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
In This Issue. The Consumer Financial Protection Bureau (CFPB) continued to be active under its new leadership this week, warning mortgage servicers to prepare now for an anticipated surge of homeowners needing assistance...more
4/8/2021
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
ATDS ,
Auto-Dialed Calls ,
Beneficial Owner ,
Borrowers ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Corporate Transparency Act ,
Debt Collection ,
Facebook ,
Facebook Inc v Duguid ,
FDIC ,
FinCEN ,
Foreclosure ,
Homeowners ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Public Comment ,
Random or Sequential Number Generator ,
Regulation X ,
Robocalling ,
SCOTUS ,
TCPA
In this Issue. The Office of the Comptroller of the Currency (OCC) delayed publication of the “fair access” rule finalized late in the Trump Administration; the OCC also announced the availability of the 2021 list of bank...more
2/9/2021
/ Banking Sector ,
Banks ,
California Consumer Financial Protection Law (CCFPL) ,
Community Reinvestment Act ,
Debt Collection ,
Debtors ,
Delays ,
Department of Financial Protection and Innovation (DFPI) ,
Fair Access to Credit ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Paycheck Protection Program (PPP) ,
Proposed Rules ,
SBA ,
Securities Regulation ,
Trump Administration ,
Unfair or Deceptive Trade Practices
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)
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 This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more
2/27/2020
/ Auto-Dialed Calls ,
Banking Sector ,
Banks ,
Blockchain ,
Broker Commissions ,
Broker-Dealer ,
Call Reports ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Management ,
Debt Collection ,
Debtors ,
Disclosure Requirements ,
Due Diligence ,
Enforcement Actions ,
FDIC ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
HMDA ,
Investment Firms ,
MD&A Statements ,
New Guidance ,
OCC ,
Popular ,
Proposed Regulation ,
Public Comment ,
Risk Management ,
Safe Harbors ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
TCPA
Editor's Note -
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a risk alert announcing that it was conducting a series of examination...more
Editor's Note -
SEC Administrative Law Judge Appointments Are Subject to the Appointments Clause. On June 21, in a majority opinion in Lucia v. SEC delivered by Justice Elena Kagan, the United States Supreme Court held that...more
Editor's Note -
Differing Priorities? On June 14, Comptroller of the Currency Joseph M. Otting testified before the Senate Committee on Banking, Housing, and Urban Affairs, addressing his priorities for the Office of the...more
Editor's Note -
Swimming Against the Tide. As discussed below, the Trump administration’s plans for financial regulatory reform are beginning to take shape, especially in agencies, such as the Securities and Exchange...more
10/19/2017
/ Arbitration ,
Capital Markets ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Fixing America’s Surface Transportation Act (FAST Act) ,
HMDA ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
In This Issue. The Department of Labor (DOL) filed a Notice of Administrative Action seeking to delay the Fiduciary Rule until July 2019; federal banking agencies issued guidance on the capital treatment of...more
8/17/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Department of Labor (DOL) ,
False Claims Act (FCA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Investment Adviser ,
Joint Accounts ,
OCC ,
Robocalling
Editor's Note -
In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more
8/10/2017
/ Acquisitions ,
Appraisal ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cybersecurity ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Injunctions ,
Investment Management ,
OCC ,
OCIE ,
Overdraft Fees ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins
Editor's Note -
In This Issue. After making a splash with the finalized version of its Arbitration Rule, the Consumer Financial Protection Bureau (CFPB) proposed temporary adjustments to the reporting requirements for...more
7/20/2017
/ Arbitration ,
Blockchain ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Division of Investment Management ,
FDIC ,
HMDA ,
Mortgages ,
Preliminary Injunctions ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Stock Trades
Editor's Note -
Financial Regulatory Reform Picks Up Speed. The Trump administration, which views burdensome and costly regulation as a significant impediment to lending and economic growth, has consistently maintained...more
6/19/2017
/ Article III ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Employee Retirement Income Security Act (ERISA) ,
FACTA ,
FDCPA ,
FDIC ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial CHOICE Act ,
Financial Services Industry ,
Investment Funds ,
OCC ,
Regulatory Reform ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Standing
Editor's Note -
State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more
4/28/2017
/ Bitcoin ,
Class Action ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Debt Collection ,
Dodd-Frank ,
ETFs ,
Executive Orders ,
Fair Housing Act (FHA) ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Committee ,
FSOC ,
HUD ,
Liquidation ,
Mortgage Brokers ,
Mortgages ,
Presidential Memorandum ,
Safe Harbors ,
SCOTUS ,
SIFIs ,
Trump Administration
Editor's Note -
