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CFTC Announces Two New Task Forces

In this Weekly Roundup Issue. The Commodity Futures Trading Commission’s (CFTC) Division of Enforcement unveiled two new task forces aimed at tackling derivatives market issues; and the Office of the Comptroller of the...more

FDIC Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination

In this Weekly Roundup Issue. The Federal Deposit Insurance Corporation (FDIC) issued a proposed rule to impose a special assessment pursuant to systemic risk determination; The Board of Governors of the Federal Reserve...more

CFPB Affirms Banks Risk UDAAP for Unilaterally Re-Opening Consumer Accounts After Account Closure

The Consumer Financial Protection Bureau (CFPB) warned banks that unilaterally re-opening consumer accounts after account closure could constitute an unfair act or practice and the Securities and Exchange Commission’s (SEC)...more

Overdraft Protection Programs: Risk Management Practices

Regulatory Developments - Overdraft Protection Programs: Risk Management Practices - On April 26, the OCC issued guidance in OCC Bulletin 2013-12, “Overdraft Protection Programs: Risk Management Practices,” to...more

Remarks by Governor Bowman on the Consequences of Fewer Banks in the U.S. Banking System

In This Weekly Roundup Issue. Governor Michelle W. Bowman of the Board of Governors of the Federal Reserve System (Federal Reserve) remarked on the consequences of fewer banks in the U.S. banking system; and the Consumer...more

Financial Services Weekly News Roundup - February 2023

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

CFPB Advises Manipulating Search Results on Comparison-Shopping Platforms May Violate RESPA

CFPB Advises Manipulating Search Results on Comparison-Shopping Platforms May Violate RESPA - On February 7, the CFPB issued an advisory opinion, accompanied by a statement from CFPB Director Rohit Chopra, clarifying that...more

CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies

Regulatory Developments - CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies - On November 10, the CFPB issued a Consumer Financial Protection Circular (Circular) affirming that consumer...more

President Biden Signs Executive Order Banning New Investments in Russia

In This Issue. President Biden issued an executive order banning new investments in Russia in response to Russia’s continued war against Ukraine; the Federal Deposit Insurance Corporation (FDIC) issued a notification to all...more

FDIC Requests Comments to Draft Principles for Climate-Related Financial Risk Management

In This Issue. The Federal Deposit Insurance Corporation (FDIC) requested comments to draft principles for climate-related financial risk management; the U.S. Securities and Exchange Commission (SEC) published its 2022 exam...more

FINRA Reminds Firms About CCO Supervisory Liability

In this Issue. The Financial Industry Regulatory Authority (FINRA) issued a reminder about chief compliance officer (CCO) supervisory liability under FINRA Rule 3110 (Rule 3110); and the Consumer Financial Protection Bureau...more

FinCEN Warns Against Evasion of Russian Sanctions

In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more

Acting Comptroller Discusses Crypto-Assets and Regulation

In This Issue. Acting Comptroller of the Currency Michael J. Hsu discussed the importance of regulation in the crypto space; and the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau...more

Agencies Launch Digital Identity Tech Sprint

In This Issue. The Federal Deposit Insurance Corporation (FDIC), the FDIC Tech Lab (FDITECH) and the Financial Crimes Enforcement Network (FinCEN) launched a digital identity Tech Sprint; FinCEN published a 60-day notice to...more

CFPB Issues Reminder of New Threshold for Reporting HMDA Open-End Lines of Credit Data

In This Issue. The Consumer Financial Protection Bureau (CFPB) reminded institutions of a new threshold for reporting Home Mortgage Disclosure Act data about open-end lines of credit; the Financial Crimes Enforcement Network...more

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