News & Analysis as of

Top 10 Financial Institution Considerations for 2016: #5 – Marketplace Lending

In our initial article announcing our top 10 considerations for financial institutions in 2016, our fifth consideration was marketplace lending. Just as the U.S. government and banking agencies have focused efforts to...more

Financial Services Report, Spring 2016

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper...more

FDIC Dips Its Toes Into Marketplace Lending

Why it matters - In the Winter 2015 edition of the Federal Deposit Insurance Corporation's (FDIC) Supervisory Insights, the agency provided an overview of the marketplace lending model, "a small but growing component of...more

Top 5 Legal Considerations for FinTech Advertising

The growth and expansion of FinTech service providers nationally and internationally over the last five years is reshaping the financial landscape. This evolution includes differentiation in how financial products are...more

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Dodd-Frank at 4: Where do we go from here?

Where do we go from here? As we mark another milestone in regulatory reform with the fourth anniversary of the enactment of the Dodd-Frank Act, it strikes us that although most studies required to be undertaken by the Act...more

FDIC Revises Examination Procedures To Incorporate TILA/RESPA Integrated Disclosures

The FDIC has revised its interagency examination procedures to reflect the requirements of the TILA/RESPA integrated disclosures (TRID) rule. The CFPB has issued a proposal to postpone the TRID rule’s effective date from...more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Regulators Release Guidance on Private Student Loans With Graduated Repayment Terms at Origination

On January 29, the federal financial regulatory agencies, in partnership with the State Liaison Committee of the Federal Financial Institutions Examination Council, issued guidance for financial institutions on private...more

Remedies Against Receiver Must Be Exhausted Before Claim Against Assignee

The U.S. Court of Appeals for the Ninth Circuit affirmed the dismissal of claims brought by singer-songwriter Todd Rundgren and his wife Michelle Rundgren against JPMorgan Chase Bank, N.A. (Chase). Since the Rundgrens’ claims...more

Financial Services Report, Summer 2014

In This Issue: - Beltway Report - Bureau Report - Mobile Payments - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy Report - Arbitration Report - TCPA...more

Banking Agencies Publish Supplemental Final Rules on Dodd-Frank Requirements for Appraisals for Higher-Risk Mortgage Loans

On Thursday, December 26, 2013, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, National Credit Union Administration, Bureau of Consumer Financial Protection (the “Bureau”),...more

FFEIC Releases Guidance on Applicability of Consumer Protection Laws to Social Media

The Federal Financial Institutions Examination Council, which is comprised of the OCC, FRB, FDIC, NCUA, CFPB, and a state liaison committee, issued guidance addressing the applicability of federal consumer protection laws to...more

Social Media: Consumer Compliance Risk Management Guidance

On December 11, 2013, the Federal Financial Institutions Examination Council (FFIEC) released final guidance (“Guidance”) on the applicability of consumer protection and compliance laws, regulations, and policies to...more

Federal Banking Agencies Finalize Guidance on Deposit Advance Products

In conjunction with the FDIC, the OCC, finalized guidance highlighting supervisory concerns and expectations for deposit advance products. The guidance largely mirrors the proposal the agencies published in April 2013. In...more

Federal Regulators Issue Proposal to Revise Qualified Residential Mortgage Rule

Collectively, the FDIC, the OCC, FRB, SEC, FHFA, and HUD issued a second proposal Notice of Proposed Rulemaking to implement the risk retention requirements of the Dodd-Frank Act. Section 941 of the Dodd-Frank Act amended...more

Dodd-Frank News: July 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..Dodd-Frank Act Amendments to RESPA ..Amendments to Preemption Standards ..Whistleblower Protection ..SEC Final Rule Pursuant to Dodd-Frank Act Vacated ...more

Elizabeth Warren and Bill Nelson support OCC and FDIC on deposit advances

A friend brought to my attention a two-page comment letter from Senators Elizabeth Warren and Bill Nelson, commenting on the OCC’s proposed deposit advance guidance, the subject of a prior blog....more

Agencies Issue Final Rule on Appraisals for Higher-Priced Mortgage Loans

On January 18, six federal financial regulatory agencies (the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance...more

Agencies Adopt Final Appraisal Rule for Higher-Priced Mortgage Loans

Today, the federal financial institution agencies (the FDIC, Fed, OCC, and NCUA), the CFPB, and the Federal Housing Finance Agency adopted a joint final rule to implement Dodd-Frank appraisal requirements for higher-priced...more

Financial Services Report -- Winter 2012

In This Issue: Bureau Report; Operations Report; Beltway Report; Arbitration Report; Mortgage Report; Privacy Report; Preemption Report; and Plastics Report. Excerpt from the Bureau Report: World’s Most...more

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