A recent action by the Office of the Comptroller of the Currency (OCC) highlights how banks need to ensure that they have robust compliance programs for managing risks posed by their banking as a service (BaaS)...more
As we pass the halfway mark of 2022, it's a good time to reflect on what has happened, or not happened, with respect to the legal framework for the provision of financial services to marijuana-related businesses...more
8/4/2022
/ Banking Sector ,
Best Practices ,
BSA/AML ,
Cole Memorandum ,
Compliance ,
Controlled Substances Act ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Marijuana ,
Marijuana Related Businesses ,
NCUA ,
Regulatory Agencies ,
Risk Management
In 1970, Congress passed the Currency and Foreign Transactions Reporting Act, commonly known as the “Bank Secrecy Act” (BSA). The BSA is often referred to as an “anti-money laundering” (AML) law or jointly as “BSA/AML.” The...more
7/27/2022
/ AML/CFT ,
Anti-Money Laundering ,
Artificial Intelligence ,
Bank Secrecy Act ,
BSA/AML ,
Cryptocurrency ,
Enforcement ,
Financial Institutions ,
FinCEN ,
Machine Learning ,
Money Laundering ,
Patriot Act ,
Risk Management
Todays Discussion -
..CFPB and Regulator Leadership Set the Agenda.
..What is AI, Machine Learning, and Alternative Data?
..Key Areas of Regulatory Risk.
..Fair Lending.
..Marketing / Lead...more
The California Office of Administrative Law (OAL) has approved the California Department of Financial Protection and Innovation's (DFPI) final regulations, which require providers of commercial financing, including nonbank...more
Anti-discrimination law applies to companies with black-box credit models using complex algorithms, according to a circular issued by the Consumer Financial Protection Bureau (CFPB) on May 26, 2022. According to the CFPB, the...more
6/16/2022
/ Adverse Action ,
Algorithms ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
ECOA ,
Emerging Technologies ,
Fair Lending ,
Financial Services Industry ,
Machine Learning ,
UDAAP ,
Whistleblowers
The Consumer Finance Protection Bureau ("CFPB") announced that it will examine nonbank financial companies that pose risks to consumers, using statutory authority that until now had gone unused. Additional examinations would...more
The Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin regarding potentially illegal practices related to consumer reviews. The bulletin seeks to promote reviews about financial products and services...more
The Small Business Administration (SBA) is auditing Paycheck Protection Program (PPP) loan forgiveness applications for both First Draw and Second Draw PPP loans, including for nonprofit organizations that received loans. As...more
This alert provides an overview of the general licenses and FAQs issued by the Office of Foreign Assets Control (OFAC) through March 4, 2022, and the expansion of the Specially Designated Nationals List on March 3, 2022....more
This alert provides an overview of U.S. sanctions imposed against Russia in response to its invasion of Ukraine up to and including the issuance of Directive 4 and General License 8A on Monday morning, February 28, 2022, and...more
This client alert summarizes the sanctions imposed by the U.S. Treasury on February 22, 2022, targeting Russia's financial services sector following Russia's recognition of the Donetsk and Luhansk People's Republics (DNR and...more
2/24/2022
/ Biden Administration ,
Blocked Entities ,
Blocked Person ,
Economic Sanctions ,
Executive Orders ,
General Licenses ,
Prohibited Transactions ,
Russia ,
SDN List ,
Sovereign Debt ,
U.S. Treasury ,
Ukraine
The explosion in Buy-Now-Pay-Later (BNPL) has caught the eyes of lawmakers and regulators, who are taking a closer look at this booming industry.
BNPL payment offers allow consumers to purchase goods or services now and...more
Buy-Now-Pay-Later (BNPL) products are taking center stage as a popular way for consumers to purchase goods or services now and pay for them over time through a short series of installments, often interest-free. Industry...more
1/28/2022
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
FinTech ,
Military Lending Act ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Retailers ,
Truth in Lending Act (TILA) ,
UDAAP