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Supervisory Highlights

In This Issue: - Introduction - Supervisory observations ..Consumer reporting ..Debt Collection ..Deposits ..Mortgage servicing ..Student loan servicing ..Fair Lending: CFPB’s HMDA...more

Financial Regulatory Developments Focus - November 2014 #4

In this issue: - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Compensation - Consumer Protection - Derivatives - Enforcement - Financial Market...more

Orrick's Financial Industry Week in Review

Bank of America and Merrill Lynch Settle RMBS Lawsuit with FDIC - On November 17, Bank of America and Merrill Lynch settled securities claims brought by the FDIC related to RMBS sold to United Western Bank. The FDIC,...more

OCC Updates Process, Policy on “Matters Requiring Attention”

Why it matters - To encourage communication of problems and expediency of correction, the Office of the Comptroller of the Currency (OCC) updated its policy on “Matters Requiring Attention,” or MRAs, in a newly...more

Second Circuit Court of Appeals Prohibits Courts from Granting Garnishment Orders Against Foreign Bank Branches

On November 14, the Second Circuit Court of Appeals upheld the District Court for the Southern District of New York’s October 23 ruling that prohibited courts from granting garnishment orders against certain banks for assets...more

St. Louis County Ordinance Requiring Pre-Foreclosure Mediation Unconstitutional, Missouri Supreme Court Holds

The Missouri Supreme Court recently ruled that a St. Louis County ordinance requiring lenders to mediate with borrowers prior to foreclosure was void ab initio because it was not directed to a matter of purely municipal...more

Overview of the CFPB Prepaid Account Proposed Rule

On November 13, 2014, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule to regulate prepaid accounts (the “Proposed Rule”). The Proposed Rule follows the CFPB’s May 2012 advance notice of proposed...more

TCPA Connect - November 2014

Ruling on ATDS Capability, California Court Dismisses TCPA Suit - Siding with courts that evaluate a system’s present – not potential – capacity to store or produce telephone numbers when considering whether a system...more

Digital Currency Corner - What FinCEN’s Denial of Payment Processing Exemption for Virtual Currency-Related Businesses Means for...

Why it matters - The rapid evolution of virtual and digital currencies has spawned significant activity in several federal agencies with implications potentially for traditional entities in certain cases. In addition...more

Agencies Propose Technical Corrections and Clarifications to the Capital Rules Applicable to Advanced Approaches Banking...

On November 18, the Federal Reserve Board, the FDIC and the OCC proposed clarifications to the revised regulatory capital rules adopted by the agencies in July 2013. The proposal applies to large internationally active...more

Approved San Francisco Retail Workers Ordinance Means More Restrictions For Employers

The San Francisco Board of Supervisors has voted unanimously to approve a city ordinance, which will create a number of obstacles for many businesses – including retail stores, restaurants, and banks. The ordinance, referred...more

NY Financial Regulators Push Institutions to Tighten Cybersecurity

Following a string of publicly disclosed cyberattacks against both retailers and financial institutions, New York's top financial regulator called on the financial sector to be more proactive in its cybersecurity efforts. A...more

FinCEN Issues Statement On Providing Banking Services to Money Services Businesses

On November 10, FinCEN released a statement to reiterate that banking organizations can serve Money Services Businesses (MSB) while meeting obligations under the Bank Secrecy Act. FinCEN noted that there is concern that banks...more

Operation Choke Point

As part of a coordinated, multi-agency initiative known as “Operation Choke Point,” the Federal Deposit Insurance Corporation (FDIC) has warned financial institutions that they might be liable for maintaining banking...more

CFPB Director Cordray Issues Warning to Bankers

Director Cordray’s remarks to the Clearing House Thursday should unsettle bankers and payday lenders alike. In his talk, Director Cordray challenged bankers to bow to the inevitable. He suggested that sooner, rather than...more

PCI-DSS 3.0's Focus on the Data Security Practices of Service Providers

Preventing the unauthorized access to and fraudulent use of credit and debit cards has been a high priority of the payment card industry for years. As the threat environment evolves, so too do the applicable data security...more

Focus: Loans To Enterprises By Insurance Companiesa: Amendments To Regulation 36/2011 Approved By IVASS

Law Decree no. 91 of 2014 added the following provision to paragraph 2 of article 114 of Legislative Decree no. 385 of 1 September 1993 (Consolidated Law on Banking or TUB): “2-bis. Italian insurance companies and Sace shall...more

Changes to Mortgage Servicing Rules - Blog: Consumer Financial Protection Bureau

Armed with some background on what the Consumer Financial Protection Bureau (“CFPB”) is and does (from my 11-11-14 blog entry), let’s dive directly into the issue of rules. For starters, let’s look into the CFPB’s new rules...more

NCUA Sues National Bank

On November 10, the NCUA announced the filing of a complaint against a large national bank for its alleged failure to fulfill its duties as a trustee for 121 residential mortgage-backed securities trusts. The NCUA claimed...more

How New Litigation May Change "Dark Pool" Trading

Last spring popular author Michael Lewis described the world of high-frequency stock trades and dark pools in his book, Flash Boys. Between then and now, the New York Attorney General (“NYAG”), a group of public investors,...more

FCA Enforcement: The Landscape After FX

This briefing discusses the new approach of the UK’s regulator, the FCA, to regulatory enforcement of wholesale markets, as revealed by the recent settlements between the agency and five banks relating to FX manipulation....more

FCC Accepting Comments on ABA Petition to Exempt Data Breach Notification Requirements from the TCPA

On November 6, 2014, the Federal Communications Commission (“FCC”) issued a Public Notice requesting comments on a petition by the American Bankers Association (“ABA”) to exempt informational calls and texts to mobile devices...more

New Requirements Regarding Flood Insurance in Massachusetts

On July 23, 2014 , Governor Deval Patrick signed into law “An Act Further Regulating Flood Insurance”, effective November 20, 2014. Links to the Act and to “Frequently Asked Questions” prepared by the Massachusetts Division...more

Beware of Unintended Beneficiary Designations

Beneficiary designations are commonly used to name the individuals or entities who are to receive the proceeds of life insurance policies or retirement plans after the death of the owner. An increasing number of financial...more

Operation Chokepoint and the Brave New World of Criminal Liability - November 2014

The U.S. Department of Justice and banking regulators have stepped up the pace of criminal, civil and administrative actions against banks, payment processors, money transmitters, and other financial institutions, for...more

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