Supervision

News & Analysis as of

The CFPB 2015 Forecast: Continued Cloudiness, Thunderstorms Likely

This will be a busy year at the Consumer Financial Protection Bureau (CFPB), and that certainly means it will be a busy year for financial institutions as well. In addition to exercising its supervisory and enforcement...more

FINRA Issues Regulatory and Examination Priorities for 2015

On January 6, 2015, FINRA set forth its regulatory and examination priorities (the “Priorities Letter”) for 2015, providing insight into FINRA’s concerns about the operation of the securities industry and markets. The...more

Affordable Care Act Co-Op Health Insurer Placed Into Rehabilitation by Iowa Insurance Commissioner

The Iowa Insurance Commissioner obtained an Order for Rehabilitation with respect to CoOportunity Health, Inc. (“CoOportunity”) on December 24, 2014. With the Rehabilitation Order, the Iowa Insurance Commission took...more

OCC Releases Semiannual Report on Key Risk Areas

On December 17, the OCC announced the release of its semiannual report on key risk areas affecting the federal banking system. Specifically regarding community and midsize banks, the report identifies areas where the OCC...more

Basel Publishes Assessment Reports for the European Union and United States

On December 5, the Basel Committee on Banking Supervision (Committee) published separate reports assessing the implementation of the Basel III capital framework in the United States and the European Union. The Committee...more

ESMA Reviews Supervisory Practices on MiFID Investor Information

On December 11, the European Securities and Markets Authority (ESMA) published a press release stating that it had conducted a review of how EU national regulators supervise conduct of business rules under the Markets in...more

FHFA Issues Advisory Bulletin, Tightens Oversight of Single-Family Servicers and Sellers

On December 1, the FHFA issued an advisory bulletin highlighting its supervisory expectation that Fannie and Freddie maintain the safety and soundness of their operations by closely assessing the risk profile of lenders and...more

Financial Services Weekly News Roundup - December 2014 #2

Editor’s Note - Spotlight on FINRA Retrospective Rule Review: On December 9, FINRA announced it had issued reports on its retrospective review of two groups of rules – a report on the rules on communications with the...more

Evolving State Supervision: Issues Arising from State Qualification Standards and 'SAFE' Act Licensing, and Coordination with the... [Video]

oin Pepper Hamilton LLP, the Conference of State Bank Supervisors (CSBS) and RECOVCO Mortgage for an engaging discussion about important recent trends involving state supervision as states shift an ever greater amount of...more

Evolving State Supervision: Issues Arising From State Qualification Standards and "SAFE" Act Licensing, and Coordination with the...

In This Presentation: - Events That Changed Our World; And Yours Too! - Current Issues in Licensing - State Coordination With CFPB - The Path to Coordination - Responsibilities of the...more

OCC Revises Process for Managing Matters Requiring Attention

The Office of the Comptroller of the Currency (OCC) on October 30 published revised policy and procedures for how it manages Matters Requiring Attention (MRAs) resulting from its examination of supervised institutions. MRAs...more

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

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

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