Supervision

News & Analysis as of

New FINRA Supervision Rules May Require Immediate Action

The SEC approved FINRA’s major reworking of its rules governing broker-dealers firms’ supervision of their offices and associated persons. Firms must comply with the new rules by December 1, 2014. This may require some firms...more

OIG Finds Deficiencies In CFPB Supervisory Activities

The Office of Inspector General of the Board of Governors of the Federal Reserve System conducted an initial evaluation to assess the operational efficiency and effectiveness of the Consumer Financial Protection Bureau’s...more

OIG finds CFPB’s supervision program needs improvement

Earlier this week, the results of an evaluation of the CFPB’s supervision program conducted by the Office of Inspector General (OIG) that the CFPB shares with the Fed were released in a report entitled “The CFPB Can Improve...more

Dodd-Frank: Enhanced Supervision Becomes Final

The Federal Reserve’s proposed requirements for large US and non-US banking organizations to comply with enhanced supervisory requirements, required by Section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection...more

New Jersey Supreme Court To Revisit Employer Liability For Sexual Harassment By Supervisors

On November 6, 2013, the New Jersey Supreme Court granted certification in Aguas v. State of New Jersey, 2013 WL 1136115 (App. Div. Mar. 20, 2013), a pro-employer ruling on the issue of employer liability for sexual...more

ECB Speech on SSM Comprehensive Assessment and Future Supervision of Banks

On November 20, the European Central Bank (ECB) published a speech given on November 18 by Yves Mersch, ECB executive board member, on the ECB’s perspective on current issues relating to the European banking union....more

A Workplace Run Amok: Richie Incognito and the Miami Dolphins

For the past week, our national news has been filled with reports about the decision by Miami Dolphin football player Jonathan Martin to leave the team as a result of hazing and harassment to which he was subjected by...more

Failure To Comply With Physician Supervision Requirements Can Be Costly

The Department of Justice recently announced two large settlement agreements with provider organizations and individual physicians based on failure to provide proper physician supervision for diagnostic imaging and radiation...more

Doc Wishes He Showed Up at the Office — But . . .

Imagimed LLC, an MRI Center, its owners and chief radiologist, agreed to pay the government $3.57 million to settle false claims allegations for MRI services. The government alleged that Imagimed billed for MRI scans...more

Insurance Regulatory Update - Holding Company Supervision, Designation of Prudential Financial as Being "Too Big to Fail,"...

The National Association of Insurance Commissioners ("NAIC") 2013 Summer National Meeting, which was held in late August, saw a continuation of the debate over major insurance regulatory reforms. The first of these reforms...more

CFPB Issues Report On Examination Findings, Other Supervisory Activities

This afternoon, the CFPB released its summer 2013 Supervisory Highlights report, which covers supervisory activity from November 2012-June 2013. This is the second such report the CFPB has released; the first report came out...more

CFPB rules: Enforcement may be heating up as the industry awaits formal guidance

The American Association of Residential Mortgage Regulators (AARMR), the trade association for regulators responsible for supervising non-depository mortgage companies, held its annual conference last week in Denver....more

“Inherently Dangerous Business” Requires “High Degree Of Attention To Detail” In Safety Training And Supervision: Court

Dangerous workplaces require particularly careful training and supervision, a judge has stated in convicting a propane company. ...more

Agencies Seek Comment On Dodd-Frank Act Stress Test Guidance For Medium-Sized Firms

Three federal bank regulatory agencies are seeking comment on proposed guidance describing supervisory expectations for stress tests conducted by financial companies with total consolidated assets between $10 billion and $50...more

Three Thoughts about Steve Cohen’s Failure-to-Supervise Case

Stanley Sporkin — former SEC Enforcement Director, CIA general counsel, and federal judge – likes to say that an SEC staff attorney ought to be just as happy closing an investigation as one is bringing a public enforcement...more

Financial Services Quarterly Report - Second Quarter 2013: The U.S. Federal Reserve Board Charts an Independent Course in the...

The Board of Governors of the Federal Reserve System (“Board”) in December 2012 issued a proposed rule under the Dodd-Frank Act (“DFA”) for the enhanced supervision of foreign banking organizations (“FBOs”) and any foreign...more

FINRA And Social Media

This past month the U.S. Financial Industry Regulatory Authority (FINRA) posted to its website a targeted examination letter that it has sent to members requesting information on the use of social media....more

Advertising and Marketing Law Fundamentals for Consumer Financial Products and Services

In this presentation: - The similarities and differences between the CFPB UDAAP (Consumer Financial Protection Act), FTC UDAP (FTC Act), and the federal banking agencies UDAP legal authorities (FTC Act and Regulation...more

Alabama Clarifies Supervision Authority Over Bank Affiliates, Service Providers

On May 23, Alabama enacted a bill that clarifies the Alabama Banking Department’s authority to examine subsidiaries and affiliates of state banks and bank holding companies when the Banking Superintendent believes such a...more

Broker-Dealer Email Systems Must Keep Pace with Firm Growth, FINRA Says

A recent FINRA disciplinary action sends a strong message to broker-dealers that the development of their compliance systems — particularly with respect to email review and retention — must keep pace with the growth of their...more

CFPB and Conference of State Bank Supervisors sign framework for coordinating supervision and enforcement

The CFPB announced earlier this week that it has established a “framework” with the Conference of State Bank Supervisors (CSBS) for coordination among the CFPB and state regulators on supervision and enforcement matters....more

Ways to Help Business Internship Partners Avoid DOL Pitfalls

Many colleges and universities require some kind of practical, hands-on experience as a part of their curriculum. Employers and schools alike place a premium on real world experience that cannot always be gained from sitting...more

Financial Services in 2013 and Beyond: Adapting to the New Regulatory Climate

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act,” or “Dodd-Frank”) in 2010 was a watershed moment in the history of U.S. financial services regulation. As we move through 2013...more

SEC Dings Investment Adviser for Custody Violations, Failure to Supervise

Readers of this space – and SEC observers generally – will recall a March 4 risk alert designed to warn investors about the ways U.S. investment advisers had recently been found to have violated the SEC’s asset custody rule....more

Sixth Circuit Holds Physician Supervision and Enrollment Issues Are Not Conditions of Payment for Purposes of FCA Liability

The Sixth Circuit Court of Appeals recently issued a decision overturning an $11.1 million False Claims Act (FCA) verdict against MedQuest Associates, Inc. (MedQuest) for submitting claims to Medicare in violation of the...more

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