The Federal Reserve has adopted a final rule that provides benchmark replacement rates based on SOFR (Secured Overnight Financing Rate) for contracts governed by U.S. law that reference the overnight and one-, three-, six-,...more
1/3/2023
/ Banking Sector ,
Benchmarks ,
BSA/AML ,
Compliance ,
Cryptocurrency ,
Deposit Insurance ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Interest Rates ,
Investment Funds ,
Libor ,
Secured Overnight Funding Rate (SOFR)
Headlines -
..New Federal Guidance Issued on Customer Due Diligence and Risk Management
..Fed Proposes Rule to Mandate LIBOR-Replacement Benchmark Rates in Contracts
..CFPB Clarifies Permissible Purposes for Furnishing,...more
7/29/2022
/ Benchmarks ,
Brokered Deposits ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Cryptocurrency ,
Customer Due Diligence (CDD) ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Guidance Update ,
Libor ,
Minority-Owned Businesses ,
New Guidance ,
Risk Management
Federal Banking Agencies Issue CRA Modernization Proposal The federal banking agencies have jointly issued a proposed rule that would modernize their regulations that implement the Community Reinvestment Act (the “CRA”). The...more
5/31/2022
/ Banking Sector ,
Community Development ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Cryptocurrency ,
Deposit Insurance ,
Final Rules ,
Irrevocable Trusts ,
Mobile Banking ,
Mortgage Servicers ,
New Guidance ,
OCC ,
Revocable Trusts ,
Trusts
FDIC Directs Banks to Provide Notice Before Engaging in Crypto-related Activities According to guidance recently issued by the FDIC, banks that it supervises and that intend to engage in, or are already engaged in, activities...more
4/29/2022
/ Banking Sector ,
Climate Change ,
Cryptocurrency ,
Cyber Attacks ,
Cybersecurity Information Sharing Act (CISA) ,
Enforcement Actions ,
Fannie Mae ,
FDIC ,
FHFA ,
FinTech ,
Foreclosure ,
Freddie Mac ,
FTC Act ,
Moratorium ,
Mortgage Servicers ,
Public Comment ,
Risk Management ,
Russia ,
Section 5 ,
Transaction Fees
Federal and State Financial Regulators Publish New Guidance on LIBOR Transition -
The federal banking agencies, the NCUA and the CFPB, in conjunction with the state bank and state credit union regulators, have issued joint...more
10/28/2021
/ Banking Sector ,
Biden Administration ,
CFTC ,
Commodities ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Debt Collection ,
Dividends ,
Electronic Communications ,
Enforcement Actions ,
Executive Orders ,
FDCPA ,
Federal Contractors ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Libor ,
Ransomware ,
Regulation F ,
Stablecoins ,
Suspicious Activity Reports (SARs) ,
Vaccinations
Court Rules that Debt Collector Violated FDCPA with Communication to Dunning Vendor -
A federal appellate court has recently ruled that a debt collector violated certain privacy requirements under the federal Fair Debt...more
6/1/2021
/ Appeals ,
Bank Holding Company ,
Bank Holding Company Act ,
Banking Sector ,
Biden Administration ,
Climate Change ,
Congressional Review Act ,
Cryptocurrency ,
Debt Collectors ,
Digital Assets ,
Executive Orders ,
FDCPA ,
FDIC ,
FinTech ,
Fintech Charter ,
OCC ,
Predatory Lending ,
Proposed Legislation ,
Public Comment ,
Qualified Mortgage Rule ,
Regulation Z ,
Risk Assessment ,
Special Purpose National Bank Charter ,
Third-Party Service Provider ,
Time Extensions ,
True Lender
Federal Court in New York Dismisses Claims Against PPP Lenders for Agent Fees -
A federal court in New York has dismissed claims made in six class action lawsuits against several banks and other Small Business...more
10/1/2020
/ Banking Sector ,
CARES Act ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Dismissals ,
Disparate Impact ,
FDIC ,
Fees ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
HUD ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
Transaction Fees
SBA Issues Instructions to Lenders on Submitting PPP Loan Forgiveness Applications The U.S. Small Business Administration (the “SBA”) has issued a procedural notice announcing that the SBA will begin accepting forgiveness...more
7/30/2020
/ BSA/AML ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Eviction ,
FinCEN ,
Foreclosure ,
Loan Forgiveness ,
Moratorium ,
Paycheck Protection Program (PPP) ,
SBA ,
Single Director
Attorney General Rescinds Federal Marijuana Enforcement Priorities -
U.S. Attorney General Jeff Sessions has rescinded all nationwide guidance previously issued by the Department of Justice ("DOJ") to federal prosecutors...more