies (RICs) ,
Regulation Z ,
Risk Alert ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Truth in Lending Act (TILA)
In This Issue. The Consumer Financial Protection Bureau (CFPB) withdrew its proposal to delay the Debt Collection Final Rules; the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance...more
9/17/2021
/ Banking Sector ,
Banks ,
Broker-Dealer ,
Comment Period ,
Community Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Digital Platforms ,
Due Diligence ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Services Industry ,
FinTech ,
FRB ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
OCC ,
Proposed Rules ,
Public Comment ,
Regulation F ,
Retail Investors ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Third-Party Risk
In This Issue. The federal bank regulators published frequently asked questions concerning the London Interbank Offered Rate transition; the Consumer Financial Protection Bureau (CFPB) confirmed an effective date for two...more
8/6/2021
/ Annual Meeting ,
Banking Sector ,
Breach of Duty ,
Broker-Dealer ,
Capital Rules ,
Comment Period ,
Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debtors ,
FDCPA ,
FDIC ,
Federal Reserve ,
FedNow ,
Fiduciary Duty ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Inter-Bank Offered Rates (IBORs) ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Firms ,
Investors ,
Libor ,
OCC ,
Proposed Rules ,
Public Comment ,
Rulemaking Process ,
Section 36(b) ,
Securities and Exchange Commission (SEC)
In This Issue. President Biden signed a bill extending the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) through May 31, 2021; the Consumer Financial Protection Bureau (CFPB) announced the rescission...more
4/2/2021
/ Artificial Intelligence ,
Automotive Industry ,
Biden Administration ,
Capital Requirements ,
Causation ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Dividends ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Ford Motor ,
Ford Motor Co. v Bandemer ,
Ford Motor Co. v Montana Eighth Judicial District Court ,
Jurisdiction ,
Paycheck Protection Program (PPP) ,
Payday Lending Rule ,
Personal Jurisdiction ,
Policy Statement ,
SBA ,
SCOTUS ,
Share Buybacks ,
Small Dollar Lenders ,
Stress Tests ,
Supervisory Guidance
In this Issue. The Office of the Comptroller of the Currency (OCC) issued guidance on its authority to charter limited purpose trust companies, raising the possibility that a limited purpose national bank could be organized...more
1/15/2021
/ Banking Sector ,
Capital Rules ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Instruments ,
Disclosure Requirements ,
Employee Stock Purchase Plans ,
Federal Trade Commission (FTC) ,
Filing Deadlines ,
Incentive Stock Options ,
Interpretive Letters ,
MD&A Statements ,
New Guidance ,
OCC ,
Paycheck Protection Program (PPP) ,
SBA ,
TCPA ,
Terms of Service ,
U.S. Treasury