Takeaways for Banks from the CFPB’s Recent Consent Order on Garnishment Orders
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On Friday morning, regulators closed Silicon Valley Bank (SVB), roiling the startup world and creating uncertainty about the availability of deposits and the availability of credit to its customers and borrowers. Unexpected...more
Like a hot new underground nightclub [I presume. Not exactly my scene], Marcus—Goldman Sachs’ new online lending platform aimed at the consumer banking segment—requires a password. Goldman’s reportedly sending out the...more
New rules came out on September 21, 2015 from both the Commerce and Treasury Departments. Although for the most part these changes only slightly broaden or clarify pre-existing exceptions to the embargo against Cuba, they...more
Sections 1471 through 1474 of the U.S. Internal Revenue Code (“FATCA”) generally impose a 30% withholding tax on certain payments to a foreign financial institution (“FFI”) unless the FFI has entered into an agreement with...more
The U.S. Treasury and four other federal agencies jointly issued their final rule1requiring depository institutions to protect up to two months’ worth of their depositors’ direct deposits of Social Security and certain other...more