In this Issue. The Office of the Comptroller of the Currency (OCC) delayed publication of the “fair access” rule finalized late in the Trump Administration; the OCC also announced the availability of the 2021 list of bank...more
2/9/2021
/ Banking Sector ,
Banks ,
California Consumer Financial Protection Law (CCFPL) ,
Community Reinvestment Act ,
Debt Collection ,
Debtors ,
Delays ,
Department of Financial Protection and Innovation (DFPI) ,
Fair Access to Credit ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Paycheck Protection Program (PPP) ,
Proposed Rules ,
SBA ,
Securities Regulation ,
Trump Administration ,
Unfair or Deceptive Trade Practices
In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more
11/12/2020
/ Banking Sector ,
Banks ,
Blockchain ,
Board of Directors ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Debt Settlement Services ,
Disclosure ,
Diversity ,
Enforcement Actions ,
FDCPA ,
FDIC ,
Federal Bank Regulatory Agencies ,
Federal Reserve ,
Final Rules ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinCEN ,
Geographic Targeting Order ,
Interest Rates ,
Joint Statements ,
Libor ,
Loans ,
New Guidance ,
New Rules ,
No-Action Letters ,
OCC ,
Payday Loans ,
PayPal ,
Publicly-Traded Companies ,
Real Estate Transactions ,
Shareholders ,
Small Dollar Lenders ,
Student Loans ,
Telemarketing Sales Rule ,
Title Insurance
In the News. The Securities and Exchange Commission (SEC) proposed modifying the disclosure framework for mutual funds and exchange-traded funds (funds), which would create a new layered disclosure regime that attempts to...more
8/14/2020
/ Alternative Reference Rates Committee (ARRC) ,
Annual Reports ,
Banking Sector ,
Banks ,
Board of Governors ,
Borrowers ,
Business Development Companies ,
Capital Requirements ,
Closed-End Funds ,
Comment Period ,
Coronavirus/COVID-19 ,
Disclosure Requirements ,
Enforcement Actions ,
Excessive Fees ,
Exchange-Traded Products ,
Federal Reserve ,
Fees ,
Financial Services Industry ,
Form N-1A ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Investment Funds ,
Investment Management ,
Investors ,
Lenders ,
Libor ,
Loan Forgiveness ,
Municipal Liquidity Facility (MLF) ,
Mutual Funds ,
OCC ,
Paycheck Protection Program (PPP) ,
Public Comment ,
Registered Funds ,
Retail Investors ,
Rule 30e-3 ,
SBA ,
SEC Advertising Rule ,
Section 36(b) ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Shareholders
In This Issue. The Securities and Exchange Commission (SEC) finalized amendments to its proxy solicitation rules that will modify the practices of proxy advisory firms, providing them with greater transparency and...more
8/3/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Alternative Reference Rates Committee (ARRC) ,
Banking Sector ,
Banks ,
Borrowers ,
Broker-Dealer ,
CFTC ,
Confidential Supervisory Information ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Discrimination ,
Criminal Records ,
Cross-Border ,
Cryptocurrency ,
Disclosure Requirements ,
Dodd-Frank ,
Emergency Lending ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Records ,
Financial Services Industry ,
FinTech ,
FOIA ,
Form CRS ,
Freedom of Information ,
Lenders ,
Liquidation ,
Loan Applications ,
Loan Forgiveness ,
OCC ,
Paycheck Protection Program (PPP) ,
Proxy Advisory Firms ,
Proxy Season ,
Proxy Solicitations ,
Proxy Voting ,
SBA ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Swaps ,
Virtual Currency
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 Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more
2/27/2020
/ Auto-Dialed Calls ,
Banking Sector ,
Banks ,
Blockchain ,
Broker Commissions ,
Broker-Dealer ,
Call Reports ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Management ,
Debt Collection ,
Debtors ,
Disclosure Requirements ,
Due Diligence ,
Enforcement Actions ,
FDIC ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
HMDA ,
Investment Firms ,
MD&A Statements ,
New Guidance ,
OCC ,
Popular ,
Proposed Regulation ,
Public Comment ,
Risk Management ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
TCPA
In This Issue. The Federal Deposit Insurance Corporation (FDIC) published new procedures for federal deposit insurance applications from applicants that are not traditional community banks; federal banking regulators released...more
2/13/2020
/ Applications ,
Banking Sector ,
Banks ,
BlackRock ,
Borrowers ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Insurance ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Fraud ,
Financial Services Industry ,
Insurance Industry ,
Interest Rates ,
Investment Funds ,
