In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more
10/29/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Amended Rules ,
Bank Secrecy Act ,
Banking Sector ,
CFTC ,
Community Development Financial Institution (CDFI) ,
Comptroller ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Depository Institutions ,
Derivatives ,
FDCPA ,
FDIC ,
Federal Reserve ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Records ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Forbearance Agreements ,
Insured Depository Institutions ,
Inter-Bank Offered Rates (IBORs) ,
Investors ,
ISDA ,
Military Service Members ,
Mortgages ,
OCC ,
Private Investment Funds ,
Proposed Rules ,
Proxy Statements ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Travel Rule ,
True Lender ,
Truth in Lending Act (TILA)
In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more
10/22/2020
/ Asset Management ,
Auditor Independence ,
Audits ,
Bank Holding Company ,
Banking Sector ,
Brokers ,
Capital Rules ,
Civil Monetary Penalty ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Depository Institutions ,
Enforcement Actions ,
Executive Orders ,
Exemptions ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Stimulus ,
FinCEN ,
Finders ,
Fund of Funds ,
Gifts ,
GSE ,
Insurance Fraud ,
Interim Final Rules (IFR) ,
Investment Company Act of 1940 ,
Liquidity ,
Marketing Services Agreements ,
Net Stable Funding Ratio (NSFR) ,
OCC ,
Promotional Items ,
Regulation S-X ,
Regulation X ,
Relief Measures ,
Reporting Requirements ,
RESPA ,
Robocalling ,
Rule 12d1-4 ,
Section 8 ,
Securities and Exchange Commission (SEC) ,
TCPA ,
TLAC ,
Trump Administration ,
UDAAP ,
Unemployment Insurance ,
Unfair or Deceptive Trade Practices
SEC Charges Trust Company with Operating Unregistered Investment Companies and Failing to Register Securities Offerings. On September 30, the Securities and Exchange Commission (SEC) announced it had settled charges with...more
10/8/2020
/ Banking Regulators ,
Banking Sector ,
Borrowers ,
Capital Requirements ,
Change of Ownership ,
Class Action ,
Community Reinvestment Act ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Current Expected Credit Losses (CECL) ,
Dividends ,
Enforcement Actions ,
Federal Reserve ,
Final Rules ,
Financial Instruments ,
Financial Services Industry ,
Incentive Awards ,
Investment Adviser ,
Investment Companies ,
Investors ,
Mergers ,
New Guidance ,
New Rules ,
NYSE ,
OCC ,
Paycheck Protection Program (PPP) ,
Public Comment ,
Relief Measures ,
Risk Management ,
SBA ,
Securities and Exchange Commission (SEC) ,
Shareholder Approval ,
Shareholders ,
Small Banks ,
Small Business ,
Stock Repurchases ,
Stress Tests ,
Supervision ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Trust Funds ,
Truth in Lending Act (TILA) ,
Unregistered Securities
In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more
9/24/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Anti-Money Laundering ,
Bank Holding Company Act ,
Bank Secrecy Act ,
Banking Sector ,
Blockchain ,
Borrowers ,
CD&I ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
CSBS ,
Cyber Attacks ,
Debt Collection ,
Debtors ,
Depository Institutions ,
Digital Assets ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Governor Newsom ,
Hackers ,
Interpretive Letters ,
Lenders ,
Main Street Lending Programs ,
Money Transmitter ,
New Legislation ,
OCC ,
OCIE ,
Payment Processors ,
Proposed Rules ,
Public Comment ,
Regulation S-K ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Stablecoins ,
Stress Tests ,
Underwriting
In This Issue. The Securities and Exchange Commission (SEC) finalized amendments to its proxy solicitation rules that will modify the practices of proxy advisory firms, providing them with greater transparency and...more
8/3/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Alternative Reference Rates Committee (ARRC) ,
Banking Sector ,
Banks ,
Borrowers ,
Broker-Dealer ,
CFTC ,
Confidential Supervisory Information ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Discrimination ,
Criminal Records ,
Cross-Border ,
Cryptocurrency ,
Disclosure Requirements ,
Dodd-Frank ,
Emergency Lending ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Records ,
Financial Services Industry ,
FinTech ,
FOIA ,
Form CRS ,
Freedom of Information ,
Lenders ,
Liquidation ,
Loan Applications ,
Loan Forgiveness ,
OCC ,
Paycheck Protection Program (PPP) ,
Proxy Advisory Firms ,
