News & Analysis as of

Recordkeeping Requirements Financial Services Industry

Ballard Spahr LLP

CFPB files complaint against Synapse Financial Technologies

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The CFPB has filed a complaint against Synapse Financial Technologies Inc, alleging that the company engaged in unfair acts and practices in violation of the Section 1036(a)(1)(B) of the CFPA by failing to maintain sufficient...more

Hogan Lovells

Payments and e-money: UK FCA publishes policy statement on changes to safeguarding regime

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The FCA believes that some payments firms do not currently have sufficiently robust safeguarding practices. This poses a risk of harm to consumer and market integrity that the FCA is seeking to mitigate. ...more

Hanzo

Audit Readiness in Financial Services: A Practical Guide for High-Stakes Compliance

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In the financial services industry, audit preparation has become a continuous discipline that requires rigorous data governance, operational foresight, and real-time adaptability. This is especially important as compliance...more

King & Spalding

FINRA Proposes Amendments to The Gifts Rule

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On June 11, 2025, FINRA proposed amendments to Rule 3220 (Influencing or Rewarding Employees of Others) (the “Gifts Rule”) that would raise the annual gift limit per recipient to $250 from $100, as well as codifying...more

BakerHostetler

DSIR Deeper Dive: Information Governance - Communication Retention Challenges and a Return-to-Office Reaction

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Let’s say, once upon a time, you worked from home during the pandemic. If so, did you use a variety of communication methods (perhaps switching among different platforms, never sure which camera or microphone would be...more

Stikeman Elliott LLP

CIRO Publishes Phase 5 of its Rule Consolidation Project

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The Canadian Investment Regulatory Organization (“CIRO”) has published for comment Phase 5 of its rule consolidation project (the “Rule Consolidation Project”). Phase 5 involves rules relating to outsourcing and service...more

Pagefreezer

Social Media vs. Compliance — The Major Marketing Problem Stumping Financial Services

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These days, you'd be hard-pressed to find an business that isn't advertising on social media. But when it comes to financial service providers, social media marketing can become a double-edged sword, or worse a compliance...more

Akin Gump Strauss Hauer & Feld LLP

CFTC Acting Chair Caroline D. Pham Announces CFTC’s 30-Day Enforcement Sprint

On February 25, 2025, the U.S. Commodity Futures Trading Commission (CFTC) released an enforcement advisory regarding the impact of self-reporting, cooperation and remediation in enforcement cases (the “Enforcement...more

Tonkon Torp LLP

What the SEC Amendments to Regulation S-P Mean for Your Business

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On May 16, 2024, the SEC adopted amendments to Regulation S-P requiring broker-dealers, registered investment companies, registered investment advisers, funding portals, and transfer agents (collectively, “covered...more

Dinsmore & Shohl LLP

SEC Enforcement Actions Related to Electronic Communications Recordkeeping Failures

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On January 13, 2025 the U.S. Securities and Exchange Commission (SEC) announced settled Administrative Proceedings against three broker/dealers and nine investment advisers related to electronic communications recordkeeping...more

Akin Gump Strauss Hauer & Feld LLP

“Under the Wire” E-Comms Settlements: More Confusion Than Closure

On January 13, 2025, the U.S. Securities and Exchange Commission announced settled enforcement actions with five registered investment advisers for failing to maintain and preserve internal electronic communications. These...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2024

The CFPB has adopted a final rule to extend its oversight to the largest nonbank providers of digital consumer payment applications, including those that enable transfers from deposit accounts held at banks and other insured...more

Troutman Pepper Locke

FDIC Extends Comment Period for Proposed Rule on Recordkeeping for Third-Party Deposits

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In a previous post, we discussed the Federal Deposit Insurance Corporation’s (FDIC) notice of proposed rulemaking aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank...more

DLA Piper

Bank Regulatory News and Trends

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This regular publication from DLA Piper focuses on helping banking and financial services clients navigate the ever-changing regulatory landscape. In this edition: CFPB issues final rule on personal financial data rights...more

Walkers

Tokenisation Series - How to Guide - Getting regulatory approval to issue RWA tokens from Jersey

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It is possible to issue RWA tokens using a Jersey company to act as the issuer. The Jersey regulator has published a guidance note on the tokenisation of RWAs. This guidance note sets out the applicable requirements and...more

Ropes & Gray LLP

DOJ Issues Notice of Proposed Rulemaking to Restrict Flow of Bulk Sensitive Personal Data to China and other Countries of Concern

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On October 29, 2024, the Department of Justice (“DOJ”) published its Notice of Proposed Rulemaking (“NPRM”) to implement President Biden’s Executive Order 14117, “Preventing Access to Americans’ Bulk Sensitive Personal Data...more

Mayer Brown

FDIC’s New Recordkeeping Proposal

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Last month, the FDIC proposed rules related to FDIC pass-through insurance coverage. These rules could have a significant impact on bank-fintech partnerships, including some partnerships for programs that do not promise FDIC...more

Goodwin

CFPB Issues Guidance Emphasizing the Importance for Banks to Maintain Sufficient Proof of Customers’ Affirmative Consent to...

Goodwin on

In recent discussions surrounding banking practices, the issue of overdraft fees, particularly for ATM and one-time debit card transactions, has gained significant attention....more

Troutman Pepper Locke

FDIC Publishes Proposed Rule on Recordkeeping for Third-Party Deposits, Opens Comment Period

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We previously posted on the Federal Deposit Insurance Corporation’s (FDIC) notice of proposed rulemaking aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank companies....more

Troutman Pepper Locke

Where the F(BO) is the Money? Part 2 — Adopting the Right Lessons from Synapse

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This is the second of three articles focused on a key question: as bank-fintech partnerships continue to play a vital role in driving financial services, how does the industry make this system safer and better?...more

Davis Wright Tremaine LLP

Broker-Dealer Disciplinary Actions: Takeaways From 2024 (So Far)

The U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Exchanges were active across a host of regulatory issues impacting fintech companies and broker-dealers during...more

Ballard Spahr LLP

FDIC board approves NPRM that would increase recordkeeping for custodial accounts

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On September 17, 2024, the FDIC board approved a notice of proposed rulemaking that would increase recordkeeping obligations for bank deposits received from third party, non-bank companies that accept those deposits on behalf...more

Ballard Spahr LLP

FDIC Issues Notice of Proposed Regulations for Enhanced Recordkeeping for Third-Party Custodial Accounts

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On September 17, 2024, the FDIC board approved a notice of proposed rulemaking that would increase recordkeeping obligations for bank deposits received from third party, non-bank companies that accept those deposits on behalf...more

Alston & Bird

FDIC Proposes Rule to Establish Custodial Account Recordkeeping Requirements

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Our Financial Services Team studies the Federal Deposit Insurance Corporation’s plans to require insured depository institutions (IDIs) to keep specific records so that they know the actual owner of deposits placed by...more

Troutman Pepper Locke

FDIC Proposes New Rule to Strengthen Recordkeeping for Third-Party Deposits

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On September 17, the Federal Deposit Insurance Corporation (FDIC) announced a notice of proposed rulemaking (Proposal) aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank...more

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