News & Analysis as of

Financial Institutions

BCLP

The EU’s Digital Operational Resilience Act 2022/2554 (DORA)

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Long IT sub-contracting chains can make it hard for financial institutions to understand the vulnerabilities in their IT estate and the location of key functions (where these may be located in entities who do not have a...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Whistleblower Update: SEC, DOJ Still Focusing on Employment Agreements and Written Policies, Off-Channel Communications

The U.S. Securities and Exchange Commission (SEC) brought more actions targeting regulated entities for recordkeeping violations related to employees using noncompany communications platforms, and both the SEC and the U.S....more

Perkins Coie

FDIC’s Proposed Changes to Custodial Deposit Accounts: Practical Implications for Fintechs and Their Banks

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The Federal Deposit Insurance Corporation (FDIC) issued a Notice of Proposed Rulemaking (the Proposal) on September 17, 2024, that seeks to strengthen recordkeeping for bank deposits held by nonbank companies on behalf of...more

Orrick, Herrington & Sutcliffe LLP

DOJ announces its withdrawal from the 1995 Bank Merger Guidelines

On September 17, the DOJ announced its withdrawal from the 1995 Bank Merger Guidelines, stating the 2023 Merger Guidelines will be the only authoritative statement across all industries. This decision followed collaboration...more

Ballard Spahr LLP

CFPB Reminds Financial Institutions to Retain Records of Affirmative Consent for Overdraft Opt-in

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On September 17, 2024, the CFPB issued Consumer Financial Protection Circular 2024-05 on improper overdraft practices. The circular reminded financial institutions of their obligation to retain records that prove the consumer...more

Orrick, Herrington & Sutcliffe LLP

OCC releases final rule on the Bank Merger Act

On September 17, the OCC approved a final rule amending its procedures for reviewing applications under the Bank Merger Act. The rule will aim to provide clearer guidelines for institutions regarding the OCC’s review process...more

Nelson Mullins Riley & Scarborough LLP

New OCC Bank Merger Act (BMA) Guidance

The Office of the Comptroller of the Currency (OCC) released guidance regarding its planned changes to the Bank Merger Act (BMA).  The New Rule: Explicitly adds financial stability as a key factor for assessing mergers,...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Circular, Curbing Improper Overdraft Fees

On September 17, the CFPB issued a circular stating that financial institutions can be found liable for violating the Electronic Funds Transfer Act by charging overdraft fees if the there is no proof of consumers’ affirmative...more

Jones Day

Investment Advisers Subject to AML and SARs Requirements

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The Situation: The Financial Crimes Enforcement Network ("FinCEN") has adopted a rule that subjects certain investment advisers to anti-money laundering/countering the financing of terrorism program ("AML") requirements...more

Jones Day

Mauritania Takes the First Step Toward the Adoption of Close-Out Netting

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The government of the Islamic Republic of Mauritania just approved a draft law creating a close-out netting regime for financial transactions....more

American Conference Institute (ACI)

Developments in Global Sanctions Compliance with a Focus on Russia, Belarus and China

Sanctions imposed by the United States, the United Kingdom, and the European Union against Russia, China, and other parts of the world are fast-evolving. Such geopolitical shifts are creating new risks and placing further...more

Ballard Spahr LLP

Fed Makes a Move: First Rate Cut Since 2020 Signals Economic Shift

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This week, the Federal Reserve’s Federal Open Markets Committee (FOMC) decided that its target policy rate range would decrease by 50 basis points, resulting in a new target range for the Federal Funds Rate of 4.75 percent to...more

Ballard Spahr LLP

CFPB’s Frotman: Companies are using technology to squeeze more out of those who can least afford it

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Innovation and technology are not the magic wands that will help low-income Americans climb out of debt; they often are tools used to prey on the neediest people, Seth Frotman, the CFPB’s general counsel told the Poverty Law...more

Quarles & Brady LLP

Expansion of DOJ White Collar Whistleblower Programs to Local US Attorney’s Offices

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In August, the Department of Justice’s Criminal Division announced the launch of a Corporate Whistleblower Awards Pilot Program, building off an earlier pilot program started in the Southern District of New York to encourage...more

Cooley LLP

CFPB Challenges Financial Institutions to Produce Evidence of Affirmative Consent to Overdraft Fees

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On September 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a circular explaining that financial institutions may violate the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation...more

Orrick, Herrington & Sutcliffe LLP

FDIC issues list of banks examined for CRA compliance

On September 4, the FDIC released its latest evaluations of state nonmember banks for compliance under the CRA. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 requires public disclosure of...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday September 20

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September 19, 2024- The Federal Reserve Bank of New York’s Open Market Trading Desk issued a statement announcing it intends to conduct a small value term repo operation with Primary Dealers....more

Ballard Spahr LLP

CFPB wins default judgment in auto dealership complaint, but federal judge rejects bureau assessment of damages

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A federal District Judge for the Northern District of Georgia, Victoria Marie Calvert, awarded a default judgment to the CFPB against USASF, a car loan servicer of loans originated by U.S. Auto Sales Inc., a buy-here,...more

Cozen O'Connor

CFPB Warns Banks Against Use of Phantom Opt-In Agreements

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The CFPB issued guidance, titled Improper Overdraft Opt-In Practices, addressing whether a financial institution violates the law if it levies overdraft fees for ATM and one-time debit card transactions based on phantom...more

Troutman Pepper

CFPB’s Latest FAQs Broaden Interpretive Rule for Pay-in-Four BNPL Products

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On September 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a set of frequently asked questions (FAQs) providing guidance on applying Regulation Z requirements to Pay-in-Four Buy Now, Pay Later (BNPL)...more

Ballard Spahr LLP

CFPB to host ‘first look’ at nonbank enforcement order registry

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The CFPB has scheduled two sessions to provide a preview of its nonbank enforcement order registry. The virtual-only discussions are scheduled for September 30 and October 9. Both sessions will feature the same content....more

Katten Muchin Rosenman LLP

UK Financial Insights from Katten | Issue 14

UK Financial Insights from Katten is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds in the UK and Europe....more

Ballard Spahr LLP

CFPB Takes Aim at Cash Back Fees

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Some dollar store chains and other retailers now are charging consumers for obtaining cash back on debt or prepaid card purchases—transactions that generally have been free in the past–the CFPB reported....more

Troutman Pepper

CFPB Releases New Circular on Opt-In Requirements for Overdraft Services

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On September 17, the Consumer Financial Protection Bureau (CFPB or Bureau) published Circular 2024-05 (Circular) addressing whether a financial institution violates the Electronic Fund Transfer Act (EFTA) and Regulation E by...more

Troutman Pepper

Colorado Federal Court Grants Motions to Dismiss in Cryptocurrency Theft Case Citing Lack of Personal Jurisdiction

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In a recent ruling, the District of Colorado granted several motions to dismiss filed by the developers and owners of cryptocurrency application Atomic Wallet, citing a lack of personal jurisdiction. This decision effectively...more

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