Proxy Season ,
Proxy Solicitations ,
Proxy Voting ,
SBA ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Swaps ,
Virtual Currency
In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more
7/16/2020
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Cybersecurity ,
FDIC ,
Federal Reserve ,
FFIEC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Form 13F ,
Investment Company Act of 1940 ,
Investment Management ,
Joint Statements ,
Libor ,
Mortgage Escrow Account ,
New Guidance ,
OCC ,
OCIE ,
Paycheck Protection Program (PPP) ,
Phishing Scams ,
Popular ,
Proposed Rules ,
Ransomware ,
Reporting Requirements ,
Risk Alert ,
Risk Management ,
Rulemaking Process ,
SBA ,
Securities and Exchange Commission (SEC) ,
Small Dollar Lenders
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more
6/26/2020
/ Advisory Opinions ,
Antitrust Division ,
Banking Sector ,
Board Meetings ,
Borrowers ,
Broker-Dealer ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Unions ,
CSBS ,
Debt Relief ,
Deposit Insurance ,
Disgorgement ,
Enforcement Actions ,
Eviction ,
Exemptions ,
FDIC ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Homeowners ,
Interim Final Rules (IFR) ,
Interpretive Rule ,
Investment Adviser ,
Joint Statements ,
Lenders ,
Libor ,
Liu v Securities and Exchange Commission ,
Loss Mitigation ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Mortgages ,
Municipal Advisers ,
Notice of Proposed Rulemaking (NOPR) ,
OCIE ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Lending Facility (PPPLF) ,
Pilot Programs ,
Presidential Nominations ,
Registered Investment Advisors ,
Regulatory Requirements ,
Relief Measures ,
Risk Alert ,
SBA ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Term Asset-Backed Securities Loan Facility (TALF) ,
U.S. Treasury ,
Virtual Meetings
In This Issue. The Office of the Comptroller of the Currency (OCC) released an advanced notice of proposed rulemaking seeking comments on several issues related to digital technology and innovation, as well as proposed...more
6/12/2020
/ Acquisitions ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Amended Rules ,
Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
E-Signatures ,
Enforcement Actions ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Reporting ,
Financial Services Industry ,
Innovation ,
Libor ,
Main Street Lending Programs ,
OCC ,
Paycheck Protection Program Flexibility Act of 2020 (PPPFA) ,
Payday Loans ,
Public Comment ,
Restraining Orders ,
Securities and Exchange Commission (SEC) ,
Term Asset-Backed Securities Loan Facility (TALF)
In This Issue. The Office of the Comptroller of the Currency (OCC) finalized its “Madden fix,” establishing a rule that codifies the “valid when made” principle for nationally chartered banks; the Securities and Exchange...more
6/4/2020
/ Borrowers ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Labor (DOL) ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FHFA ,
Financial Services Industry ,
Interim Final Rules (IFR) ,
Investment Company Act of 1940 ,
Lenders ,
Loan Forgiveness ,
Madden v Midland Funding ,
Main Street Lending Programs ,
National Bank Act ,
No-Action Letters ,
OCC ,
Paycheck Protection Program (PPP) ,
SBA ,
Securities and Exchange Commission (SEC) ,
Term Asset-Backed Securities Loan Facility (TALF)
In This Issue. The Office of the Comptroller of the Currency (OCC) finalized a rule to strengthen and modernize regulations under the Community Reinvestment Act; the Securities and Exchange Commission (SEC) voted to adopt...more
5/21/2020
/ Amended Rules ,
Banking Sector ,
Broker-Dealer ,
CARES Act ,
Comment Period ,
Community Reinvestment Act ,
Consolidated Audit Trail ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
CSBS ,
Enforcement Actions ,
False Claims Act (FCA) ,
FCC ,
Federal Reserve ,
FHFA ,
Filing Deadlines ,
Financial Services Industry ,
Forbearance Agreements ,
Form CRS ,
Homeowners ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Loan Forgiveness ,
Mortgages ,
National Market System (NMS) ,
New Rules ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Paycheck Protection Program (PPP) ,
Public Comment ,
Qui Tam ,
Regulation Best Interest ,
Regulation D ,
Relief Measures ,
Robocalling ,
SBA ,
Securities and Exchange Commission (SEC) ,
Time-Barred Debt ,
Transparency
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to non-bank lenders and expanded the collateral eligible to...more
