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 -
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 -
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 -
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 -
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 -
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
Editor's Note -
A Possible Blueprint for Financial Regulatory Reform in the Trump Administration. During his campaign, President-elect Trump consistently emphasized that financial regulatory reform is a critical...more
11/18/2016
/ Credit Cards ,
Dodd-Frank ,
Federal Trade Commission (FTC) ,
FFIEC ,
Liquidity ,
Mortgage Lenders ,
Mortgage Servicers ,
No-Action Relief ,
NYDFS ,
Payday Loans ,
Presidential Elections ,
Proxy Access ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Swing Pricing ,
Trump Administration
Editor's Note -
FinTech at the Forefront. FinTech remains at the forefront of Washington’s discussions about how best to regulate financial products and services. As discussed in more detail below, the SEC announced the...more
11/10/2016
/ Consumer Financial Protection Bureau (CFPB) ,
Debt Collectors ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
FTC Act ,
Mortgage Servicers ,
OCC ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Tracking Systems
Editor's Note
Voting Matters. Next week, we head to the polls to elect a new president of the United States and other government representatives. Voting is important because it allows registered citizens to cast their...more
Editor's Note -
Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more
10/27/2016
/ Acquisitions ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Bank Secrecy Act ,
Capital Acquisition Broker (CAB) ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Enforcement ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
FinTech ,
Institutional Investors ,
Mergers ,
Mutual Funds ,
NAV ,
OCC ,
Project Catalyst ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
Never Satisfied. Despite the Securities and Exchange Commission’s announcement that, in its just completed fiscal year 2016, it filed a record 868 enforcement actions reprimanding misconduct by companies...more
10/20/2016
/ Banking Sector ,
Broker-Dealer ,
Compensation Agreements ,
Consumer Financial Protection Bureau (CFPB) ,
EFTs ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Hart-Scott-Rodino Act ,
Investor Protection ,
Liquidity Risk Management Rule ,
Mandatory Disclosure Rules ,
Mutual Funds ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Small Entity Compliance Guide ,
Swing Pricing ,
Tandy Letter ,
TILA-RESPA Integrated Disclosure Rule (TRID)
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
Editor's Note -
The OCC Takes Another Step Toward a Limited Purpose FinTech Charter. On September 13, in a speech at the Marketplace Lending Policy Summit 2016, Comptroller of the Currency Thomas J. Curry discussed the...more
9/15/2016
/ Arbitration ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Independent Community Bankers of America (ICBA) ,
International Banks ,
Investment Adviser ,
Investment Companies ,
Investment Company Act of 1940 ,
Mutual Funds ,
OCC ,
OCIE ,
Securities and Exchange Commission (SEC)
Editor's Note -
Investment Advisers Breathe a Sigh of Relief. On Thursday, August 25, the federal district court in New Jersey ruled after a 26-day trial in favor of AXA Equitable Insurance Company and against the...more
9/1/2016
/ Add-ons ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Customer Identification Program (CIP) ,
Excessive Fees ,
Financial Industry Regulatory Authority (FINRA) ,
FinCEN ,
First National ,
Form ADV ,
Investment Adviser ,
Pay-To-Play ,
Public Comment ,
Regulation S-K ,
Securities and Exchange Commission (SEC) ,
Transparency
Editor's Note -
Friend the Fed! As is the case every August, our federal government and regulators are hard at work, laser focused on the important issues of the day. In this regard, on August 18, the Federal Reserve...more
8/25/2016
/ Ability-to-Repay ,
Banks ,
Confidentiality Agreements ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Facebook ,
Fair Credit Reporting Act (FCRA) ,
Fannie Mae ,
FDIC ,
Federal Reserve ,
Freddie Mac ,
HMDA ,
Loans ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
Whistleblowers
Editor's Note -
MetLife Fights On. MetLife continued to fight its designation as a nonbank systemically important financial institution (SIFI) this week as the insurer filed its reply brief in the Financial Stability...more
8/19/2016
/ Bitcoin ,
Confidentiality Agreements ,
Debtors ,
Disclosure Requirements ,
Enforcement Actions ,
FCC ,
Financial Industry Regulatory Authority (FINRA) ,
FSOC ,
Gifts ,
Government-Backed Loans ,
Hackers ,
Hong Kong ,
Illegal Gratuities ,
MetLife ,
Mortgages ,
Non-Cash Compensation ,
Retail Investors ,
Robocalling ,
Securities and Exchange Commission (SEC) ,
Securities Exchanges ,
SIFIs ,
Student Loans ,
Whistleblowers