As banking and technology become more integrated, banks are increasingly partnering with fintechs to expand their customer offerings. The rapid rise of these partnerships has generated questions for both banks and fintechs on...more
7/17/2024
/ Banking Regulators ,
Banks ,
Community Banks ,
Compliance ,
Coronavirus/COVID-19 ,
FDIC ,
Federal Reserve ,
FinTech ,
OCC ,
Partnerships ,
Regulatory Requirements ,
Risk Management
Regulatory Developments -
FDIC Refines Supervisory Strategy Concerning Multiple Re-Presentment NSF Fees Guidance -
On June 16, the FDIC revised its Supervisory Guidance on Multiple Re-Presentment Non-Sufficient Funds...more
6/30/2023
/ Asset Management ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Cybersecurity ,
DIDMCA ,
FDIC ,
Fees ,
FinTech ,
Insufficient Funds ,
Military Service Members ,
Mobile Apps ,
OCC ,
Overdraft Fees ,
Supervisory Guidance
Regulatory Developments Federal Agencies Propose Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations. On June 8, the CFPB, FDIC, Federal Reserve, NCUA, and OCC requested public comment on...more
6/26/2023
/ Coinbase ,
Consumer Financial Protection Bureau (CFPB) ,
Data Brokers ,
FDIC ,
Federal Reserve ,
Investment Adviser ,
Marketing ,
NCUA ,
OCC ,
Property Valuation ,
Proposed Guidance ,
Real Estate Transactions ,
Residential Real Estate Contracts ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs) ,
Valuation
Agencies Issue Final Guidance on Third-Party Risk Management -
On June 6, the Federal Reserve, FDIC, and OCC issued final joint guidance (the Guidance) pertaining to banking organizations’ risk management of third-party...more
6/12/2023
/ Algorithms ,
Artificial Intelligence ,
Automation Systems ,
Banking Sector ,
Bots ,
Capital Formation ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinTech ,
Liquidity ,
OCC ,
Policies and Procedures ,
Private Investment Funds ,
Proposed Rules ,
Publicly-Traded Companies ,
Risk Management ,
Swap Dealers ,
Swaps ,
Third-Party Relationships ,
Third-Party Risk
Regulatory Developments -
Overdraft Protection Programs: Risk Management Practices -
On April 26, the OCC issued guidance in OCC Bulletin 2013-12, “Overdraft Protection Programs: Risk Management Practices,” to...more
5/1/2023
/ Banking Sector ,
Banks ,
Broker-Dealer ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Duty of Care ,
ECOA ,
Enforcement Actions ,
FDIC ,
Financial Services Industry ,
FSOC ,
FTC Act ,
Investment Adviser ,
New Guidance ,
OCC ,
Overdraft Fees ,
Redlining ,
Regulation BI ,
Risk Management ,
Section 5 ,
Unfair or Deceptive Trade Practices
Regulatory Developments -
Agencies Issue Joint Statement on Liquidity Risks Resulting from Crypto-Asset Market Vulnerabilities -
On February 23, the Federal Reserve, FDIC and OCC (the Agencies) issued a “Joint...more
3/3/2023
/ Adjudicatory Process ,
Change in Control ,
Construction Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Cryptoassets ,
Disclosure Requirements ,
FDIC ,
Financial Regulatory Agencies ,
Financial Stability Board ,
Liquidity ,
OCC ,
Risk Assessment ,
Risk Management
Regulatory Developments -
Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial Risks -
On December 2, the Federal Reserve announced that it...more
12/12/2022
/ Broker-Dealer ,
Climate Change ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Initial Public Offering (IPO) ,
Investment Adviser ,
Military Service Members ,
Nasdaq ,
NYSE ,
OCC ,
Payment Systems ,
Preemption ,
Proposed Regulation ,
Public Comment ,
Pump and Dump ,
Regulation S-ID ,
Risk Management ,
SCRA ,
Truth in Lending Act (TILA)
Regulatory Developments -
CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies -
On November 22, the DOL announced a final rule under the Employee Retirement Income Security Act (ERISA) to...more
12/2/2022
/ Coronavirus/COVID-19 ,
Credit Reporting Agencies ,
Credit Reports ,
Cryptoassets ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
OCC ,
Retirement Plan
Regulatory Developments -
OCC Solicits Research on Implications of Financial Technology for Banking -
On July 25, the OCC is seeking academic and policy-focused research on the impact that fintech and non-bank...more
7/29/2022
/ Accounting Standards ,
Banking Sector ,
CFTC ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Debt Collection ,
FASB ,
FDIC ,
Financial Services Industry ,
FinTech ,
Guidance Update ,
Insider Trading ,
NPRM ,
OCC ,
Public Comment ,
Request For Information ,
Risk Assessment ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
OCC Acting Comptroller Issues Statement on Standards for Stablecoins -
On April 27, Acting Comptroller of the Currency Michael J. Hsu issued a statement regarding stablecoin standards after his...more
5/6/2022
/ Banking Sector ,
Choice of Entity ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Ethics ,
Financial Industry Regulatory Authority (FINRA) ,
Material Nonpublic Information ,
OCC ,
Phishing Scams ,
Popular ,
Securities and Exchange Commission (SEC) ,
Stablecoins
