On February 9, the Federal Reserve released its hypothetical scenarios for its 2023 bank stress tests, and on February 10, the OCC also released hypothetical economic and financial market scenarios to be used by covered...more
2/17/2023
/ Amended Regulation ,
Banks ,
Blockchain ,
Buy Now Pay Later (BNPL) ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Custody Rule ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Actions ,
Federal Reserve ,
NYDFS ,
OCC ,
RESPA ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Stress Tests
Federal Reserve Issues Policy Statement on Section 9(13) of the Federal Reserve Act -
On January 27, the Federal Reserve issued a policy statement interpreting section 9(13) of the Federal Reserve Act, which authorizes...more
2/13/2023
/ Asset-Backed Securities ,
Banking Sector ,
Broker-Dealer ,
Conflicts of Interest ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Deposit Insurance ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Form CRS ,
Late Fees ,
NPRM ,
Policy Statement ,
Regulation BI ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
Securitization Vehicles ,
UDAAP
Regulatory Developments -
SEC Adopts Amendments to Whistleblower Program Rules -
On August 26, the SEC adopted two amendments to the rules governing its whistleblower program, which are covered under Section 922 of...more
9/12/2022
/ Amended Regulation ,
Dodd-Frank ,
Executive Compensation ,
Proxy Statements ,
Public Comment ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Strategic Planning ,
Whistleblower Protection Policies ,
Whistleblowers
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more
2/11/2022
/ Appraisal ,
Banking Sector ,
Beneficial Owner ,
Borrowers ,
Comment Period ,
Community Development ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Transparency Act ,
Cyber Attacks ,
Cyber Threats ,
Cybersecurity ,
Dodd-Frank ,
Fair Lending ,
FDIC ,
Federal Reserve ,
Federal Savings Associations ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Investment Adviser ,
Investment Companies ,
Lenders ,
New Rules ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Policies and Procedures ,
Private Funds ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Risk Management ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
State Savings Associations ,
Valid When Made Doctrine
In This Issue. The Securities and Exchange Commission (SEC) finalized amendments to its proxy solicitation rules that will modify the practices of proxy advisory firms, providing them with greater transparency and...more
8/3/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Alternative Reference Rates Committee (ARRC) ,
Banking Sector ,
Banks ,
Borrowers ,
Broker-Dealer ,
CFTC ,
Confidential Supervisory Information ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Discrimination ,
Criminal Records ,
Cross-Border ,
Cryptocurrency ,
Disclosure Requirements ,
Dodd-Frank ,
Emergency Lending ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Records ,
Financial Services Industry ,
FinTech ,
FOIA ,
Form CRS ,
Freedom of Information ,
Lenders ,
Liquidation ,
Loan Applications ,
Loan Forgiveness ,
OCC ,
Paycheck Protection Program (PPP) ,
Proxy Advisory Firms ,
Proxy Season ,
Proxy Solicitations ,
Proxy Voting ,
SBA ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Swaps ,
Virtual Currency
In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more
7/6/2020
/ Banking Sector ,
Broker-Dealer ,
CFTC ,
Conflicts of Interest ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Eviction ,
FDIC ,
Federal Reserve ,
Fees ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Flood Insurance ,
Forbearance Agreements ,
Hemp Related Businesses ,
Investment Adviser ,
Investment Management ,
MNPI ,
OCC ,
OCIE ,
Paycheck Protection Program (PPP) ,
Popular ,
Private Equity Funds ,
Proposed Regulation ,
Removal For-Cause ,
Reversal ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director ,
Tenants
In This Issue. The Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) approved an interagency final rule to simplify and tailor requirements relating to the Volcker Rule; the...more
Editor's Note -
In This Issue. The Securities and Exchange Commission (SEC) granted no-action relief for fund boards; the Financial Stability Oversight Council (FSOC) announced the rescission of the “systemically important...more
10/18/2018
/ ATDS ,
Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Excessive Fees ,
Financial Services Industry ,
FinTech ,
FSOC ,
Investment ,
Joint Statements ,
No-Action Relief ,
Securities and Exchange Commission (SEC) ,
TCPA ,
Virtual Currency
Editor's Note -
Consumer Finance 2017 Year in Review. Year 2017 brought leadership change at the Consumer Financial Protection Bureau (CFPB), turnover at various regulatory agencies, the continued rise of state-level...more
3/1/2018
/ Bankruptcy Code ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt-Relief Industry ,
Dodd-Frank ,
FASB ,
Financial Institutions ,
Mutual Funds ,
Securities and Exchange Commission (SEC) ,
Tax Reform ,
TCPA ,
Whistleblower Protection Policies
Editor's Note -
A Rare Example of Common Sense From Washington. On November 13, Senate Banking Committee Chairman Mike Crapo (R-Idaho) and four Democratic members of the committee announced an agreement on legislative...more
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 -
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 -
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 -
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 -
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)
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
Regulatory Developments -
SEC Issues Order Approving Inflation Adjustments to “Qualified Client” Dollar Thresholds for Investment Adviser Performance Fee Rule -
On June 14, the SEC issued an order approving...more
6/23/2016
/ Blockchain ,
Congressional Investigations & Hearings ,
Dodd-Frank ,
Enforcement Actions ,
FSOC ,
GAAP ,
Inflation Adjustments ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
No-Action Letters ,
Non-GAAP Financial Measures ,
Online Marketplace Lending ,
Performance Fee Rule ,
Qualified Client ,
Securities and Exchange Commission (SEC) ,
Securities Exchanges ,
Threshold Requirements
Regulatory Developments -
OFAC Updates Frequently Asked Questions Regarding Lifting Sanctions on Iran -
On June 8, the Office of Foreign Assets Control of the U.S. Department of the Treasury (OFAC) updated its...more
6/16/2016
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Funds Protection ,
Cybersecurity ,
Department of Labor (DOL) ,
Dodd-Frank ,
Enforcement Actions ,
Fiduciary Duty ,
Iran Sanctions ,
Offerings ,
Office of Foreign Assets Control (OFAC) ,
Preemption ,
Presidential Veto ,
Regulation A ,
Securities ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans -
On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more
6/9/2016
/ Administrative Procedure Act ,
Anti-Money Laundering ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Labor (DOL) ,
Dodd-Frank ,
E*Trade ,
Federal Reserve ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
First Amendment ,
Payday Loans ,
Securities and Exchange Commission (SEC) ,
Usury
Regulatory Developments -
CFPB Announces No-Action Policy for Innovative Consumer Products -
On Feb. 18, the CFPB issued a final policy statement that permits some companies with innovative consumer products to seek...more
Regulatory Developments -
Federal Reserve Board Repeals Regulation AA and Proposes Repeal of Regulation C -
On Feb. 11, the Federal Reserve Board took steps towards transferring some of its rulemaking authority to...more
2/18/2016
/ Anti-Money Laundering ,
CFTC ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
EMIR ,
EU ,
European Commission ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Funding Portal ,
OCC ,
Securities and Exchange Commission (SEC) ,
Security-Based Swaps ,
Stress Tests
Regulatory Developments -
FDIC Provides Framework for Cybersecurity in Recent Supervisory Insights -
The FDIC featured an article titled “A Framework for Cybersecurity” in the Winter 2015 issue of Supervisory...more
2/5/2016
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cuba ,
Cuban Assets Control Regulations (CACR) ,
Cybersecurity ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Dodd-Frank ,
Export Administration Regulations (EAR) ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Funding Portal ,
OCC ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Stress Tests