Editor's Note -
Supreme Court Limits SEC’s Disgorgement Powers. On June 5, the United States Supreme Court ruled unanimously in Kokesh v. Securities and Exchange Commission that disgorgement in a Securities and Exchange...more
Editor's Note -
Memorial Day. On Memorial Day, we will be celebrating the men and women whose service and sacrifice ensures the preservation of freedom and opportunity across the United States. Rather than summarize the...more
5/25/2017
/ Banks ,
Cyber Attacks ,
Debt Collectors ,
Department of Labor (DOL) ,
False Claims Act (FCA) ,
FDIC ,
Fiduciary Rule ,
Financial Services Industry ,
FIRREA ,
Interest Rates ,
OCC ,
Ransomware ,
Reverse Mortgages ,
Securities and Exchange Commission (SEC)
Editor's Note -
The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more
5/18/2017
/ Arbitration ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
Distributed Ledger Technology (DLT) ,
Dividends ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
FinTech ,
HUD ,
Initial Public Offering (IPO) ,
Mortgages ,
NYDFS ,
NYSE ,
OCC ,
Payday Loans
Editor's Note -
In this Issue. The House Financial Services Committee passed the Financial CHOICE Act that would make significant changes to the Consumer Financial Protection Bureau; the U.S. Securities and Exchange...more
5/11/2017
/ Banks ,
Comptroller ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial CHOICE Act ,
Financial Services Committee ,
Fixing America’s Surface Transportation Act (FAST Act) ,
Investment Advisers Act of 1940 ,
Mortgage Servicers ,
Mutual Funds ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
In This Issue. The Senate confirmed Jay Clayton as the new chairman of the U.S. Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation (FDIC) released its final handbook for...more
5/5/2017
/ Accredited Investors ,
Banking Sector ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
EFTs ,
FDCPA ,
FDIC ,
Interest Rates ,
Investment Adviser ,
IRS ,
Lenders ,
No-Action Relief ,
Private Letter Rulings ,
Securities and Exchange Commission (SEC)
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 -
Cross River Bank Takes on Colorado in True Lender Action. This past January, the Administrator of Colorado’s Uniform Consumer Credit Code filed a court action against Marlette Funding LLC (Marlette),...more
4/19/2017
/ Capital Formation ,
Corporate Financing ,
Faxes ,
FCC ,
Financial Industry Regulatory Authority (FINRA) ,
FinTech ,
OCC ,
Opt-Outs ,
Proposed Amendments ,
Solicitation ,
TCPA
Editor's Note -
Removal for Cause or Business as Usual? On April 5, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the House Financial Services Committee to give his semi-annual...more
4/12/2017
/ Affordable Housing ,
Banking Sector ,
Banks ,
Debit Cards ,
Department of Labor (DOL) ,
FDIC ,
Federal Trade Commission (FTC) ,
FFIEC ,
FHLB ,
Fiduciary Duty ,
Fiduciary Rule ,
JOBS Act ,
OCC ,
Securities and Exchange Commission (SEC)
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 -
In This Issue. The Securities and Exchange Commission (SEC) was active this week, moving to shorten the settlement cycle for broker-dealer transactions from T+3 to T+2 and issuing updated guidance...more
Editor's Note -
The Battle Over the Proposed OCC FinTech Charter Continues. The Office of the Comptroller of the Currency (OCC) has released a draft supplement to its Licensing Manual explaining the process for FinTech...more
3/23/2017
/ Acquisitions ,
Bank Holding Company ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Department of Justice (DOJ) ,
Federal Reserve ,
Financial Services Industry ,
Fintech Charter ,
HMDA ,
No-Action Letters ,
OCC ,
Remittance Transfer Rule ,
Securities and Exchange Commission (SEC) ,
Unconstitutional Condition
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 -
Marching On. Notwithstanding the industry’s watch of the Senate’s confirmation of new leadership for the Department of Labor (DOL) and the Securities and Exchange Commission (SEC), the DOL proposed a delay...more
3/10/2017
/ Bank Holding Company ,
Custody Rule ,
Department of Labor (DOL) ,
Excessive Fees ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Mergers ,
Mortgages ,
PHH Corp. v CFPB ,
Securities and Exchange Commission (SEC) ,
XBRL Filing Requirements
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 -