5/7/2020
/ Banking Regulators ,
Banking Sector ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Lenders ,
Liquidity Coverage Ratio ,
Loan Forgiveness ,
Main Street Lending Programs ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Mortgage Lenders ,
Mortgages ,
Nasdaq ,
New Guidance ,
Non-Bank Lenders ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Lending Facility (PPPL Facility) ,
Price Gouging ,
Risk Management ,
SBA ,
Securities and Exchange Commission (SEC) ,
Shareholder Approval
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more
4/30/2020
/ Banking Sector ,
Best Practices ,
Board of Directors ,
Borrowers ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Contact Tracing ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Enforcement Actions ,
Eviction ,
Fair Access to Credit ,
Fair Lending ,
Fair Valuation ,
Federal Reserve ,
FHFA ,
FHLB ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Government Investigations ,
Investment Companies ,
Investment Company Act of 1940 ,
Lenders ,
Mortgage Servicers ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Proposed Rules ,
SBA ,
Securities and Exchange Commission (SEC) ,
Small Business ,
Small Business Loans
Priming the Pump. As the COVID-19 outbreak continues, the Board of Governors of the Federal Reserve System (Federal Reserve), consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), took additional...more
4/16/2020
/ Banking Sector ,
Business Development Companies ,
Capital Rules ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Loans ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Financial Stimulus ,
Interim Final Rules (IFR) ,
Investment Management ,
Main Street Lending Programs ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Proxy Materials ,
Real Estate Transactions ,
Relief Measures ,
Remittance Transfer Rule ,
SBA ,
Securities and Exchange Commission (SEC) ,
Small Business ,
State and Local Government ,
U.S. Treasury
Paycheck Protection Problems. In last week’s Roundup, we discussed the initial guidance issued by the U.S. Department of the Treasury (Treasury) and the Small Business Administration (SBA) on the implementation of the...more
4/10/2020
/ Banking Sector ,
Broker-Dealer ,
CARES Act ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Loans ,
Federal Reserve ,
Financial Services Industry ,
Financial Stimulus ,
Form CRS ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Investment Management ,
Lenders ,
OCIE ,
Paycheck Protection Program (PPP) ,
Regulation Best Interest ,
Regulatory Requirements ,
Relief Measures ,
Risk Alert ,
SBA ,
SBA Lending Programs ,
Securities and Exchange Commission (SEC) ,
Small Business ,
U.S. Treasury
In This Issue. In response to the ongoing global outbreak of the coronavirus (COVID-19), federal financial regulators continue to take aggressive actions to promote stability to the financial markets. The Board of Governors...more
3/27/2020
/ Banking Sector ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Investment Companies ,
Investment Management ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC)
In This Issue. The Consumer Financial Protection Bureau (CFPB) released a policy statement outlining framework that the CFPB will immediately begin to apply in matters of supervision and enforcement regarding the “abusive”...more
1/31/2020
/ Abusive Acts ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Digital Currency ,
FDIC ,
FIRRMA ,
Foreign Investment ,
ISDA ,
Libor ,
MD&A Statements ,
OCC ,
OCIE ,
Securities and Exchange Commission (SEC) ,
UK
In This Issue. The Securities and Exchange Commission (SEC) proposed a rule that would permit funds to enter into derivative and certain other transactions, notwithstanding leverage restrictions under the Investment Company...more
In This Issue. The Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), in response to the Second Circuit’s 2015 decision in Madden v. Midland Funding, LLC, each proposed a rule to...more
11/22/2019
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Investment Adviser ,
Madden v Midland Funding ,
Mortgages ,
OCC ,
Popular ,
Proxy Voting Guidelines ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Shareholders
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve Board) approved its long-awaited framework for tailoring enhanced prudential standards for firms with $100 billion or more in assets; the...more