The US Securities and Exchange Commission (SEC), Division of Corporation Finance on June 24, 2024 issued five Compliance and Disclosure Interpretations (C&DIs) on its website to address questions raised by its requirement for...more
The US Securities and Exchange Commission has adopted amendments to Regulation S-P requiring entities under its remit to provide notice to individuals affected by certain types of data breaches. This adds yet another...more
US regulators have increased their focus on cybersecurity issues impacting financial services companies, with a host of guidance documents recently released by the US Securities and Exchange Commission (SEC), the three...more
The Consumer Financial Protection Bureau (CFPB, the Bureau) promulgated on March 30 its final rule implementing Section 1071 of the Dodd-Frank Act. The rule requires that covered financial institutions collect and report to...more
The US Securities and Exchange Commission (SEC) issued a notice of proposed rulemaking (the Proposal) on March 15 that would require SEC-regulated investment advisers, investment companies, and broker dealers to provide...more
The Consumer Financial Protection Bureau (CFPB) recently issued a notice of proposed rulemaking to amend Regulation Z (the Proposal), which implements the Truth in Lending Act (TILA), to better ensure that late fees charged...more
The last few years have thrown many surprises at businesses. Organizations across all sectors have faced inflation, global conflicts, supply chain challenges, a pandemic, and continually changing government policies. In 2023,...more
1/23/2023
/ Automotive Industry ,
Capital Markets ,
Cryptocurrency ,
Energy Sector ,
EU ,
False Claims Act (FCA) ,
FDIC ,
Financial Services Industry ,
FinTech ,
Food and Drug Administration (FDA) ,
Life Sciences ,
Tax Credits
The FDIC Board of Directors issued a proposal on December 13 amending and updating the rules regarding the use of the official FDIC sign and advertising statements to better reflect the modern consumer banking landscape. As...more
On September 30, the US Treasury’s Financial Crimes Enforcement Network (FinCEN) published, in the Federal Register, a final rule (Final Rule) that establishes beneficial ownership information (BOI) reporting requirements...more
The US Securities and Exchange Commission (SEC) recently proposed a comprehensive framework of cybersecurity-related rules and amendments for investment advisers and investment companies. Although advisers and funds may have...more
The three federal banking agencies (i.e., the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency—collectively, the Agencies) published a final rule (the Rule)...more
12/3/2021
/ Bank Service Company Act ,
Banking Sector ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Final Rules ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
FinTech ,
Popular
The Federal Trade Commission recently finalized a long-discussed update to its cybersecurity Safeguards Rule that includes more specific criteria for what financial institutions must implement as part of their information...more
11/22/2021
/ California Consumer Privacy Act (CCPA) ,
Cybersecurity ,
Data Breach ,
Data Security ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Gramm-Leach-Blilely Act ,
New Rules ,
Personal Information ,
Safeguards Rule ,
State Privacy Laws
US President Joe Biden’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a report on the risks and...more
11/8/2021
/ Banking Sector ,
Biden Administration ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Depository Institutions ,
FDIC ,
Financial Services Industry ,
FinTech ,
OCC ,
Securities and Exchange Commission (SEC) ,
Stablecoins
Three federal banking agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency – collectively Agencies) issued proposed risk management guidance on July...more
Congress has enacted and President Joseph Biden has signed a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender” rule, which, as we...more
On June 24, the US House of Representatives voted to join the US Senate in a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender”...more
The Basel Committee on Banking Supervision (Basel Committee), a committee of global central bankers and regulators, issued a Consultative Document on June 10 on the prudential treatment of cryptoasset exposures for...more
The OCC granted preliminary conditional approval on April 23 to an application to charter Paxos National Trust (Paxos) as an uninsured national trust bank. Paxos, which currently operates as a New York state-charted limited...more
The OCC, the Federal Reserve Bank, and the FDIC (collectively, the Banking Regulators) announced an interim final rule on March 9 that revises their capital rules to facilitate implementation of the US Treasury Department’s...more
3/17/2021
/ Capital Investments ,
Capital Rules ,
Community Development Financial Institution (CDFI) ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
Interim Final Rules (IFR) ,
OCC ,
Preferred Stock Financing ,
Regulatory Agenda
As part of President Joe Biden’s efforts to address the continuing impact of the COVID-19 pandemic on American families, on February 16, the US Department of Housing and Urban Development, US Department of Veterans Affairs,...more
2/19/2021
/ Biden Administration ,
Coronavirus/COVID-19 ,
Fannie Mae ,
FHFA ,
Forbearance Agreements ,
Foreclosure ,
Freddie Mac ,
GSE ,
Infectious Diseases ,
Mortgages ,
Relief Measures
Recently proposed regulations could present significant compliance burdens for the banks and money service businesses that engage in cryptocurrency transactions with unhosted wallets or wallets held in jurisdictions specified...more
1/20/2021
/ Anti-Money Laundering ,
BSA/AML ,
Cryptocurrency ,
Financial Crimes ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
FinTech ,
Money Services Business ,
Peer-to-Peer ,
Popular ,
Regulatory Agenda ,
Virtual Currency
The California Department of Financial Protection and Innovation (DFPI) announced in its January 2021 monthly bulletin that it will begin exercising its enhanced powers under the California Consumer Financial Protection Law...more
The Agencies issued a joint Fact Sheet that lists considerations for a risk-based approach when it comes to charities and nonprofits. While the Fact Sheet purports to not impose additional obligations on banks, it is hard to...more
11/23/2020
/ Anti-Money Laundering ,
BSA/AML ,
Charitable Organizations ,
Customer Due Diligence (CDD) ,
FDIC ,
Federal Reserve ,
FinCEN ,
NCUA ,
OCC ,
Patriot Act ,
Regulatory Requirements ,
Risk-Based Approaches
The five federal banking agencies (Federal Reserve, CFPB, FDIC, NCUA, and OCC – collectively Agencies) issued a proposed rule on October 20 on the role of supervisory guidance. The proposal codifies and expands upon a 2018...more
The Financial Crimes Enforcement Network (FinCEN) issued a final rule that requires minimum standards for anti-money laundering (AML) programs for banks lacking a federal functional regulator (the Federal Reserve Board, OCC,...more