On September 15, 2023, the CFPB issued an outline of its proposal to promulgate a rule under the Fair Credit Reporting Act (“FCRA”) which would regulate the consumer data collection and selling activities of data brokers. The...more
The Consumer Financial Protection Bureau (“CFPB”) has issued a warning to financial institutions regarding the reopening of deposit accounts that had been closed by consumers. In Circular 2023-02 (the “Circular”), the CFPB...more
The Federal Deposit Insurance Corporation (“FDIC”) recently entered into a consent order with Cross River Bank (“CRB”) addressing what the FDIC considered to be unsafe and unsound banking practices associated with CRB’s fair...more
On Sunday, March 12, 2023, the Federal Reserve Board (“FRB”) announced the creation of the Bank Term Funding Program (“BTFP”). The program will offer loans of up to one year in length to banks, savings associations, credit...more
The Office of the Comptroller of the Currency (OCC) has proposed a rule that would implement section 206 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), which requires the OCC to issue...more
On June 28, the Securities and Exchange Commission (SEC) adopted amendments to the definition of “smaller reporting company” (SRC) to increase the number of companies eligible to comply with certain scaled disclosure...more