A Not So New Tool for Reigning in Federal Regulations. President Trump has signed a Joint Resolution of Congress which “disapproves the rule submitted by the SEC relating to ‘Disclosure of Payments by...more
2/16/2017
/ American Bankers Association ,
Bankruptcy Court ,
Bitcoin ,
Chapter 7 ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Labor (DOL) ,
Dividends ,
Fiduciary Rule ,
FinTech ,
HMDA ,
Kickbacks ,
Lenders ,
Mortgage Lenders ,
Payday Loans ,
Rent-a-Tribe ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
Trump Administration
Editor's Note -
No Short-Term Fixes. On February 3, President Trump signed an Executive Order and a Presidential Memorandum intended to provide a framework to “roll back” the Dodd-Frank Act (Dodd-Frank) and to review the...more
2/9/2017
/ Bitcoin ,
CCAR ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
Debt Relief ,
Department of Labor (DOL) ,
Dodd-Frank ,
Executive Orders ,
FDCPA ,
Fiduciary Rule ,
Financial Services Industry ,
Investment Adviser ,
Lenders ,
OCIE ,
Presidential Memorandum ,
Retirement Plan ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
Trump Administration
Editor's Note -
President Trump Signs Executive Order to Reduce Regulation and Control Regulatory Costs. On January 30, President Trump signed an executive order (Executive Order) designed to reduce the regulatory...more
2/2/2017
/ BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
Federal Bank Regulatory Agencies ,
Financial Institutions ,
Financial Services Industry ,
Mortgages ,
OCC ,
Penalties ,
Small Entity Compliance Guide ,
Statute of Limitations
Editor's Note -
Opposition Emerges to OCC FinTech Charter. In advance of the deadline to submit comments to the Office of the Comptroller of the Currency’s (OCC) paper proposing a federal FinTech charter, the Conference...more
1/26/2017
/ Antitrust Provisions ,
Blockchain ,
CFTC ,
Civil Monetary Penalty ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Hart-Scott-Rodino Act ,
Mortgages ,
NYDFS ,
OCC ,
Proposed Amendments ,
Student Loans ,
Technology ,
Virtual Currency
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
Summary -
With the inauguration of President-elect Trump less than a week away, there is considerable speculation regarding what legal changes are in store for the financial services industry in the next administration....more
Editor's Note -
In This Issue. The NYDFS revised its proposed cybersecurity regulations, the FDIC sought comment on its new de novo bank deposit insurance handbook, federal banking agencies finalized streamlined call...more
1/12/2017
/ Banks ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Deceptive Intent ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
False Claims Act (FCA) ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
OCC
Editor's Note -
The End of “Too Big to Fail”? On December 15, the Board of Governors of the Federal Reserve System (Federal Reserve Board) adopted a final rule to strengthen the ability of government authorities to...more
12/22/2016
/ Anti-Money Laundering ,
Banks ,
Bylaws ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Reporting ,
Fair Lending ,
FinCEN ,
HAMP ,
HMDA ,
HQLA ,
Investment Management ,
Liquidity ,
Marijuana ,
Mutual Funds ,
No-Action Relief ,
NYDFS ,
OCC ,
Proxy Access ,
Securities and Exchange Commission (SEC)
Editor's Note -
In This Issue. While we eagerly await its decision on interest rates, the Fed had a busy week, granting a Volcker Rule extension for illiquid funds, issuing a joint final rule with the FDIC and the OCC...more
12/15/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Foreclosure ,
Governor Cuomo ,
Holding Companies ,
Homeowners ,
HUD ,
Mortgage Servicers ,
OCC ,
Preliminary Injunctions ,
Reverse Mortgages ,
Truth in Lending Act (TILA) ,
Volcker Rule
Editor's Note -
OCC to Move Forward with Federal FinTech Charter. In a development foreshadowed in the April 6, June 29 and September 14 editions of the Roundup, on December 2, the Office of the Comptroller of the...more
12/7/2016
/ Bylaws ,
Commodity Trading Advisors (CTAs) ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
CPO ,
Cybersecurity ,
Department of Homeland Security (DHS) ,
False Claims Act (FCA) ,
Federal Trade Commission (FTC) ,
Insider Trading ,
Institutional Shareholder Services (ISS) ,
Internet of Things ,
Investment Companies ,
Mortgages ,
NFA ,
NIST ,
Securities and Exchange Commission (SEC) ,
SIFIs ,
US v Newman ,
US v Salman ,
Voting Rights
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