Investors ,
Lenders ,
New Guidance ,
Non-Bank Lenders ,
Payday Loans ,
Publicly-Traded Companies ,
State Attorneys General ,
State Street ,
Stress Tests ,
Truth in Lending Act (TILA)
On January 30, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) issued a final rule (Rule) that revises the Federal Reserve’s regulations related to determinations of whether a first company (an...more
2/5/2020
/ Bank Holding Company Act ,
Banks ,
Board of Directors ,
Board of Governors ,
CBCA ,
CEOs ,
Controlling Influence Test ,
Controlling Stockholders ,
Divestiture ,
Equity Investors ,
Established Business Relationship ,
Federal Reserve ,
Fiduciary Exception ,
Final Rules ,
Financial Statements ,
GAAP ,
HOLA ,
Investment Adviser ,
Investment Companies ,
Investment Funds ,
Investors ,
Management Agreements ,
Non-Controlling Interests ,
Private Equity ,
Proxy Solicitations ,
Publicly-Traded Companies ,
Senior Managers ,
Voting Securities
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) announced that it will launch a new round-the-clock, real-time payment and settlement service — the FedNow? Service — to support faster...more
8/8/2019
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
FDCPA ,
Financial Services Industry ,
Investment Adviser ,
IRS ,
OCC ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Virtual Currency
Editor's Note -
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) released 2019 stress test scenarios and exempted less complex banks with between $100 billion and $250 billion in assets...more
2/7/2019
/ Banks ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Employee Retirement Income Security Act (ERISA) ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Investment Management ,
OCC ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
Subsidiaries ,
TILA-RESPA Integrated Disclosure Rule (TRID)
Editor's Note -
In This Issue. Federal financial regulators issues a proposed rule exempting community banks from the Volcker Rule; the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking...more
12/20/2018
/ Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
FDIC ,
Financial Services Industry ,
FinTech ,
Investment Adviser ,
No-Action Letters ,
OCIE ,
Sandbox ,
Stress Tests ,
Volcker Rule
Editor's Note -
In This Issue. The Securities and Exchange Commission (SEC) adopted rules and amendments designed to promote research on mutual funds, exchange-traded funds (ETFs), registered closed-end funds, business...more
12/7/2018
/ Banking Sector ,
Banks ,
Carlton & Harris Chiropractic Inc v PDR Network LLC ,
Data Protection ,
EU ,
Financial Services Industry ,
General Data Protection Regulation (GDPR) ,
Institutional Shareholder Services (ISS) ,
Investment Funds ,
OCC ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
TCPA
In This Issue. Federal banking regulators proposed the long-awaited “community bank leverage ratio,” which would exempt community banks with a leverage ratio of at least 9% from Basel III capital requirements; the Federal...more
11/29/2018
/ Antitrust Division ,
ATDS ,
Banking Sector ,
Banks ,
Basel III ,
Blockchain ,
CFIUS ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
FASB ,
FDIC ,
FFIEC ,
FHFA ,
NYSE ,
Real Estate Development ,
Regulation CC ,
Regulation J ,
Regulation M ,
Regulation Z ,
SCRA ,
Securities and Exchange Commission (SEC) ,
Smaller Reporting Companies
Editor's Note -
A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more
11/30/2017
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
Department of Labor (DOL) ,
FDIC ,
Federal Bank Regulatory Agencies ,
Fiduciary Rule ,
Institutional Shareholder Services (ISS) ,
Loans ,
Mortgages ,
OCC ,
Payday Loans ,
Proxy Season ,
Securities and Exchange Commission (SEC) ,
Small Business ,
TCPA
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more
8/10/2017
/ Acquisitions ,
Appraisal ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cybersecurity ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Injunctions ,
Investment Management ,
OCC ,
OCIE ,
Overdraft Fees ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins
Editor's Note -
Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more
5/25/2017
/ Banks ,
Cyber Attacks ,
Debt Collectors ,
Department of Labor (DOL) ,
False Claims Act (FCA) ,
FDIC ,
Fiduciary Rule ,
Financial Services Industry ,
FIRREA ,
Interest Rates ,
OCC ,
Ransomware ,
Reverse Mortgages ,
Securities and Exchange Commission (SEC)
Editor's Note -
In this Issue. The House Financial Services Committee passed the Financial CHOICE Act that would make significant changes to the Consumer Financial Protection Bureau; the U.S. Securities and Exchange...more
