News & Analysis as of

Regulatory Oversight Industry Examinations

Ballard Spahr LLP

Fed to end use of reputational risk in examination programs

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The Federal Reserve Board has announced that it will eliminate reputational risk as a component of examination programs in its supervision of banks. ...more

Burr & Forman

FINRA 2021 Exam Results and Priorities

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On February 1, 2021, the Financial Industry Regulatory Authority (“FINRA”) released its “Report on FINRA’s Risk Monitoring and Examination Activities.”  The Report combines two of FINRA’s long-standing reports:  (a) the...more

Mayer Brown Free Writings + Perspectives

FINRA CEO Comments Suggest Reconsideration of On-Site Exams in Light of COVID-19

In statements made at SIFMA’s Virtual Compliance and Legal Forum, FINRA Chief Executive Officer, Robert Cook, indicated that FINRA may be reconsidering aspects of its cycl examinations in light of the challenges presented by...more

Gray Reed

IRS Targets Abusive Micro-Captive Insurance Transactions

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On January 31, 2020, the IRS issued a news release that warns taxpayers that it has created 12 new examination teams to audit abusive micro-captive insurance transactions. “Micro-captive” refers to a small insurance...more

Ballard Spahr LLP

NMLS State Examination System is Launching Nationwide

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The Conference of State Bank Supervisors (CSBS) recently announced at the NMLS Annual Conference & Training in San Francisco that the new State Examination System (SES) is set to launch nationwide....more

Ballard Spahr LLP

NMLS Ombudsman Holds Meeting at 2019 AARMR Annual Regulatory Conference

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An open meeting with the NMLS Ombudsman was held August 8, 2019 in San Diego in connection with the 2019 American Association of Residential Mortgage Regulators (AARMR) Annual Conference. ...more

Ballard Spahr LLP

FFIEC Adopts Policy Statement Updating the Uniform Report of Examination

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The Federal Financial Institutions Examination Council (FFIEC)—the interagency body tasked with setting uniform principles and standards for the examination of financial institutions by federal regulators, including the...more

Orrick, Herrington & Sutcliffe LLP

SEC and FINRA's Annual Rites – Announcing Their Examination Priorities

On January 22, 2019, FINRA published its 2019 Risk Monitoring and Examination Priorities Letter. Released several weeks later than usual, FINRA’s letter follows the December 10, 2018 publication of the 2019 Examination...more

Ballard Spahr LLP

House Financial Services Committee passes bills to enhance sharing of information about bank vendors by regulators; create...

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This week, these three bills were passed by the House Financial Services Committee. The first two bills were passed by unanimous votes and the third bill was passed by a vote of 34-22....more

BCLP

Regulators Update BSA/AML Exam Manual Sections

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Just in time for the effective date of FinCEN’s Customer Due Diligence (CDD) and Beneficial Ownership Rules, on May 11, 2018 the Federal Financial Institutions Examination Council (FFIEC) published updates to its Bank Secrecy...more

Orrick, Herrington & Sutcliffe LLP

More Of An SRO - FINRA Unveils Its Priorities For 2018

On January 8 the Financial Industry Regulatory Authority (FINRA) published its Annual Regulatory and Examination Priorities Letter, which highlights key areas of focus for FINRA in the coming year. ...more

Burr & Forman

FINRA 2018 Priorities Letter Released

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FINRA recently published its 2018 Annual Regulatory and Examination Priorities Letter, which identifies opportunities for firms to improve their compliance, supervisory and risk management policies or programs. ...more

Proskauer - The Capital Commitment

The Top Ten Regulatory and Litigation Risks for Private Funds in 2017

Private investment funds and advisers are likely to face new regulatory challenges and increased litigation risks in 2017, not only because of a change in the administration, but also because many advisers have not corrected...more

Robins Kaplan LLP

Top FINRA Priorities for 2017

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On January 4, FINRA released its Annual Regulatory and Examination Priorities Letter, which outlines the areas it plans to review over the coming year.  FINRA President and CEO, Robert Cook, says that attention to these core...more

Carlton Fields

What’s Your Game Plan? Offensive or Defensive: Playing to Your Strengths [Expect Focus – October 2016]

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- AXA Prevails at First Post-Jones v. Harris Excessive Fee Trial - Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation - On The Horizon: Global...more

Carlton Fields

Potential Secondary Effects of Regulatory Examinations: Evidentiary Issues and Preclusion in Parallel Litigation

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Increasingly aggressive and adversarial examinations by state regulators can expose insurers to troubling evidentiary issues in subsequent individual and class action litigation. Plaintiffs’ counsel may seek to admit into...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 7.29.16

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A federal judge in Idaho has dismissed a $24 billion lawsuit against Credit Suisse alleging that the bank and real estate adviser Cushman & Wakefield ran a “predatory loan-to-own scheme that . . . loaded four luxury ski and...more

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