In This Issue. The Consumer Financial Protection Bureau (CFPB) announced a new initiative focused on financial issues faced by rural communities and also updated its examination procedures to cover unfair discrimination; the...more
3/18/2022
/ Abusive Acts ,
Agricultural Sector ,
Annual Reports ,
Banking Sector ,
Biden Administration ,
Blockchain ,
Broker-Dealer ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Cyber Incident Reporting ,
Cybersecurity ,
Digital Assets ,
Disclosure Requirements ,
Division of Trading and Markets ,
Examination Procedures ,
Executive Orders ,
Exemptions ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Insured Depository Institutions ,
Investors ,
Manufactured Housing ,
OCC ,
Proposed Rules ,
Publicly-Traded Companies ,
Reporting Requirements ,
Risk Management ,
Risk Mitigation ,
Rural Areas ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
Suspicious Activity Reports (SARs) ,
Time Extensions ,
UDAAP ,
Unfair or Deceptive Trade Practices
In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more
3/14/2022
/ Banking Sector ,
Belarus Sanctions ,
Beneficial Owner ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Economic Sanctions ,
Executive Orders ,
FATF ,
FDIC ,
Financial Action Task Force ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Investors ,
Money Laundering ,
OCC ,
Risk Assessment ,
Risk Management ,
Russia ,
Shell Corporations ,
Terrorist Financing ,
U.S. Treasury ,
Virtual Currency
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more
3/4/2022
/ Annual Percentage Rate (APR) ,
Banking Sector ,
Bias ,
Borrowers ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Cyber Threats ,
Cybersecurity ,
Disclosure Requirements ,
Federal Reserve ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Form CRS ,
Interest Rates ,
Lenders ,
Loan Forgiveness ,
Loan Servicer ,
OCC ,
Property Valuation ,
Proposed Rules ,
Public Comment ,
Public Service Loan Forgiveness program (PSLF program) ,
Regulation Best Interest ,
Regulation SHO ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Short Sales ,
Short Selling ,
Student Loans
In This Issue. The Federal Reserve Board of Governors (Federal Reserve), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released stress test scenarios to assess...more
2/18/2022
/ Augmented Reality ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Derivatives ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Investment Firms ,
Investors ,
OCC ,
OMB ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stress Tests ,
Virtual Reality ,
Whistleblower Protection Policies ,
Whistleblowers
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more
2/11/2022
/ Appraisal ,
Banking Sector ,
Beneficial Owner ,
Borrowers ,
Comment Period ,
Community Development ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Transparency Act ,
Cyber Attacks ,
Cyber Threats ,
Cybersecurity ,
Dodd-Frank ,
Fair Lending ,
FDIC ,
Federal Reserve ,
Federal Savings Associations ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Investment Adviser ,
Investment Companies ,
Lenders ,
New Rules ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Policies and Procedures ,
Private Funds ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Risk Management ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
State Savings Associations ,
Valid When Made Doctrine
In This Issue. Acting Comptroller of the Currency Michael J. Hsu discussed the importance of regulation in the crypto space; and the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau...more
In this Issue. The Office of the Comptroller of the Currency (OCC) is seeking feedback on principles for climate-related financial risk management for large banks; the Department of Justice’s Antitrust Division is seeking...more
1/7/2022
/ Antitrust Division ,
Banking Sector ,
Banks ,
Beneficial Owner ,
Best Practices ,
Board of Governors ,
Broker-Dealer ,
Climate Change ,
Comment Period ,
Community Banks ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Depository Institutions ,
Disclosure Requirements ,
Division of Investment Management ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Foreign Corporations ,
Form CRS ,
Mergers ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Ownership Requirements ,
PCAOB ,
Proposed Rules ,
Public Comment ,
Publicly-Traded Companies ,
Registered Investment Advisors ,
Reporting Requirements ,
Repurchases ,
Retail Investors ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In This Issue. The U.S. Securities and Exchange Commission (SEC) voted to propose money market fund reforms; the SEC also proposed amendments to Rule 10b5-1 trading plans and to modernize and improve share repurchase...more
12/17/2021
/ 10b5-1 Plans ,
AML/CFT ,
Bank Secrecy Act ,
Banking Sector ,
Chief Compliance Officers ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Electronic Fund Transfer Act ,
Federal Reserve ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Insider Trading ,
Investment Company Act of 1940 ,
Investment Funds ,
Money Market Funds ,
OCC ,
