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Federal Financial Institutions Examination Council Consumer Financial Protection Bureau

2017 Resolutions for Community Banks: A Focus on Cybersecurity

by Hogan Lovells on

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

Caveat Venditor: CFPB Bulletin on Sales Practices and Incentive Compensation Suggests More Enforcement Actions may be Coming

by Davis Wright Tremaine LLP on

On November 28, 2016, the Consumer Financial Protection Bureau (the “Bureau”) issued CFPB Compliance Bulletin 2016-13, titled “Detecting and Preventing Consumer Harm from Production Incentives” (the “Bulletin”). Inviting...more

FFIEC finalizes revised consumer compliance rating system

by Ballard Spahr LLP on

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS).  The revisions...more

Bank Regulators Issue Advanced Notice of Proposed Rulemaking on Cyber Risk Governance and Management Regulations

by Alston & Bird on

More regulators (apart from the FTC) are now taking note of cybersecurity issues in the financial services industry and are taking steps to protect the industry and its consumers. Earlier this year, the Consumer...more

FFIEC IT Security Booklet Revised

by McGuireWoods LLP on

On September 9, 2016 the Federal Financial Institution Examination Council (FFIEC) updated its Information Security Booklet (available here). In addition to certain editorial non-substantive changes, the modifications...more

CFPB and FFIEC Release Updated MLA Exam Procedures; NCAU Will Accept Reasonable and Good Faith Efforts to Comply

by Ballard Spahr LLP on

On September 30, the CFPB released updated examination procedures for Military Lending Act (MLA) compliance. Compliance with the final rule amending the MLA, issued by the Department of Defense (DoD) in July 2015, was...more

Financial Services Weekly News - August 2016 #2

by Goodwin on

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

Prevailing in an Era of Regulatory Enforcement – Balancing Risk and Compliance [Expect Focus – Vol. II, July 2016]

by Carlton Fields on

IN THE SPOTLIGHT - - SEC Sanctions Unregistered EB-5 Investments Broker SECURITIES - - FINRA to Assess Member Firms’ Culture - SEC Seeks Fund Responses to Distribution-In-Guise Guidance...more

HMDA resources for data collected in 2017 and 2018

by Ballard Spahr LLP on

As we have reported, the Consumer Financial Protection Bureau (CFPB) released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring “Covered Institutions” to report certain...more

Emerging Trends Newsletter - Q2

by Stinson Leonard Street on

We are thrilled to bring you the 2nd installment of Stinson Leonard Street's Emerging Trends newsletter. Recent Delaware Supreme Court Opinion Limits General Personal Jurisdiction for Foreign Corporation - Recent...more

State Banking Regulators Issue Annual Report

What were state banking regulators focused on last year? A new report from the Conference of State Bank Supervisors (CSBS) reveals that state regulators "increased coordination and collaboration between state regulators and...more

The CFPB and Data Security Enforcement

by WilmerHale on

The Consumer Financial Protection Bureau (CFPB) announced its intention to act as a data security regulator by releasing its first unfair, deceptive or abusive acts or practices (UDAAP) enforcement action for allegedly...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

Nutter Bank Report, May 2016

Headlines - 1. FinCEN Rule Requires Banks to Identify Beneficial Owners of Business Entity Customers 2. Federal Banking Agencies Issue New Guidance on Reconciling Credit Discrepancies 3. CFPB Publishes...more

FFIEC proposes new rating system

by Ballard Spahr LLP on

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, is proposing a new uniform interagency consumer compliance rating system to reflect changes in consumer compliance supervision...more

Valuable Information Security Lessons from the Olympus Mortgage vs. Guaranteed Rate Case

by Baker Donelson on

Late last month a jury awarded Mount Olympus Mortgage Company (MOMC) more than $25 million for their claims against Guaranteed Rate (Guaranteed), which alleged Guaranteed along with other former employees of MOMC illegally...more

Cybersecurity: What You Must Know and What You Must Do

On February 1, 2016, the Federal Deposit Insurance Corporation (“FDIC”) published the Winter 2015 issue of Supervisory Insights. Not surprisingly, the first article dealt with the most important issue facing the financial...more

CFPB Publishes HMDA File Specifications for Data Collected in 2017 and 2018

by Morrison & Foerster LLP on

On February 18, the Consumer Financial Protection Bureau (CFPB) and the Federal Financial Institutions Examination Council (FFIEC) published new “File Specifications” for data to be collected pursuant to the Home Mortgage...more

Reporting for Duty: HMDA Regs Finalized

Why it matters Reporting requirements for financial institutions under the Home Mortgage Disclosure Act (HMDA) regulations were finalized by the Consumer Financial Protection Bureau (CFPB), with most provisions of the...more

Transitional period and initial supervisory practice over TRID

by Ballard Spahr LLP on

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the Federal Financial Institutions Examination Council (FFIEC) member agencies during the initial months following the implementation...more

Transitional period and initial supervisory practice over TRID

by Ballard Spahr LLP on

The CFPB sent industry trade groups a letter on October 1, 2015 to address the approach of the FFIEC member agencies during the initial months following the implementation of the TILA-RESPA Integrated Disclosure (TRID) rule...more

EXPECT FOCUS: Onboard Technology, NAIC Cybersecurity, DOL, ACA Litigation, SEC Regulation (Vol. III, Summer 2015)

by Carlton Fields on

In This Issue: IN THE SPOTLIGHT - - Your Data Breach Collided With My Personal Injury Coverage LIFE INSURANCE - - Phantom Injury Dooms “Shadow Insurance” Case - Latest NAIC Cybersecurity News...more

FFIEC Weighs in on Cybersecurity in Light of Unprecedented Risk of Cyber Threats

by Carlton Fields on

As financial institutions of all sizes continue to face unprecedented cybersecurity risk, the Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Assessment Tool. The Assessment is...more

Corporate and Financial Weekly Digest - Volume X, Issue 38

SEC/CORPORATE - ISS Publishes Results of 2015–2016 Annual Global Policy Survey - On September 28, Institutional Shareholder Services (ISS), a leading proxy advisory firm, published the results of its 2015–2016...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

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Cybersecurity

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