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Troutman Pepper

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

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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

K2 Integrity

Pending FinCEN Investment Adviser Rule: Industry Perspective On Next Steps You Should Be Taking

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On 22 August 2024, K2 Integrity hosted a webinar discussing considerations related to the pending anti-money laundering rule (AML) for investment advisers (IAs) from the Financial Crimes Enforcement Network (FinCEN). The...more

Troutman Pepper

Brokered Deposits Rule Threatens to Upend Bank Balance Sheets

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“In the worst case, these [newly designated brokered deposits] will have to get offloaded in a way that potentially puts those banks at even greater liquidity risk, especially to the extent that they have a higher...more

Troutman Pepper

Turning Back the Clock: FDIC Proposes Significant Changes to 2020 Brokered Deposit Rule

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On July 30, 2024, the FDIC proposed substantive changes to the 2020 Brokered Deposit Rule (2020 Rule) that, if finalized, could meaningfully impact a wide group of bank and nonbank stakeholders who rely on the current rule’s...more

Ballard Spahr LLP

FDIC Proposes Revisions to Broker Deposits Rule

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The FDIC board on July 30 approved a notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered deposits (12 CFR 337.6)....more

Ballard Spahr LLP

FinCEN Issues Proposed Rulemaking Aimed at Strengthening and Modernizing AML Programs Across Multiple Industries

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On July 3, the Financial Crimes Enforcement Network (FinCEN) published a notice of proposed rulemaking (NPRM) as part of a broader initiative to “strengthen, modernize, and improve” financial institutions’ anti-money...more

The Rodman Law Group, LLC

The Corporate Transparency Act Reporting Exemptions

The Corporate Transparency Act mandates certain reporting requirements for beneficial ownership information for certain companies, with the goal of preventing the illicit use of anonymous shell companies for financial crimes....more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (1): An Overview

The US Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants (including...more

Dechert LLP

ERISA Déjà-Boo? New Halloween Fiduciary Proposal May Be a Real Scream

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The Department of Labor (“DOL”) on October 31, 2023—Halloween—issued a release (the “Release”) proposing to make changes to the 1975 rule (the “1975 Rule”) defining when institutions and individuals are providing fiduciary...more

Goodwin

Overdraft Protection Programs: Risk Management Practices

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Regulatory Developments - Overdraft Protection Programs: Risk Management Practices - On April 26, the OCC issued guidance in OCC Bulletin 2013-12, “Overdraft Protection Programs: Risk Management Practices,” to...more

Sheppard Mullin Richter & Hampton LLP

SEC’s Proposed Conflicts of Interest Rule May Impede Hedging

Critics are warning that the SEC’s recently proposed rule (the “Proposed Rule”) prohibiting conflicts of interest in asset-backed securities (ABS) transactions may impede the ability of financial institutions, broker-dealers...more

Katten Muchin Rosenman LLP

FINRA Proposes Changes to Arbitrator List Selection Process

The Financial Industry Regulatory Authority (FINRA) recently proposed several rule changes aimed at “provid[ing] greater transparency and consistency” with respect to the arbitrator list selection process administered by...more

Lowenstein Sandler LLP

SVB Financial Group Files for Chapter 11 Bankruptcy

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Early Friday morning, March 17, 2023, SVB Financial, the former holding company of SVB, filed a voluntary Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York, citing the...more

Perkins Coie

Market Turmoil Caused by “Run on the Banks” Leads to Trading Halts

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On March 10, 2023, volatility resulting from concerns regarding runs on certain banks triggered trading halts in those banks’ stocks on the New York Stock Exchange (NYSE) and Nasdaq. March 13, 2023, saw additional trading...more

Bradley Arant Boult Cummings LLP

Subpoena Responses for Financial Institutions

Financial services companies, such as banks, credit unions, lenders, finance companies, loan servicers, broker-dealers, and securities firms, often receive subpoenas from parties in litigation involving their customers,...more

Katten Muchin Rosenman LLP

The SEC's Proposed Safekeeping Rule Will Present Challenges for Them

Much has been, and remains to be, written on the SEC’s recent proposal to replace the custody rule for registered investment advisers with a new “safekeeping” rule. The implications are indeed far-reaching for registered...more

Shipkevich PLLC

New Jersey Legislation to Regulate Virtual Currencies Likely to Become Law

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Overview - New Jersey is positioned to adopt seminal legislation that is sure to alter the regulatory dynamic for cryptocurrency-focused businesses that operate within the state. The Digital Asset and Blockchain...more

Seward & Kissel LLP

FDIC Extends Comment Period on Rule Imposing Additional Deposit Insurance Disclosure Obligations

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The Federal Deposit Insurance Corporation (FDIC) announced today a 45-Day extension to the public comment period for proposed changes to its regulations that may significantly affect banks, broker-dealers, and FinTechs. The...more

Seward & Kissel LLP

Proposed FDIC Rule Would Impose Additional Deposit Insurance Disclosure Obligations on Banks and Non-Banks

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The Federal Deposit Insurance Corporation (“FDIC”) published for comment in December 2022 a notice of proposed rulemaking (12 CFR Part 328) (“Proposed Rule”) that would apply to all FDIC-insured institutions and impose new...more

Seward & Kissel LLP

FDIC Staff Issues Statement Requiring Banks to Scrutinize Primary Purpose Exception Notices

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On July 15, 2022, the Division of Risk Management Supervision (the “Staff”) of the Federal Deposit Insurance Corporation (“FDIC”) published a two-page statement (the “Statement”) “to remind” insured depository institutions...more

Seward & Kissel LLP

FDIC Adopts Rule Prohibiting Misleading Statements About FDIC Insurance that Impacts a Broad Range of Deposit Placement...

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Introduction - On May 17, 2022, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) adopted a final rule (“Rule”) setting forth its procedures for investigating and enforcing false advertising,...more

Pillsbury - SeeSalt Blog

Broker-Dealer Successfully Fights Look-Through Sourcing in New York

An administrative law judge in the New York State Division of Tax Appeals rejected the New York State Division of Taxation’s use of a look-through approach for sourcing fees paid to a broker-dealer for marketing,...more

Katten Muchin Rosenman LLP

SEC Deals New Proposal to Expand Reach of Dealer Registration Requirements

Key Points - - New proposed SEC rules would expand who may be considered a dealer or a government securities dealer under the Securities Exchange Act of 1934. - If the proposed new rules are adopted, a large group of...more

Goodwin

AR/VR and the Metaverse Will (Someday) Change Financial Services Regulation — Here’s How

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This is the first in a series of alerts in which we will explore the practical reality of the opportunities the metaverse will present for the financial services industry and challenges firms will need to overcome as they...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #78: Compliance with PTE 2020-02: Mitigation of Incentive Effects of Payout Grids...

The DOL has issued FAQs that generally explain PTE 2020-02 and the expanded definition of fiduciary advice. In FAQ 17, the DOL discusses both the implications of payout grids and mitigation techniques to minimize...more

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