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
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
2/13/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Digital Platforms ,
Fee Waivers ,
Financial Services Industry ,
HMDA ,
Investment Funds ,
Mobile Apps ,
Online Platforms ,
Referral Fees ,
Reporting Requirements ,
RESPA ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC)
Regulatory Developments -
FinCEN Proposes Form of Report to Collect Beneficial Ownership Information and Application to Obtain FinCEN Identifiers -
On January 17, FinCEN proposed a form of report to collect beneficial...more
1/27/2023
/ Beneficial Owner ,
Broker-Dealer ,
Civil Monetary Penalty ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Examination Priorities ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Mortgage Servicers ,
New Guidance ,
Reporting Requirements ,
Risk Assessment ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Transfer on Death Deed (TOD)
Regulatory Developments -
FinCEN Issues NPRM Regarding Access to Beneficial Ownership Information and Related Safeguards -
On December 15, FinCEN issued a Notice of Proposed Rulemaking (NPRM) that would implement...more
1/18/2023
/ 10b5-1 Plans ,
Anti-Money Laundering ,
Beneficial Owner ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Transparency Act ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinCEN ,
Interest Rates ,
Libor ,
New Guidance ,
Nonbank Firms ,
NPRM ,
Regulation O ,
Regulation Z ,
Relief Measures ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Small Banks ,
Threshold Requirements ,
Time Extensions
Regulatory Developments -
Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial Risks -
On December 2, the Federal Reserve announced that it...more
12/12/2022
/ Broker-Dealer ,
Climate Change ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Initial Public Offering (IPO) ,
Investment Adviser ,
Military Service Members ,
Nasdaq ,
NYSE ,
OCC ,
Payment Systems ,
Preemption ,
Proposed Regulation ,
Public Comment ,
Pump and Dump ,
Regulation S-ID ,
Risk Management ,
Servicemembers Civil Relief Act (SCRA) ,
Truth in Lending Act (TILA)
Regulatory Developments -
CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies -
On November 22, the DOL announced a final rule under the Employee Retirement Income Security Act (ERISA) to...more
12/2/2022
/ Coronavirus/COVID-19 ,
Credit Reporting Agencies ,
Credit Reports ,
Cryptoassets ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Financial Industry Regulatory Authority (FINRA) ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Investment Management ,
OCC ,
Retirement Plan
On September 29, 2022, FinCEN issued a final rule (published in the Federal Register the next day) under the CTA requiring each “reporting company” (which includes both domestic and foreign entities that are formed or...more
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 Consumer Financial Protection Bureau (CFPB) published a Consumer Financial Protection Circular 2022-04 (Circular) in relation to safeguarding consumer data under the Consumer Financial Protection Act...more
8/22/2022
/ Banking Sector ,
Broker-Dealer ,
Conflicts of Interest ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Data Protection ,
Data Security ,
Federal Reserve ,
Form PF ,
Investment Adviser ,
Joint Policy Statements ,
Payment Systems ,
Personal Data ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Statutory Violations
In This Issue. The Financial Crimes Enforcement Network (FinCEN) is urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption; the Financial Industry Regulatory Authority...more
4/22/2022
/ Annual Reports ,
Bribery ,
Climate Change ,
Corruption ,
Embezzlement ,
Environmental Social & Governance (ESG) ,
ETFs ,
Extortion ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Statements ,
FinCEN ,
Greenhouse Gas Emissions ,
Investors ,
Misappropriation ,
Money Laundering ,
Proposed Amendments ,
Proposed Rules ,
Public Corruption ,
Publicly-Traded Companies ,
Registration Statement ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
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
4/15/2022
/ Biden Administration ,
Broker-Dealer ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
FDIC ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Foreign Investment ,
Investment Adviser ,
Notification Requirements ,
Retail Investors ,
Russia ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Transactions ,
Standard of Conduct
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
4/8/2022
/ Banking Sector ,
Broker-Dealer ,
Climate Change ,
Comment Period ,
Conflicts of Interest ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Investment Adviser ,
Investment Companies ,
New Guidance ,
Public Comment ,
Regulation BI ,
Retail Investors ,
Risk Management ,
SEC Examination Priorities ,
Securities and Exchange Commission (SEC) ,
Securities Exchanges ,
Swap Dealers
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed rules to include certain significant market participants as “dealers” or “government securities dealers” to essentially eliminate the trader exclusion...more
4/1/2022
/ Bank Merger Act ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Ratings ,
Cyber Attacks ,
Cyber Threats ,
Cybersecurity ,
Examination Procedures ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Market Participants ,
Mergers ,
New Rules ,
Notification Requirements ,
OCC ,
Proposed Amendments ,
Proposed Rules ,
Regulation M ,
Request For Information ,
Reverse Mergers ,
Securities and Exchange Commission (SEC) ,
Securities Dealers ,
Securities Regulation ,
Securities Transactions ,
Special Purpose Acquisition Companies (SPACs) ,
UDAAP
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
3/25/2022
/ Banking Sector ,
Chief Compliance Officers ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Review Fairness Act (CRFA) ,
Fake Reviews ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Supervision ,
UDAAP