A New Argument for Financial Regulatory Reform. Over the past several weeks, there has been a steady stream of pessimistic views on the prospects for meaningful financial regulatory reform. Senate Banking...more
4/6/2017
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Dodd-Frank ,
Exploitation ,
Expressions Hair Design v Schneiderman ,
Federal Trade Commission (FTC) ,
First Amendment ,
Free Speech ,
Mortgage Rules ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
The Return of Glass-Steagall? On March 13, Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig made a speech to the Institute of International Bankers Annual Washington Conference...more
3/16/2017
/ Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Relief ,
Electronic Fund Transfer Act ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinTech ,
Loans ,
NYDFS ,
OCC ,
Prepaid Payment Products ,
Regulation Z ,
Truth in Lending Act (TILA)
Editor's Note -
In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more
3/3/2017
/ Bitcoin ,
Consent Order ,
Cybersecurity ,
Debt Collection ,
Enforcement Actions ,
FDCPA ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
Investment Adviser ,
Margin Requirements ,
NYDFS ,
OCC ,
OCIE ,
Robo-Advisors ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
TCPA
Editor's Note -
In This Issue.The SEC and FINRA released their examination priorities for 2017; the SEC’s Division of Investment Management issued an interpretative letter that would permit brokers to charge their own...more
1/19/2017
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Bad Actors ,
Brokers ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Debt Collection ,
Department of Labor (DOL) ,
Examination Priorities ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment Management ,
Mortgages ,
OCC ,
Payday Loans ,
Rent-a-Tribe ,
Sales Load Variations ,
Securities and Exchange Commission (SEC) ,
Trump Administration
Editor's Note -
Potential CFPB Reform in the Wake of the Election. The November 16 edition of the Roundup indicated that the Financial CHOICE Act (Act) may be a blueprint for legal changes affecting the financial...more
11/30/2016
/ C&DIs ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Controlling Stockholders ,
Debt Collection ,
Department of Labor (DOL) ,
Energy Futures Holdings ,
Enforcement Actions ,
FCC ,
Financial Institutions ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Institutional Shareholder Services (ISS) ,
Lead Paint ,
Loans ,
Minimum Salary ,
Over-Time ,
Preliminary Injunctions ,
Private Offerings ,
Rule 506 Offerings ,
Securities and Exchange Commission (SEC) ,
TCPA ,
Text Messages ,
Wage and Hour
Editor's Note -
Regulation and Innovation, Part IV. In the April 6, June 22 and September 14 editions of the Roundup, we discussed the approaches of various banking regulators generally, and the Office of the...more
10/6/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Department of Business Oversight ,
Dodd-Frank ,
Federal Reserve ,
Final Rules ,
Financial Contracts ,
Financial Services Industry ,
FinTech ,
IRS ,
Military Lending Act ,
Money Transfer ,
Mortgages ,
OCC ,
Prepaid Payment Products ,
Private Funds ,
Public Disclosure ,
Recovery Plans ,
Registered Investment Companies (RICs) ,
Securities and Exchange Commission (SEC)
Editor's Note -
Investment Company Institute Publishes FAQ on SEC No-Action Letter Regarding Auditor Independence. On September 23, the Investment Company Institute (ICI) published a memorandum (ICI Memo) responding to...more
9/29/2016
/ CFCs ,
Commodities ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Relief ,
Department of Labor (DOL) ,
Exemptions ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
FinCEN ,
Internal Revenue Code (IRC) ,
Investment Trust Companies ,
IRS ,
Penalties ,
PFIC ,
Private Letter Rulings ,
Proposed Regulation ,
Public Comment ,
Scams ,
Securities and Exchange Commission (SEC) ,
Subpart F ,
Unfair or Deceptive Trade Practices
Regulatory Developments -
FDIC Seeks Comments on Third-Party Lending Guidance -
On July 29, the FDIC announced that it is seeking comments on proposed Guidance for Third-Party Lending addressing steps...more
8/4/2016
/ Beneficial Owner ,
Capital Requirements ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Disclosure Requirements ,
Dodd-Frank ,
FDCPA ,
FDIC ,
Federal Reserve ,
FinCEN ,
Geographic Targeting Order ,
Insurance Industry ,
Mortgages ,
Real Estate Transactions ,
Third Party Lenders
Editor's Note -
What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more
7/28/2016
/ ACH Payments ,
Amicus Briefs ,
Bitcoin ,
Commerce Clause ,
Consumer Financial Protection Bureau (CFPB) ,
Criminal Prosecution ,
CT Supreme Court ,
Customer Due Diligence (CDD) ,
Debt Collection ,
Dormant Commerce Clause ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
Forum Selection ,
FRB ,
HMDA ,
Interstate Commerce ,
MERS ,
Money Laundering ,
Money Transmitter ,
Mortgages ,
NACHA ,
Short-Term Loans ,
Virtual Currency
Regulatory Developments -
Federal Banking Regulators Propose Net Stable Funding (Liquidity) Ratio -
The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation...more
4/29/2016
/ Accreditation ,
Banking Regulators ,
Banks ,
Civil Investigation Demand ,
Consumer Financial Protection Bureau (CFPB) ,
Content Aggregators ,
Debt Collection ,
Deposit Insurance ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
For Profit Colleges ,
Incentive Compensation ,
Lead Generators ,
Liquidity Coverage Ratio ,
Loans ,
Securities and Exchange Commission (SEC)