News & Analysis as of September 19, 2024

Bank Secrecy Act › Consumer Financial Protection Bureau (CFPB) › Financial Institutions

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The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide... more +

The Bank Secrecy Act is a United States federal statute enacted in 1970 to detect and prevent money laundering within financial institutions. The BSA requires financial institutions to keep records and provide documentation to authorities for single transactions of more than $10,000 and report other suspicious account activity that could signify money laundering or other financial crimes. less -

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024 # 2

Troutman Pepper on 9/13/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024 # 3

Troutman Pepper on 8/21/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024

Troutman Pepper on 8/8/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - April 2024 # 2

Troutman Pepper on 4/10/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - February 2024 # 4

Troutman Pepper on 2/27/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - January 2024 # 4

Troutman Pepper on 1/24/2024

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Banking and Consumer Regulatory Digest - October 2023

Davis Wright Tremaine LLP on 10/16/2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2023 # 4

Troutman Pepper on 9/26/2023

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2023 # 3

Troutman Pepper on 9/19/2023

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week...more

Deep Dive into Payments: Q&A on Bank Partnership Considerations

McGlinchey Stafford on 9/15/2023

But upon closer consideration, there is an interplay between a bank partner program and the Electronic Fund Transfer Act (EFTA) as implemented by Regulation E, particularly when it comes to timeframes for disputes, liable...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2023 # 2

Troutman Pepper on 9/12/2023

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Finance Services industry over the past week...more

Prosecution Of NY Lender Marks Shift In PPP Enforcement

Bradley Arant Boult Cummings LLP on 4/20/2022

Until recently government enforcement and regulatory scrutiny of fraud and other misconduct relating to COVID-19 relief programs were generally limited to end recipients of the relief. These efforts have mostly been...more

Stress Test Scenarios Released for 2022

Goodwin on 2/18/2022

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

Supreme Court Decision Empowers President Biden to Replace Director of FHFA

Goodwin on 6/25/2021

In This Issue. In a move that gives him the opportunity to put his stamp on housing policy and the potential overhaul of Fannie Mae and Freddie Mac, President Biden replaced the Director of the Federal Housing Finance Agency...more

Nutter Bank Report: December 2020

Nutter McClennen & Fish LLP on 12/23/2020

FDIC Modernizes Brokered Deposit Rule and Amends Interest Rate Restrictions - The FDIC has adopted a final rule that establishes new standards for determining whether deposits made through certain kinds of arrangements...more

OCC Finalizes “True Lender” Rule

Goodwin on 10/29/2020

In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

Goodwin on 8/28/2020

In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Financial Services Weekly Roundup: The CFPB Digs Into “Seasoned” Qualified Mortgages

Goodwin on 8/21/2020

In the News. The Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to create a new category of “seasoned” qualified mortgages; the Securities and Exchange Commission’s (SEC) Office of...more

Financial Services Weekly News - October 2016 #3

Goodwin on 10/27/2016

Editor's Note - Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 4/15/2016

Senators Introduce SAFE Lending Act - On April 7, 2016, several Democratic Senators introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, SAFE 2016, which is designed to change the manner in which...more

Top 10 Financial Institution Considerations for 2016: #5 – Marketplace Lending

Locke Lord LLP on 3/30/2016

In our initial article announcing our top 10 considerations for financial institutions in 2016, our fifth consideration was marketplace lending. Just as the U.S. government and banking agencies have focused efforts to...more

Financial Services Weekly News - March 2016

Goodwin on 3/10/2016

Regulatory Developments - CFPB Now Accepting Complaints on Online Marketplace Lenders - On March 7, the Consumer Financial Protection Bureau (CFPB) announced two initiatives: it will now accept complaints from...more

Financial Services Report, Fall 2015

Morrison & Foerster LLP on 9/18/2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Treasury Request for Public Input on Expanding Access to Credit through Online Marketplace Lending

Orrick, Herrington & Sutcliffe LLP on 7/22/2015

On July 20, the Department of the Treasury published a Notice and Request for Information (“RFI”) seeking comment on various aspects of online marketplace lending, including – - the business models and products offered...more

OCC Identifies Safety and Soundness Risks to National Banks and Federal Savings Associations and Supervisory Priorities

Ballard Spahr LLP on 7/14/2015

A new report issued by the federal Office of the Comptroller of the Currency (OCC) identifies top safety and soundness risks to national banks and federal savings associations, as well as OCC supervisory priorities for the...more

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