Josh Burlingham on Securities and Exchange Commission (SEC)

FinCEN Proposes Rule for SARs Sharing Pilot Program

In This Issue. The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule about the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs); FinCEN published the final...more

Agencies Launch Digital Identity Tech Sprint

In This Issue. The Federal Deposit Insurance Corporation (FDIC), the FDIC Tech Lab (FDITECH) and the Financial Crimes Enforcement Network (FinCEN) launched a digital identity Tech Sprint; FinCEN published a 60-day notice to...more

1/17/2022 / (SEC) Rule 17a-4 , Bank Secrecy Act , Banking Sector , Broker-Dealer , Comment Period , FDIC , Federal Reserve , Financial Institutions , Financial Services Industry , Financial Transactions , FinCEN , OMB , Proposed Amendments , Public Comment , Recordkeeping Requirements , Reporting Requirements , Securities and Exchange Commission (SEC) , Securities Exchange Act of 1934 , Security-Based Swaps

OCC Seeks Feedback on Principles for Climate-Related Financial Risk Management

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

SEC Proposes New Round of Money Market Fund Reforms

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

FinCEN Issues Proposed Rule for Beneficial Ownership Information Reporting Requirements

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

CFPB Issues Reminder of New Threshold for Reporting HMDA Open-End Lines of Credit Data

In This Issue. The Consumer Financial Protection Bureau (CFPB) reminded institutions of a new threshold for reporting Home Mortgage Disclosure Act data about open-end lines of credit; the Financial Crimes Enforcement Network...more

11/22/2021 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Financial Institutions , Financial Services Industry , FinCEN , HMDA , Investment Adviser , Mortgage Lenders , Mortgages , Open-Ended Lines of Credit , Ransomware , Reporting Requirements , Risk Alert , Robo-Advisors , Securities and Exchange Commission (SEC) , Threshold Requirements

CFPB Issues Interpretive Rule on FCRA Consumer Information Matching Requirements

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

SEC Publishes Observations From its Registered Investment Company Initiatives

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)

Treasury Department’s FSOC Acknowledges Climate Change as Threat to Financial Stability

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

CFPB Releases New Compliance Aid

In This Issue. The Consumer Financial Protection Bureau (CFPB) released a new Compliance Aid; the U.S. Securities and Exchange Commission (SEC) proposed amendments to Form N-PX with the goal of making it easier and more...more

CFPB Withdraws Proposal to Delay Debt Collection Final Rules

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

Tenth Circuit Upholds District Court’s Ruling Finding No Breach of Fiduciary Duties in Section 36(b) Case

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

FHFA Eliminates Adverse Market Refinance Fee

In This Issue. The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will no longer charge lenders the Adverse Market Refinance Fee; the Federal Deposit Insurance Corporation (FDIC) is seeking...more

House Votes to Repeal OCC True Lender Rule

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

7/28/2021 / AML/CFT , Annual Reports , Anti-Money Laundering , Arkansas Teacher Retirement System v Goldman Sachs Group , Bank Secrecy Act , Banking Sector , Basic v Levinson , Borrowers , BSA/AML , Burden of Persuasion , Burden of Proof , Certiorari , Class Action , Class Certification , Community Development , Community Reinvestment Act , Conflicts of Interest , Congressional Review Act , Consumer Financial Protection Bureau (CFPB) , Coronavirus/COVID-19 , Distressed Properties , FDIC , Federal Reserve , Final Rules , Financial Regulatory Agencies , Financial Services Industry , FinCEN , Forbearance Agreements , Foreclosure , Goldman Sachs , Investors , Lenders , Loss Mitigation , Mortgage Lenders , Mortgage Servicers , Mortgages , No-Action Letters , OCC , Presumption of Reliance , Regulation X , Repeal , Rulemaking Process , SCOTUS , Securities and Exchange Commission (SEC) , Securities Exchange Act , Securities Litigation , Shareholders , True Lender , Underserved Locations

SEC Announces Annual Regulatory Agenda

In This Issue. Several federal financial regulatory agencies updated their Spring 2021 regulatory agendas; the Consumer Financial Protection Bureau (CFPB) announced its intention to restart Military Lending Act examinations;...more

7/27/2021 / Banking Sector , Consumer Financial Protection Bureau (CFPB) , Depository Institutions , FDIC , Financial Regulatory Agencies , Financial Services Industry , Lenders , Military Lending Act , Phishing Scams , Policy Statement , Proposed Rules , Regulatory Agenda , Rulemaking Process , Securities and Exchange Commission (SEC) , Wire Fraud

