In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), in response to an increased number of inquiries and access requests from companies with fintech and other narrow purpose charters, invited...more
5/7/2021
/ Acquisitions ,
AMG Capital Management LLC v FTC ,
Anti-Money Laundering ,
Arbitration Agreements ,
Banking Sector ,
Broker-Dealer ,
Cash Transactions ,
Community Development Financial Institution (CDFI) ,
Consumer Financial Products ,
Depository Institutions ,
Enforcement Actions ,
Enforcement Authority ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
FinTech ,
FTC Act ,
FTCA Section 13(b) ,
Geographic Targeting Order ,
Injunctive Relief ,
Lenders ,
Loan Applications ,
Mergers ,
Paycheck Protection Program (PPP) ,
Payment Services Directive ,
Permanent Injunctions ,
Pre-Dispute Arbitration ,
Private Placements ,
Public Comment ,
Real Estate Transactions ,
Residential Real Estate Market ,
SBA ,
SCOTUS ,
Title Insurance ,
Unregistered Securities
In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more
10/29/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Amended Rules ,
Bank Secrecy Act ,
Banking Sector ,
CFTC ,
Community Development Financial Institution (CDFI) ,
Comptroller ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Depository Institutions ,
Derivatives ,
FDCPA ,
FDIC ,
Federal Reserve ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Records ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Forbearance Agreements ,
Insured Depository Institutions ,
Inter-Bank Offered Rates (IBORs) ,
Investors ,
ISDA ,
Military Service Members ,
Mortgages ,
OCC ,
Private Investment Funds ,
Proposed Rules ,
Proxy Statements ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Travel Rule ,
True Lender ,
Truth in Lending Act (TILA)
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 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
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 -
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
Editor's Note -
In This Issue. The Securities and Exchange Commission (SEC) granted no-action relief for fund boards; the Financial Stability Oversight Council (FSOC) announced the rescission of the “systemically important...more
10/18/2018
/ ATDS ,
Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Excessive Fees ,
Financial Services Industry ,
FinTech ,
FSOC ,
Investment ,
Joint Statements ,
No-Action Relief ,
Securities and Exchange Commission (SEC) ,
TCPA ,
Virtual Currency
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 -
Additional Regulatory Support for Financial Innovation. Last week, the Roundup reported that the Office of the Comptroller of the Currency (OCC) would begin accepting applications for special purpose national...more
Editor's Note -
In This Issue. The Federal Financial Institutions Examination Council (FFIEC) provided an update on its Examination Modernization Project; the Consumer Financial Protection Bureau (CFPB) invited comments on...more
3/29/2018
/ Basel Committee on Banking Supervision (BCBS) ,
Bitcoin ,
Consumer Financial Protection Bureau (CFPB) ,
Cyan Inc v Beaver Cty Emps Ret Fund ,
FFIEC ,
Financial Institutions ,
FinTech ,
Request For Information ,
SCOTUS ,
Securities Act of 1933 ,
SLUSA
Editor's Note -
D.C. Circuit Strikes Down Key Pieces of FCC’s TCPA Interpretive Order. On March 16, the U.S. Court of Appeals for the D.C. Circuit issued its long-awaited decision in ACA International v. FCC, invalidating...more
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) issued a request for information regarding the consumer complaint reporting process, marking the sixth request in a series of RFIs; the House...more
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) announced that it would take another pass at the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Rule); the Financial...more
1/18/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
FASB ,
FinTech ,
Liquidity ,
NYSE ,
Payday Loans ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Tax Cuts and Jobs Act ,
Tax Reform
Editor's Note -
CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation. How companies share consumer data, and how much they tell consumers about their information sharing practices, has...more
10/27/2017
/ Arbitration ,
Arbitration Agreements ,
CFTC ,
Class Action Arbitration Waivers ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Digital Currency ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
FinTech ,
Initial Coin Offering (ICOs) ,
OCC ,
Payday Loans
Editor's Note -
Fireworks After the July 4th Holiday. On July 10, the Consumer Financial Protection Bureau (CFPB) issued the highly anticipated final Arbitration Rule, which prohibits the use of mandatory arbitration...more
7/13/2017
/ Arbitration ,
Arbitration Agreements ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Initial Public Offering (IPO) ,
JOBS Act ,
Mandatory Arbitration Clauses ,
Mortgages ,
OCC ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
Trump Administration
Editor's Note -
Supreme Court Limits SEC’s Disgorgement Powers. On June 5, the United States Supreme Court ruled unanimously in Kokesh v. Securities and Exchange Commission that disgorgement in a Securities and Exchange...more
Editor's Note -
The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more
5/18/2017
/ Arbitration ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
Distributed Ledger Technology (DLT) ,
Dividends ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
FinTech ,
HUD ,
Initial Public Offering (IPO) ,
Mortgages ,
NYDFS ,
NYSE ,
OCC ,
Payday Loans
Editor's Note -
Cross River Bank Takes on Colorado in True Lender Action. This past January, the Administrator of Colorado’s Uniform Consumer Credit Code filed a court action against Marlette Funding LLC (Marlette),...more
4/19/2017
/ Capital Formation ,
Corporate Financing ,
Faxes ,
FCC ,
Financial Industry Regulatory Authority (FINRA) ,
FinTech ,
OCC ,
Opt-Outs ,
Proposed Amendments ,
Solicitation ,
TCPA
Editor's Note -
The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more
3/16/2017
/ Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Relief ,
Electronic Fund Transfer Act ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinTech ,
Loans ,
NYDFS ,
OCC ,
Prepaid Payment Products ,
Regulation Z ,
Truth in Lending Act (TILA)
Editor's Note -
A Not So New Tool for Reigning in Federal Regulations. President Trump has signed a Joint Resolution of Congress which “disapproves the rule submitted by the SEC relating to ‘Disclosure of Payments by...more
2/16/2017
/ American Bankers Association ,
Bankruptcy Court ,
Bitcoin ,
Chapter 7 ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Labor (DOL) ,
Dividends ,
Fiduciary Rule ,
FinTech ,
HMDA ,
Kickbacks ,
Lenders ,
Mortgage Lenders ,
Payday Loans ,
Rent-a-Tribe ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
Trump Administration
Editor's Note -
FinTech at the Forefront. FinTech remains at the forefront of Washington’s discussions about how best to regulate financial products and services. As discussed in more detail below, the SEC announced the...more
11/10/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
FTC Act ,
Mortgage Servicers ,
OCC ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Tracking Systems
Editor's Note
Voting Matters. Next week, we head to the polls to elect a new president of the United States and other government representatives. Voting is important because it allows registered citizens to cast their...more
Editor's Note -
Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more
10/27/2016
/ Acquisitions ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Bank Secrecy Act ,
Capital Acquisition Broker (CAB) ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Enforcement ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
FinTech ,
Institutional Investors ,
Mergers ,
Mutual Funds ,
NAV ,
OCC ,
Project Catalyst ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
Regulation and Innovation, Part IV. In the April 6, June 22 and September 14 editions of the Roundup, we discussed the approaches of various banking regulators generally, and the Office of the...more
10/6/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Department of Business Oversight ,
Dodd-Frank ,
Federal Reserve ,
Final Rules ,
Financial Contracts ,
Financial Services Industry ,
FinTech ,
IRS ,
Military Lending Act ,
Money Transfer ,
Mortgages ,
OCC ,
Prepaid Payment Products ,
Private Funds ,
Public Disclosure ,
Recovery Plans ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC)