Recently, the Industrial and Commercial Bank of China Ltd. (“ICBC”) entered into two consent orders. The first consent order is with the New York State Department of Financial Services (the “NYDFS”) for alleged deficiencies...more
A serious regulatory issue can derail a bank merger or acquisition. Sometimes a bank will begin a transaction with a known, pre-existing regulatory issue, and other times an unanticipated regulatory issue develops during the...more
The CFPB issued a proposed rule which significantly affects third-party access to information obtained by the Bureau. In addition to public requests under the Freedom of Information Act, the Privacy Act of 1974 and in legal...more
On January 27, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a compliance bulletin reminding supervised financial institutions (including large depository institutions, credit unions and their affiliates,...more
Is your financial institution or company subject to the Consumer Financial Protection Bureau’s (CFPB) supervision? If so, take note of a recent bulletin warning supervised entities – both banks and non-banks – about the...more
On January 27, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a Compliance Bulletin 2015-1 (the “Bulletin”) reminding supervised financial institutions about regulatory requirements surrounding Confidential...more