Supreme Court Decision Empowers President Biden to Replace Director of FHFA

In This Issue. In a move that gives him the opportunity to put his stamp on housing policy and the potential overhaul of Fannie Mae and Freddie Mac, President Biden replaced the Director of the Federal Housing Finance Agency...more

SEC Division of Investment Management Ends Certain COVID-19 Relief

In This Issue. The Securities and Exchange Commission’s (SEC) Division of Investment Management provided notice that it would terminate or withdraw certain temporary relief provided in response to the COVID-19 pandemic; the...more

5/3/2021 / Centers for Disease Control and Prevention (CDC) , Consumer Financial Protection Bureau (CFPB) , Coronavirus/COVID-19 , Current Expected Credit Losses (CECL) , Debt Collection , Debtors , Division of Investment Management , Eviction , Interim Final Rules (IFR) , Moratorium , OCC , Paycheck Protection Program (PPP) , Relief Measures , SBA , Securities and Exchange Commission (SEC) , Small Business , Tenants , Written Notice

SEC Raises Concerns About Misleading ESG Practices, Highlights Potential Violations

In This Issue. The U.S. Securities and Exchange Commission (SEC) Division of Examinations issued a Risk Alert raising concerns about misleading Environmental, Social, and Governance (ESG) disclosures by investment firms; the...more

4/20/2021 / Advertising , Anti-Money Laundering , Bank Secrecy Act , Banking Sector , BSA/AML , Comment Period , Environmental Social & Governance (ESG) , Fannie Mae , FDIC , Federal Reserve , Freddie Mac , Notice of Proposed Rulemaking (NOPR) , Public Comment , Reporting Requirements , Risk Alert , Risk Management , Securities and Exchange Commission (SEC) , Supervisory Guidance

Treasury Rolls Out Emergency Capital Investment Program

In this Issue. The U.S. Department of the Treasury announced that it was opening the application process for the Emergency Capital Investment Program, a new program designed to provide long-term, low-cost equity and...more

Biden Administration Issues Regulatory Freeze On New Agency Rules

In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more

1/29/2021 / Anti-Money Laundering , Appeals , Banking Sector , Biden Administration , Borrowers , Carried Interest , Comment Period , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Cryptocurrency , Debt Relief , Debtors , Digital Assets , Enforcement Actions , Fair Access to Credit , FDIC , Fees , Final Report , Final Rules , Financial Regulatory Agencies , Financial Services Industry , FinCEN , Internal Revenue Code (IRC) , Lenders , Misrepresentation , Mortgage Lenders , New Rules , OCC , Popular , Public Comment , Regulatory Freeze , Ripple , Securities and Exchange Commission (SEC) , Securities Violations , Settlement Agreements , Student Loans , Supervisory Guidance , Suspicious Activity Reports (SARs) , Unlawful Practices , Unregistered Securities , Virtual Currency

SEC Finalizes Reforms Under Investment Advisers Act

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

1/7/2021 / Advisory Opinions , Appeals , Banking Sector , Broker-Dealer , Cash Solicitation Rule , Community Reinvestment Act , Consent Order , Consumer Financial Protection Bureau (CFPB) , Cryptocurrency , Digital Assets , Enforcement Actions , Fair Credit Reporting Act (FCRA) , FDIC , Federal Reserve , Financial Institutions , Financial Services Industry , FinCEN , Interim Final Rules (IFR) , Interpretive Letters , Investment Adviser , Lenders , OCC , OCIE , Paycheck Protection Program (PPP) , Popular , Preemption , Proposed Rules , Recordkeeping Requirements , Regulation Z , Relief Measures , Reporting Requirements , Risk Alert , Safe Harbors , SAR , SEC Advertising Rule , Securities and Exchange Commission (SEC) , Securities Litigation , Securities Violations , Special Purpose Entities

FDIC Finalizes Brokered Deposits and ILC Rules Ahead of the Holidays

In this Issue. The Federal Deposit Insurance Corporation (FDIC) was busy this week, finalizing rules that modernize brokered deposits regulations, establish new standards for parent companies of industrial loan companies and...more

