Financial Institutions

News & Analysis as of

OCC & Federal Reserve Report and Proposed Rules - Limitation on Banks Dealing & Investing in Metals and other Physical Commodities

On September 8, 2016, as required by Section 620 of the Dodd-Frank Act, the Board of Governors of the Federal Reserve System (the “Board”), the Office of the Comptroller of the Currency (the “OCC”) and the Federal Deposit...more

International Cybersecurity Accord Adopted By Major World Economies

The Group of 7, comprised of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, adopted a non-binding agreement aimed at strengthening the cybersecurity and resiliency of the international...more

Federal regulators propose joint rules to enhance banks’ cyber-risk management

Earlier this week, the Federal Reserve Board, the OCC, and the FDIC issued a joint advanced notice of proposed rulemaking outlining expectations and seeking public comment on enhanced cyber-risk management standards. This is...more

Upping the Ante on Casinos’ AML Compliance

FinCEN focus requires major shift in gaming business practices - Which complex, global industry where billions of dollars exchange hands every day, and where high-net-worth customers park significant sums, is facing...more

FFIEC Issues FAQs on the Cybersecurity Assessment Tool

On October 18, 2016, the Federal Financial Institutions Examination Council (FFIEC) issued answers to frequently asked questions (FAQs) to clarify points in FFEIC’s Cybersecurity Assessment Tool (Assessment). FFIEC released...more

NYS Cyber Crack Down Looms: What Every Financial Institution, Insurer and Their Board Must Know

With the public comment period closing in a few days, the New York Department of Financial Services (DFS) “first in the nation” cybersecurity regulation is one step closer to becoming law. The regulation – which covers a...more

Banking Regulators Release Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

Yesterday, the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (Fed), and the Federal Deposit Insurance Corporation (FDIC) issued a joint advanced notice of proposed rulemaking (ANPRM) seeking...more

FDIC Releases Revised MLA Exam Procedures and Sets Supervisory Expectations

On October 17, the FDIC released revised interagency Military Lending Act (MLA) examination procedures for use in connection with consumer credit transactions occurring on or after October 3, 2016. The revised procedures...more

CFPB Mortgage Servicing Rule Amendments Published in Federal Register

The CFPB Mortgage Servicing Rule Amendments were published in the Federal Register yesterday, starting the clock for the effective date of the amended provisions.  Most of the provisions are effective on October 19, 2017. ...more

Federal Banking Agencies Propose New Requirements for Managing Cyber Risk

Three federal banking agencies have announced plans to develop new rules that would establish cyber risk management and resiliency standards for large interconnected entities under the agencies' supervision, as well as those...more

Bank Regulators Issue Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

Three federal banking regulatory agencies have approved an advance notice of proposed rulemaking (ANPR) inviting comment on a set of potential enhanced cybersecurity risk-management and resilience standards that would apply...more

Fintech in Hong Kong: Where There’s a Will, There’s a Way, or Hong Kong’s Measures To Become the Fintech Capital of Asia

Hong Kong is putting substantial focus on financial technology, or fintech, to compete with Singapore and Tokyo as the fintech capital of Asia. In April 2015, the Hong Kong Government (the “Government”) established the...more

Cybersecurity Requirements Proposed for New York Financial Companies

The New York Department of Financial Services has proposed new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities...more

Second Circuit Upholds Refusal To Compel Arbitration Due To Unavailable Forum, Recognizing Split In Federal Circuits

A borrower had previously entered into three payday loan agreements that contained arbitration provisions mandating that all claims be arbitrated in the National Arbitration Forum (NAF), and under the Code of Procedure of the...more

CFPB Student Loan Ombudsman’s fifth annual report highlights complaints about transition from default to income-driven repayment...

The CFPB has released its fifth Annual report of the CFPB Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints....more

New Cybersecurity Regulations for Financial Services Companies in New York State

Action item: Banking, insurance, and other financial services companies in New York State must be aware of new comprehensive cybersecurity regulations proposed by the Department of Financial Services that will require covered...more

Proposed Supervision Framework and Publishing Principles for FCAC Decisions Released for Consultation

The Financial Consumer Agency of Canada (FCAC) recently published the following two documents for comment: Proposed Supervision Framework and Publishing Principles for FCAC Decisions (Consultation). The consultation period...more

Real Property & Title Insurance Update: Week Ending October 14, 2016

REAL PROPERTY UPDATE - Foreclosure/Standing: foreclosing bank did not establish standing where it failed to submit evidence it was in possession of original note with blank endorsement at time of filing of foreclosure...more

The U.S. Department of the Treasury, Office of Foreign Assets Control Ends Its ‘Burma Sanctions Program’

On 7 October 2016, the United States Department of the Treasury, Office of Foreign Assets Control (OFAC) ended all economic and financial sanctions with respect to Myanmar (referred to by OFAC as Burma). The move had been...more

Creditors and Debt Collectors Should Pay Close Attention to the CFPB’s Consent Order with Navy Federal Credit Union

The Consumer Financial Protection Bureau (CFPB) announced a consent order with Navy Federal Credit Union (Navy Federal) on October 11, 2016. While financial institutions should always analyze CFPB consent orders closely and...more

Stinson Leonard Street's Emerging Trends Newsletter - Q3

We are thrilled to bring you the third installment of Stinson Leonard Street's Emerging Trends newsletter. We are proud of the depth and breadth of experience and knowledge across our firm's 13 offices nationwide and are...more

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic...more

Key TCPA Ruling Rejects Plaintiff for Lack of Standing

In a positive development for financial institutions and other businesses looking to communicate with customers via phone, a federal district court dismissed a Telephone Consumer Protection Act (TCPA) suit based on the...more

FTC Obtains $1.3 Billion Judgment Against Individual Who Operated Payday Lenders

The Federal Trade Commission (FTC) has obtained a $1.3 billion judgment against the individual operator of several payday lenders and related servicing and marketing companies in a lawsuit filed in a Nevada federal district...more

CFPB enters into consent order with credit union

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

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