The Corporate Transparency Act (CTA) is a new, federal, legal reporting and compliance regime touching on the ownership and control of covered reporting companies operating in the United States. These reporting companies are...more
A new federal law requires homes associations and neighborhood associations to disclose information about persons with control over the association.
Why this matters for you. From Wall Street to Main Street to your...more
In its first step in linking CTA and banking laws, FinCEN recently posted a Notice to Financial Institution Customers regarding reporting beneficial ownership information under the CTA and banking regulations...more
Entities terminated in 2024 are required to file Corporate Transparency Act beneficial ownership information reports, as are administratively dissolved entities.
The Financial Crimes Enforcement Network (“FinCEN”)...more
The Financial Crimes Enforcement Network (“FinCEN”) recently published updates to its list of Frequently Asked Questions (“FAQs”) to assist entities in complying with the beneficial ownership reporting requirements of the...more
The Small Business Administration (the “SBA”) published a final rule on July 18, 2023, implementing significant changes to reduce barriers to program participation and address Small Business Investment Company (“SBIC”)...more
Individuals and businesses have several methods for avoiding or limiting risk of loss upon the failure of a depository bank.
...more
1. What happened Friday?
a. The California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed FDIC as receiver....more
On December 1, 2022, the House Select Subcommittee on the Coronavirus Crisis released a staff report describing the poor performance of the financial technology companies that took a prominent role in administering the...more
Mergers & Acquisitions And Paycheck Protection Program: Proceed With Caution -
In Spring 2020, Congress adopted the CARES Act, which authorized $350 billion for the Paycheck Protection Program (“PPP”). With an additional...more
3/5/2021
/ Acquisition Agreements ,
C-Suite Executives ,
CARES Act ,
Coronavirus/COVID-19 ,
Cyber Insurance ,
D&O Insurance ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
ESOP ,
Fiduciary Duty ,
Infectious Diseases ,
Merger Agreements ,
Paycheck Protection Program (PPP)
Earlier today, the Federal Reserve Bank of New York launched a new resource center designed to collect resources from various federal, state, and local agencies in a single location....more
Proposed Changes Subject to 60-Day Comment Period -
On May 30, the Federal Reserve Board of Governors voted unanimously in favor of a proposal to amend section 13 of the Bank Holding Company Act (Volcker Rule), which was...more
6/5/2018
/ Bank Holding Company Act ,
Covered Funds ,
Dodd-Frank ,
Federal Reserve ,
Financial Regulatory Reform ,
Hedge Funds ,
Proprietary Trading ,
Regulatory Burden ,
Regulatory Oversight ,
Regulatory Standards ,
Volcker Rule
UPDATE: This article was updated on May 24, 2018 -
On May 24, President Trump signed into law a banking deregulation bill (S.2155) that loosens rules and requirements imposed on lenders by the Dodd-Frank Act of 2010. ...more
On May 22, The House of Representatives voted 258-159 to pass a banking deregulation bill (S.2155) that loosens rules and requirements imposed on lenders by the Dodd-Frank Act of 2010. The legislation contains a number of...more
President Trump Issues Executive Order Instructing Review of Financial Regulations -
President Donald Trump on February 3rd issued an Executive Order (EO) detailing his Administration’s core principles for financial...more
3/8/2017
/ Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Dodd-Frank ,
EFTA ,
Executive Orders ,
Financial Institutions ,
Financial Regulatory Reform ,
PHH Corp. v CFPB ,
Prepaid Payment Products ,
Regulatory Oversight ,
Removal For-Cause ,
Single Director ,
Trump Administration ,
Truth in Lending Act (TILA)
A newly leaked memo from U.S. House of Representatives Financial Services Committee Chairman Jeb Hensarling (R-TX) to the Committee’s leadership team has provided stakeholders in the banking industry with a preview of major...more
2/15/2017
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Deregulation ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Proposed Legislation ,
Regulatory Oversight ,
Student Loans
The federal Consumer Financial Protection Board (CFPB) has proposed new regulations and changes to its existing regulations that expand the agency's ability to disclose information to others, potentially compromising the...more
On November 15th, House Financial Services Committee Chairman Jeb Hensarling (R-TX) signaled that he is willing to consider changes to a reintroduced Financial CHOICE Act next year as a newly elected and party-unified...more
On Oct. 26, the Securities and Exchange Commission adopted final rules increasing the threshold for offerings made under Rule 504 of Regulation D and broadening the intrastate offering exemption afforded by Rule 147. These...more
11/8/2016
/ Disclosure Requirements ,
Offerings ,
Proxy Voting Guidelines ,
Publicly-Traded Companies ,
Regulation D ,
Rule 147 ,
Rule 504 ,
Securities ,
Securities and Exchange Commission (SEC) ,
Shareholders ,
Transacting Intrastate Business
On Tuesday, a bipartisan group of legislators expressed their support for a bill (H.R. 4116) that would attempt to codify and expand a measure regarding reciprocal deposits that was included in FDIC’s final rule on small bank...more
OCC Releases 2017 Bank Supervision Plan -
The OCC’s Committee on Bank Supervision (CBS) yesterday published its Fiscal Year 2017 Bank Supervision Operating Plan and announced the following five oversight objectives...more
9/16/2016
/ Banking Sector ,
Banks ,
BSA/AML ,
Business Model ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Legislative Committees ,
OCC ,
Regulatory Oversight ,
Underwriting
The Small Business Administration (SBA) on Tuesday published a proposed rule that would amend requirements in four of its business loan programs in order to increase participation among eligible entities. The agency announced...more
The Federal Financial Institutions Examination Council (FFIEC) on Friday announced that it will accept public comment on proposed revisions to the existing Consolidated Reports of Condition and Income (FFIEC 041) that would...more
House Financial Services Committee Chairman Jeb Hensarling (R-TX) yesterday released his legislative plan to repeal and replace the Dodd-Frank Wall Street Reform and Consumer Protection Act, which passed a Democrat-led...more
Five federal regulators on Wednesday – the FDIC, the Fed, CFPB, NCUA, and OCC – issued an interagency guidance applicable to all FDIC-supervised financial institutions describing expectations for effective...more