5/11/2017
/ Banks ,
Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial CHOICE Act ,
Financial Services Committee ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Investment Advisers Act of 1940 ,
Mortgage Servicers ,
Mutual Funds ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
Removal for Cause or Business as Usual? On April 5, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the House Financial Services Committee to give his semi-annual...more
4/12/2017
/ Affordable Housing ,
Banking Sector ,
Banks ,
Debit Cards ,
Department of Labor (DOL) ,
FDIC ,
Federal Trade Commission (FTC) ,
FFIEC ,
FHLB ,
Fiduciary Duty ,
Fiduciary Rule ,
JOBS Act ,
OCC ,
Securities and Exchange Commission (SEC)
Editor's Note -
In This Issue. The NYDFS revised its proposed cybersecurity regulations, the FDIC sought comment on its new de novo bank deposit insurance handbook, federal banking agencies finalized streamlined call...more
1/12/2017
/ Banks ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Deceptive Intent ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
False Claims Act (FCA) ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
OCC
Editor's Note -
The End of “Too Big to Fail”? On December 15, the Board of Governors of the Federal Reserve System (Federal Reserve Board) adopted a final rule to strengthen the ability of government authorities to...more
12/22/2016
/ Anti-Money Laundering ,
Banks ,
Bylaws ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Reporting ,
Fair Lending ,
FinCEN ,
HAMP ,
HMDA ,
HQLA ,
Investment Management ,
Liquidity ,
Marijuana ,
Mutual Funds ,
No-Action Relief ,
NYDFS ,
OCC ,
Proxy Access ,
Securities and Exchange Commission (SEC)
Editor's Note -
Investment Advisers Breathe a Sigh of Relief. On Thursday, August 25, the federal district court in New Jersey ruled after a 26-day trial in favor of AXA Equitable Insurance Company and against the...more
9/1/2016
/ Add-ons ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Customer Identification Program (CIP) ,
Excessive Fees ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
First National ,
Form ADV ,
Investment Adviser ,
Pay-To-Play ,
Public Comment ,
Regulation S-K ,
Securities and Exchange Commission (SEC) ,
Transparency
Editor's Note -
Friend the Fed! As is the case every August, our federal government and regulators are hard at work, laser focused on the important issues of the day. In this regard, on August 18, the Federal Reserve...more
8/25/2016
/ Ability-to-Repay ,
Banks ,
Confidentiality Agreements ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Facebook ,
Fair Credit Reporting Act (FCRA) ,
Fannie Mae ,
FDIC ,
Federal Reserve ,
Freddie Mac ,
HMDA ,
Loans ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
Whistleblowers
Editor's Note -
OATS Reporting Violations and FINRA Enforcement. FINRA’s Order Audit Trail System (OATS), is an integrated audit trail of order, quote and trade information for all NMS stocks and OTC equity securities,...more
8/12/2016
/ Administrative Law Judge (ALJ) ,
Appeals ,
Appointments Clause ,
Banks ,
Civil Monetary Penalty ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Diversity ,
Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 ,
Federal Reserve ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Foreclosure ,
Interim Rule ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Self-Reporting ,
Small Business
Regulatory Developments -
SEC Proposes Amendments to Update and Simplify Disclosure Requirements as Part of Overall Disclosure Effectiveness Review -
On July 13, the Securities and Exchange Commission (SEC) proposed...more
7/21/2016
/ Banks ,
Broker-Dealer ,
Conflicts of Interest ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Service Standard ,
Disclosure Requirements ,
EU ,
Executive Compensation ,
FASB ,
Fiduciary Duty ,
GAAP ,
Golden Leash Arrangements ,
IFRS ,
Investment Adviser ,
Nasdaq ,
OCIE ,
Overdraft Fees ,
Recess Appointments ,
Securities and Exchange Commission (SEC) ,
Separation of Powers ,
Stocks ,
Telemarketing ,
Vendors
Regulatory Developments -
CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans -
On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more
6/9/2016
/ Administrative Procedure Act ,
Anti-Money Laundering ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Labor (DOL) ,
Dodd-Frank ,
E*Trade ,
Federal Reserve ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
First Amendment ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Usury