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Financial Services Report, Winter 2016

by Morrison & Foerster LLP on

EDITOR’S NOTE - Hope you survived all of those awkward Thanksgiving holiday conversations— amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season,...more

Lessons from the Wells Fargo Scandal

by Robins Kaplan LLP on

Financial institutions must meet standards for safeguarding customer data given the particularly sensitive information they hold, and regulators have been stepping up their efforts to provide guidance on just how they must do...more

Financial Services Weekly News - September 2016 #3

by Goodwin on

Editor's Note - Investment Company Institute Publishes FAQ on SEC No-Action Letter Regarding Auditor Independence. On September 23, the Investment Company Institute (ICI) published a memorandum (ICI Memo) responding to...more

Financial Services Report, Summer 2016

by Morrison & Foerster LLP on

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Financial Services Report, Spring 2016

by Morrison & Foerster LLP on

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper...more

Financial Services Weekly News - January 2016 #4

by Goodwin on

Regulatory Developments - Under Review: Deposit Insurance Assessments for Small Banks - On Jan. 21, the FDIC approved revised proposed rules on risk-based federal deposit insurance assessments for small banks...more

Financial Services Report, Winter 2015

by Morrison & Foerster LLP on

BELTWAY - Finally Faster than Amazon Prime - The Federal Reserve Board recently announced that banks and other financial institutions that use its payments system will have to be able to process same-day...more

Financial Services Report, Fall 2015

by Morrison & Foerster LLP on

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Financial Services Weekly News Roundup - July 2015 #5

by Goodwin on

Regulatory Developments - New Hampshire Governor Signs Into Law a Bill Recodifying Banking, Credit Union and Trust Company Laws: On July 28, New Hampshire Gov. Maggie Hassan signed into law SB 188, an act...more

CFPB Inserts Consumer Protection Issues into Faster Payment System Developments

by Davis Wright Tremaine LLP on

The Consumer Financial Protection Bureau recently issued a series of Consumer Protection Principles to be considered as new, faster payment systems are being developed. The Rapidly Changing Regulatory Landscape for Faster...more

House members propose bill to nullify CFPB indirect auto finance guidance

by Ballard Spahr LLP on

A bipartisan group of fourteen House members have introduced a bill (H.R. 5403) that would nullify the CFPB’s indirect auto finance guidance issued in March 2013 and require the CFPB to provide for a notice and comment period...more

What’s Unfair is Unfair: Repeal of Reg AA May Have Little Practical Effect

by Morrison & Foerster LLP on

The Federal Reserve Board (Board) issued a notice of proposed rulemaking on August 22, 2014 (Notice) for the repeal of Regulation AA, which is the Board’s credit practices rule prohibiting certain unfair or deceptive acts and...more

FRB Issues Proposed Rules to Repeal Regulation AA, as Required by Dodd-Frank

by Williams Mullen on

On Wednesday, August 27, the Board of Governors of the Federal Reserve System (the “Board”) published in the Federal Register proposed rules and a request for public comment to repeal its Regulation AA (Unfair or Deceptive...more

Federal Reserve Board Proposes to Repeal Its Regulation AA (Unfair Credit Practices)

by Foley & Lardner LLP on

The Board of Governors of the Federal Reserve System is requesting comment on its proposal to repeal its Regulation AA, which for nearly 30 years has prohibited banks from engaging in specified unfair and deceptive credit...more

CFPB responds to letter from Senators raising concerns about auto fair lending guidance

by Ballard Spahr LLP on

The CFPB has responded to the October 30 letter it received from a bipartisan group of 22 U.S. Senators raising concerns about the fair lending auto finance bulletin issued by the CFPB this past March. The Senators’ letter...more

New Restrictions On Bank “Payday Loans”

by Dickinson Wright on

Federal bank regulatory agencies have served notice that deposit advance products, sometimes known as bank “payday loans,” will soon be subject to significant new restrictions and heightened supervisory scrutiny. In...more

Financial Services Report - Spring 2013

by Morrison & Foerster LLP on

Editor’s Note - This is a dignified law firm newsletter, not like the “Brand X” versions. You won’t find pandering, attention-grabbing stories about Justin Bieber, Kim Kardashian, Ashton Kutcher, Prince William, or...more

Dodd-Frank News: January 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Monthly Update

by Burr & Forman on

In This Issue: - RECENT CASES . Dodd-Frank Challenges Under the Administrative Procedure Act and Commodity Exchange Act . Preemption . Whistleblower Protection Under the Dodd-Frank Act . Arbitration...more

FTC Report On Interchange Fees Addresses Community Banks

The Dodd-Frank Wall Street Reform and Consumer Protection Act amended the Electronic Fund Transfer Act, or EFTA, to restrict interchange fees and to prohibit exclusive networks for debit card transactions. The Federal Trade...more

Mobile Payments Risks

by Davis Wright Tremaine LLP on

The Federal Deposit Insurance Corporation (FDIC) recently published a report in the agency’s “Supervisory Highlights” journal concerning the growth of mobile payments and the responsibility of banks and non-bank third parties...more

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