Financial Services Weekly News Roundup - July 2015 #5

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Regulatory Developments

New Hampshire Governor Signs Into Law a Bill Recodifying Banking, Credit Union and Trust Company Laws

On July 28, New Hampshire Gov. Maggie Hassan signed into law SB 188, an act revising banking, credit union, and trust laws. The new law reorganizes and streamlines provisions of New Hampshire law applicable to banks, credit unions and trust companies.

FTC Announces Workshop to Examine Online Lead Generation

The Federal Trade Commission (FTC) announced that it is hosting a workshop on Oct. 30, 2015 to examine the growing use of online lead generation in various industries, including consumer lending. Lead generators identify or cultivate consumer interest in a product or service and sell the consumer “lead” information to third parties. The workshop, “Follow the Lead: An FTC Workshop About Online Lead Generation,” will gather a variety of stakeholders, including industry representatives, consumer advocates and government regulators, to discuss consumer protection issues raised by the practices of the lead generation industry.

Agencies Provide Additional Guidance for Certain Resolution Plans

The Federal Reserve Board and the FDIC (the agencies) on Tuesday issued a joint press release regarding guidance to 119 firms that in December will be filing updated resolution plans. Following review of the resolution plans, the agencies are providing each firm with guidance, clarification, and direction for their upcoming resolution plans based on the relative size and scope of each firm's U.S. operations. Also on Tuesday, the agencies released an updated tailored resolution plan template. A tailored resolution plan focuses on the nonbanking operations of the firm and on the interconnections and interdependencies between the nonbanking and banking operations. The optional template is intended to facilitate the preparation of tailored resolution plans.

Agencies Provide Feedback to Nonbank Firms on Resolution Plans

Also on Tuesday, the agencies issued a joint press release stating that they provided three nonbank financial companies regarding their initial resolution plans and guidance to the firms for their upcoming filings. In addition to the specific guidance given to each company, the letters include some common areas that the firms should address. Those areas include the need for more detailed information on, and analysis of, obstacles to resolvability, including global cooperation, interconnectedness, and adequate funding and liquidity. Further, the agencies instructed the firms to describe in their resolution plans the progress they are making, and the steps remaining, to be more resolvable. Finally, the agencies directed the firms to strengthen the public portions of the firms' upcoming resolution plans. The three nonbank financial companies will submit the second version of their annual resolution plans on or before Dec. 31, 2015.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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