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CFPB to hold May 10 field hearing on small business lending

by Ballard Spahr LLP on

The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement...more

New York Cyber Regulations Likely to Result in Increased Claims

by Wilson Elser on

The New York State Department of Financial Services (NYDFS) recently promulgated cyber regulations for financial institutions that are likely to increase the risks to directors & officers (D&Os), resulting in an increase in...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Lawmaker Seeks CFPB Fair Lending Investigation of Fintech Small Business Lenders

by Ballard Spahr LLP on

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the Consumer Financial...more

Divided D.C. Circuit panel denies injunction blocking CFPB CID

by Ballard Spahr LLP on

The D.C. Circuit, in a divided decision, denied a motion for an emergency injunction pending appeal filed by a company seeking to halt all CFPB action adverse to the company, including enforcement of a CID and disclosure of...more

It’s March 1: The Cybersecurity Goal Post Has Been Moved

In an effort to combat the growing prevalence of large-scale corporate cyberattacks, the New York Department of Financial Services (“NYDFS”) is rolling out a revamped cybersecurity regulation for financial services companies...more

Rollback of SEC Regulations Promulgated Under Dodd-Frank Has Begun

by Cozen O'Connor on

In several uncoordinated actions, the dismantling of Securities and Exchange Commission (SEC) regulations promulgated under The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank) has begun. In two...more

Bill Introduced To Require Registration Of Finders Under The California Finance Lenders Law

by Allen Matkins on

The California Finance Lenders Law, Financial Code § 22000 et seq., currently requires licensing of finance lenders and brokers. A finance lender is defined as any person who is engaged in the business of making consumer...more

A guide to the FMA's view of conduct

by DLA Piper on

With the transition to the Financial Markets Conduct Act 2013 (FMCA) now complete, the Financial Markets Authority (FMA) has shifted its focus to monitoring and supervising the conduct of financial service providers. As a...more

Securities and Exchange Commission Considers Changes to CEO Pay Ratio Rule

SEC Acting Chairman Michael S. Piwowar issued a public statement on February 6, 2017 requesting input on any unexpected challenges that companies have experienced as they prepare for compliance with the CEO pay ratio rule,...more

SEC Office of Compliance Inspections and Examinations Issues Risk Alert on Multi-Branch Adviser Initiative

by Dechert LLP on

Investment advisers registered with the U.S. Securities and Exchange Commission (SEC) may use a variety of business and organizational models, which may include structures with one or more branch offices. In announcing its...more

Community banks trade group asks Trump Administration to curb fair lending enforcement

by Ballard Spahr LLP on

The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more

CFPB Warns Financial Institutions About Incentives

Use caution when creating incentives for employees and service providers to meet sales and other business goals, the Consumer Financial Protection Bureau warned financial institutions in a new Compliance Bulletin....more

Financial Services Weekly News - December 2016 #3

by Goodwin on

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

Companies Challenge CFPB’s Authority to Issue Civil Investigative Demands

by McGuireWoods LLP on

As any company that has received a civil investigative demand (CID) from the Consumer Financial Protection Bureau (CFPB) knows, the Bureau’s authority to issue CIDs is a powerful tool that leaves recipients with limited...more

FINRA Fines Lincoln Financial Sub $650,000 For Cybersecurity Shortcomings

by Bracewell LLP on

A Lincoln Financial Group subsidiary agreed to pay $650,000 to the Financial Industry Regulatory Authority (FINRA) to resolve allegations that it failed to implement sufficient security policies to protect confidential...more

CFPB Supervisory Highlights: It’s all about the Compliance Management System

The CFPB published its Fall Supervisory Highlights last week, highlighting its examination observations across various financial products for examinations conducted between May and August 2016. The Report highlights key...more

SEC Adopts Rules and Forms to Modernize Reporting Requirements for Registered Investment Companies

by Dechert LLP on

The U.S. Securities and Exchange Commission (SEC or Commission) has adopted, by a 2-to-1 vote, new rules and forms, as well as amendments to certain rules and forms (Final Rule), to modernize the reporting of information by...more

Business Litigation Alert: "Lesson Learned from Wells Fargo - What Your Board of Directors Needs to Know"

by Porter Hedges LLP on

According to recent news reports, Wells Fargo management created an aggressive sales culture that encouraged employees to create thousands of fake accounts. News reports also suggest that the Board took no action regarding...more

CFPB and banking agencies begin review of bank sales practices

by Ballard Spahr LLP on

According to Politico, the CFPB, OCC, Fed and FDIC have launched a review of bank sales practices, with the reviews to be conducted as special reviews rather than as part of the regular examination process....more

FFIEC Releases Answers To FAQs About Cybersecurity Assessment Tool

by King & Spalding on

On October 17, 2016, the Federal Financial Institutions Examination Council (“FFIEC” or the “Council”) released a set of answers to frequently asked questions about its cybersecurity assessment tool (the “CAT”). The FFIEC, an...more

Financial Services Weekly News - October 2016 #2

by Goodwin on

Editor's Note - Never Satisfied. Despite the Securities and Exchange Commission’s announcement that, in its just completed fiscal year 2016, it filed a record 868 enforcement actions reprimanding misconduct by companies...more

SBA Office of Advocacy submits comment letter asking CFPB to reconsider payday loan proposal

by Ballard Spahr LLP on

The Small Business Administration’s Office of Advocacy has submitted a comment letter on the CFPB’s proposed payday loan rule that raises concerns about the proposal’s economic impact on small businesses and encourages the...more

Bitcoin: Cybersecurity Regulations on the Horizon?

by JD Supra Perspectives on

As legislators grapple with creating legislation intended to bring virtual currencies, such as bitcoin, within the scope of anti-money laundering regulations, the vulnerability of Bitcoin exchanges to theft and other cyber...more

Court of Appeals Says CFPB Is Unconstitutional; Rejects Agency Effort to Apply New Interpretation of Law Retroactively

by Dechert LLP on

The courts are now reacting to what some view as regulatory overreach flowing from U.S. laws enacted in the wake of the financial crisis. The most recent example is the October 11, 2016 decision of the U.S. Court of Appeals...more

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