Policies and Procedures ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Regulation E ,
Regulatory Agenda ,
Reporting Requirements ,
Request For Information ,
Risk Management ,
Rule 2a-7 ,
Rulemaking Process ,
SBS Entities ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Security-Based Swaps ,
Stock Repurchases ,
Swap Dealers ,
Trading Plans
In This Issue. The Financial Crimes Enforcement Network (FinCEN) announced (1) a notice of proposed rulemaking for beneficial ownership information reporting requirements and (2) a regulatory process for new real estate...more
12/10/2021
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Amended Rules ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Broker-Dealer ,
BSA/AML ,
CFTC ,
Comment Period ,
Continuing Education ,
Coronavirus/COVID-19 ,
Corporate Transparency Act ,
FDIC ,
FFIEC ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinCEN ,
Foreign Corporations ,
Libor ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Proposed Rules ,
Public Comment ,
Real Estate Transactions ,
Recordkeeping Requirements ,
Registration Requirement ,
Regulation Z ,
Reporting Requirements ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC)
In This Issue. The Consumer Financial Protection Bureau (CFPB) issued an interpretive rule on Fair Credit Report Act consumer information matching requirements; the Securities and Exchange Commission (SEC) approved the Public...more
11/12/2021
/ Banking Sector ,
Climate Change ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Information ,
Coronavirus/COVID-19 ,
Electronic Filing ,
Employer Mandates ,
Employment Policies ,
Fair Credit Reporting Act (FCRA) ,
Filing Requirements ,
Financial Services Industry ,
Foreign Corporations ,
Interpretive Rule ,
Masks ,
OCC ,
OSHA ,
PCAOB ,
Proxy Statements ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals ,
Vaccinations ,
Virus Testing ,
Workplace Safety
In this Issue. The U.S. Securities and Exchange Commission’s (SEC) Division of Examinations recently published a risk alert spotlighting observations from its “RIC Initiatives”; the Federal Financial Institutions Examination...more
11/8/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Examination Procedures ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Guidance Documents ,
Lenders ,
OCC ,
OTCBB ,
Registered Investment Companies (RICs) ,
Regulation Z ,
Risk Alert ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Truth in Lending Act (TILA)
In This Issue. The Treasury Department’s Financial Stability Oversight Council (FSOC) issued a report acknowledging climate change as threat to financial stability; Federal Reserve Governor Michelle Bowman advocates for...more
10/29/2021
/ Banking Sector ,
Climate Change ,
Community Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
ETFs ,
Federal Reserve ,
Final Rules ,
Financial Services Industry ,
FSOC ,
Mutual Funds ,
OCC ,
Payment Systems ,
Regulation Z ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
U.S. Treasury
In This Issue. Federal agencies issued a joint statement regarding an orderly transition away from the London Interbank Offered Rate (LIBOR); the Office of the Comptroller of the Currency (OCC) issued an updated...more
10/22/2021
/ Bank Secrecy Act ,
Banking Sector ,
CFTC ,
Comment Period ,
Cyber Attacks ,
Cyber Crimes ,
Cyber Threats ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Environmental Social & Governance (ESG) ,
Financial Services Industry ,
FinCEN ,
Investors ,
Joint Statements ,
Libor ,
OCC ,
Proposed Rules ,
Public Comment ,
Ransomware ,
Secured Overnight Funding Rate (SOFR) ,
Suspicious Activity Reports (SARs)
In This Issue. The Consumer Financial Protection Bureau (CFPB) withdrew its proposal to delay the Debt Collection Final Rules; the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance...more
9/17/2021
/ Banking Sector ,
Banks ,
Broker-Dealer ,
Comment Period ,
Community Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Digital Platforms ,
Due Diligence ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Services Industry ,
FinTech ,
FRB ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
OCC ,
Proposed Rules ,
Public Comment ,
Regulation F ,
Retail Investors ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Third-Party Risk
In This Issue. The federal bank regulators published frequently asked questions concerning the London Interbank Offered Rate transition; the Consumer Financial Protection Bureau (CFPB) confirmed an effective date for two...more
8/6/2021
/ Annual Meeting ,
Banking Sector ,
Breach of Duty ,
Broker-Dealer ,
Capital Rules ,
Comment Period ,
Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debtors ,
FDCPA ,
FDIC ,
Federal Reserve ,
FedNow ,
Fiduciary Duty ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Inter-Bank Offered Rates (IBORs) ,
Investment Adviser ,
Investment Company Act of 1940 ,
Investment Firms ,
Investors ,
Libor ,
OCC ,
Proposed Rules ,
Public Comment ,
Rulemaking Process ,
Section 36(b) ,
Securities and Exchange Commission (SEC)