In This Issue. The Consumer Financial Protection Bureau (CFPB) announced a new initiative focused on financial issues faced by rural communities and also updated its examination procedures to cover unfair discrimination; the...more
3/18/2022
/ Abusive Acts ,
Agricultural Sector ,
Annual Reports ,
Banking Sector ,
Biden Administration ,
Blockchain ,
Broker-Dealer ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Cyber Incident Reporting ,
Cybersecurity ,
Digital Assets ,
Disclosure Requirements ,
Division of Trading and Markets ,
Examination Procedures ,
Executive Orders ,
Exemptions ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
Insured Depository Institutions ,
Investors ,
Manufactured Housing ,
OCC ,
Proposed Rules ,
Publicly-Traded Companies ,
Reporting Requirements ,
Risk Management ,
Risk Mitigation ,
Rural Areas ,
Securities and Exchange Commission (SEC) ,
Stress Tests ,
Suspicious Activity Reports (SARs) ,
Time Extensions ,
UDAAP ,
Unfair or Deceptive Trade Practices
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
3/14/2022
/ Banking Sector ,
Belarus Sanctions ,
Beneficial Owner ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Economic Sanctions ,
Executive Orders ,
FATF ,
FDIC ,
Financial Action Task Force ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Investors ,
Money Laundering ,
OCC ,
Risk Assessment ,
Risk Management ,
Russia ,
Shell Corporations ,
Terrorist Financing ,
U.S. Treasury ,
Virtual Currency
In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more
3/4/2022
/ Annual Percentage Rate (APR) ,
Banking Sector ,
Bias ,
Borrowers ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Cyber Threats ,
Cybersecurity ,
Disclosure Requirements ,
Federal Reserve ,
Final Rules ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Form CRS ,
Interest Rates ,
Lenders ,
Loan Forgiveness ,
Loan Servicer ,
OCC ,
Property Valuation ,
Proposed Rules ,
Public Comment ,
Public Service Loan Forgiveness program (PSLF program) ,
Regulation Best Interest ,
Regulation SHO ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Short Sales ,
Short Selling ,
Student Loans
In This Issue. The Federal Reserve Board of Governors (Federal Reserve), the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) released stress test scenarios to assess...more
2/18/2022
/ Augmented Reality ,
Bank Secrecy Act ,
Banking Sector ,
Beneficial Owner ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Derivatives ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Investment Firms ,
Investors ,
OCC ,
OMB ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Stress Tests ,
Virtual Reality ,
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 Board of the Governors of the Federal Reserve (Federal Reserve) proposed a new supervisory framework for certain holding companies engaged in insurance activities; the Consumer Financial Protection Bureau...more
2/4/2022
/ Alternative Trading System (ATS) ,
Annual Reports ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Depository Institutions ,
Federal Reserve ,
Filing Fees ,
Form PF ,
Fund Sponsors ,
Hedge Funds ,
Holding Companies ,
Private Equity Funds ,
Proposed Amendments ,
Proposed Guidance ,
Proposed Rules ,
Public Comment ,
Regulation ATS ,
Securities and Exchange Commission (SEC)
In This Issue. The Financial Crimes Enforcement Network (FinCEN) issued a proposed rule about the establishment of a limited-duration pilot program for sharing suspicious activity reports (SARs); FinCEN published the final...more
1/28/2022
/ Borrowers ,
Broker-Dealer ,
Civil Monetary Penalty ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cross-Border ,
Deposit Insurance ,
Disclosure Requirements ,
Division of Investment Management ,
European Securities and Markets Authority (ESMA) ,
Examination Procedures ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fund Distribution ,
Inflation Adjustments ,
Investors ,
Irrevocable Trusts ,
Lenders ,
Marketing ,
Mortgage Servicers ,
New Rules ,
Notice of Proposed Rulemaking (NOPR) ,
Pilot Programs ,
Proposed Rules ,
Public Comment ,
Reporting Requirements ,
Revocable Trusts ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
Suspicious Activity Reports (SARs)
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
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
1/17/2022
/ (SEC) Rule 17a-4 ,
Bank Secrecy Act ,
Banking Sector ,
Broker-Dealer ,
Comment Period ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Financial Transactions ,
FinCEN ,
OMB ,
Proposed Amendments ,
Public Comment ,
Recordkeeping Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act of 1934 ,
Security-Based Swaps
In this Issue. The Office of the Comptroller of the Currency (OCC) is seeking feedback on principles for climate-related financial risk management for large banks; the Department of Justice’s Antitrust Division is seeking...more
1/7/2022
/ Antitrust Division ,
Banking Sector ,
Banks ,
Beneficial Owner ,
Best Practices ,
Board of Governors ,
Broker-Dealer ,
Climate Change ,
Comment Period ,
Community Banks ,
Corporate Transparency Act ,
Department of Justice (DOJ) ,
Depository Institutions ,
Disclosure Requirements ,
Division of Investment Management ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Foreign Corporations ,
Form CRS ,
Mergers ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Ownership Requirements ,
PCAOB ,
Proposed Rules ,
Public Comment ,
Publicly-Traded Companies ,
Registered Investment Advisors ,
Reporting Requirements ,
Repurchases ,
Retail Investors ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
WHAT YOU NEED TO KNOW:
- The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule to implement portions of the Corporate Transparency Act codified at 31 U.S.C. § 5336...more
12/22/2021
/ Anti-Money Laundering ,
Beneficial Owner ,
Business Entities ,
Comment Period ,
Corporate Transparency Act ,
Exemptions ,
FinCEN ,
Pooled Investment Vehicles ,
Proposed Rules ,
Public Comment ,
Reporting Requirements