On October 19, the Consumer Financial Protection Bureau (the "CFPB") proposed the long-anticipated "Personal Financial Data Rights Rule" (the "Proposed Rule"), which would govern access for consumers and data aggregators to...more
Although the record-breaking deal activity of 2021 spilled over into 2022, headwinds in the first quarter developed into a significant slowdown during the rest of 2022, with an expectation of continued slowness as we enter...more
1/30/2023
/ Acquisitions ,
Buyers ,
Capital Markets ,
CFIUS ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Domestic Dealmaking ,
Environmental Social & Governance (ESG) ,
EU ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Global Dealmaking ,
Investment ,
Investors ,
Mergers ,
Pharmaceutical Industry ,
Private Equity ,
Publicly-Traded Companies ,
Real Estate Market ,
Securities and Exchange Commission (SEC) ,
Sellers ,
Special Purpose Acquisition Companies (SPACs) ,
Technology
The OCC recently finalized two broad updates to its regulations that increase flexibility for regulatory filings, including for corporate transactions such as business combinations, and update and clarify permissible...more
The Bureau of Consumer Financial Protection (CFPB or Bureau) has formally commenced its long-awaited rulemaking process to implement section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank...more
11/3/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Security ,
Dodd-Frank ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Public Comment ,
Rulemaking Process
The Office of the Comptroller of the Currency (OCC) issued a final rule that creates a bright-line test to determine when a national bank or federal savings association (bank) makes a loan and is the "true lender," including...more
The New York Department of Financial Services ("NYDFS") and the French Autorité de Contrôle Prudentiel et de Résolution ("ACPR") signed a Memorandum of Understanding ("MOU") to position New York and France as innovation hubs...more
6/26/2020
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
FinTech ,
France ,
Memorandum of Understanding ,
NYDFS ,
Regulatory Oversight ,
Regulatory Standards
In response to the global COVID-19 crisis, US financial regulators at the state level are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US...more
In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global...more
4/22/2020
/ Appraisal ,
Borrower Protection Programs ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Deferred Action ,
FDIC ,
FHFA ,
Financial Services Industry ,
FRB ,
HMDA ,
NCUA ,
OCC ,
Paycheck Protection Program (PPP) ,
Real Estate Transactions ,
Relief Measures ,
Temporary Regulations
In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global...more
On Friday, March 27, 2020, the U.S. House of Representatives voted to approve the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) submitted by the Senate, and President Trump just signed the bill.The bill...more
4/3/2020
/ Airlines ,
Automotive Industry ,
CARES Act ,
Credit Reporting Agencies ,
Financial Services Industry ,
Healthcare Facilities ,
Hospitality Industry ,
Loans ,
Mortgages ,
Private Equity ,
Restaurant Industry ,
Student Loans ,
Tax Credits ,
Tax Deferral
The State of California is home to almost 40 million consumers and the world’s fifth largest economy. It represents a key exposure to most financial services companies’ US footprint. In recent years nonbank financial services...more
2/19/2020
/ Banks ,
BSA/AML ,
California Consumer Privacy Act (CCPA) ,
Commercial Loans ,
Consumer Lenders ,
Consumer Protection Laws ,
Data Privacy ,
Department of Business Oversight ,
Federal Advisory Committee Act (FACA) ,
Financial Services Industry ,
FinCEN ,
Governor Newsom ,
Interest Rate Caps ,
Lenders ,
Money Transmitter ,
New Rules ,
Payment Systems ,
State Regulators ,
Unfair Competition
On December 3, 2019, in a rare public statement regarding the provision of banking services to cannabis- or hemp-related businesses, the Federal Banking Agencies, including the Board of Governors of the Federal Reserve...more
12/11/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
Controlled Substances Act ,
Farm Bill ,
Federal Bank Regulatory Agencies ,
Financial Services Industry ,
FinCEN ,
Hemp ,
Hemp Related Businesses ,
Interagency Guidance ,
Joint Statements ,
NCUA ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
USDA
On September 25, 2019, the US House of Representatives ("House") passed, by a vote of 321 to 103, the Secure and Fair Enforcement Banking Act ("SAFE Banking Act"), bipartisan legislation designed to secure and regulate...more
10/9/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Canada ,
Cannabis Products ,
Cannabis-Related Businesses (CRBs) ,
Cole Memorandum ,
Controlled Substances Act ,
Cross-Border Transactions ,
Department of Justice (DOJ) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Harmonization Rules ,
Hemp ,
Marijuana Related Businesses ,
Medical Marijuana ,
NYDFS ,
Popular ,
Proposed Legislation ,
Rohrabacher-Farr Amendment ,
Suspicious Activity Reports (SARs) ,
USDA