12/17/2020 / §314(b) , Banking Sector , Branch Offices , Brokered Deposits , Brokers , Comment Period , Consumer Financial Protection Act (CFPA) , Consumer Financial Protection Bureau (CFPB) , Consumer Loan Companies , Cyber Incident Reporting , Cybersecurity , Debt Collection , Disclosure Requirements , Environmental Policies , Fair Credit Reporting Act (FCRA) , FDCPA , FDIC , Federal Bank Regulatory Agencies , Federal Reserve , Final Rules , Financial Reporting , Financial Services Industry , Historic Preservation , Information Sharing , Investment Adviser , Investment Management , Investors , MD&A Statements , NEPA , NHPA , Notice of Proposed Rulemaking (NOPR) , OCC , Paycheck Protection Program (PPP) , Proposed Rules , Public Comment , Qualified Mortgage Rule , Registered Funds , SBA , Securities and Exchange Commission (SEC) , Securities Litigation , Securities Regulation , Suspicious Activity Reports (SARs)

OCC Proposes Rules for CRA Benchmarks and Fair Access

In the News. The Office of the Comptroller of the Currency (OCC) issued a long-awaited rule seeking comment on its proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail...more

11/30/2020 / Bank Secrecy Act , Banking Sector , Benchmarks , Charitable Organizations , Comment Period , Community Reinvestment Act , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Coronavirus/COVID-19 , Debt Buyers , Debt Collection , Derivatives , Disclosure Requirements , Document Retention Policies , Due Diligence , Fannie Mae , FDIC , FHFA , Final Rules , Financial Adviser , Financial Services Industry , Freddie Mac , Interim Final Rules (IFR) , Investment Adviser , Lenders , MD&A Statements , Mutual Funds , Nonprofits , Notice of Proposed Rulemaking (NOPR) , OCC , OCIE , Private Investment Funds , Proposed Rules , Public Comment , Registration Statement , Regulation M , Regulation S-K , Regulation S-T , Regulation Z , Regulatory Requirements , Relief Measures , Reporting Requirements , Risk Alert , Securities and Exchange Commission (SEC) , Securities Exchange Act , Student Loans , Supervisory Guidance

ISS Publishes 2021 Proxy Voting Guidelines

In the News. Institutional Shareholder Services (ISS) published its proxy voting guidelines updates for 2021, which include new and updated voting recommendations on federal forum and exclusive forum provisions in companies’...more

11/19/2020 / Affordable Housing , Amended Regulation , Banking Sector , Board of Directors , Borrowers , Consent Order , Consumer Financial Products , Consumer Financial Protection Act (CFPA) , Consumer Financial Protection Bureau (CFPB) , Coronavirus/COVID-19 , Corporate Governance , Debt Collection , Department of Labor (DOL) , Diversity , E-Signatures , EDGAR , Employee Retirement Income Security Act (ERISA) , Enforcement Actions , Exclusive Forum , Fair Credit Reporting Act (FCRA) , Fannie Mae , FHFA , Fiduciary Duty , Final Rules , Financial Services Industry , Freddie Mac , Institutional Shareholder Services (ISS) , Interpretive Letters , Investment Management , Lenders , Loan Origination Funds , MNPI , Mortgages , Multi-Family Housing , No-Action Letters , Non-Public Information , OCC , Proxy Voting , Publicly-Traded Companies , Securities and Exchange Commission (SEC)

SEC Adopts Broad Exempt Offering Reforms

In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more

11/5/2020 / Banking Sector , Capital Formation , Climate Change , Confidential Information , Consent Order , Consumer Financial Products , Consumer Financial Protection Act (CFPA) , Consumer Financial Protection Bureau (CFPB) , Debt Collection , Department of Financial Services , Department of Labor (DOL) , Derivatives , Disclosure Requirements , Employee Retirement Income Security Act (ERISA) , Environmental Social & Governance (ESG) , FDCPA , FDIC , Federal Reserve , Fiduciary , Fiduciary Duty , Final Rules , Financial Institutions , Financial Records , Financial Regulatory Agencies , Financial Regulatory Reform , Financial Services Industry , Initial Public Offering (IPO) , Investment Companies , Investment Funds , Investment Opportunities , Investors , Lenders , Main Street Lending Programs , Notice of Proposed Rulemaking (NOPR) , OCC , Offerings , Proposed Rules , Public Comment , Registered Funds , Risk Management , Securities and Exchange Commission (SEC) , Small Business , Small Business Loans , UDAAP

Josh Burlingham

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