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Exemptions Banks

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

Miles & Stockbridge P.C.

Collection Agency Licensing and Exemptions

Miles & Stockbridge P.C. on

With the new collection agency rule of the Consumer Financial Protection Bureau (“CFPB”) having taken effect on November 30, 2021, we thought we could help round out your understanding of the collection agency laws by...more

Mayer Brown Free Writings + Perspectives

What’s the Deal? article on Section 3(a)(2) bank note programs

Here’s the deal:  Section 3(a)(2) bank note programs are medium-term note programs with a “bank” as the issuer  The issuer must be a “bank,” as defined in Section 3(a)(2) of the Securities Act  Bank note...more

McDermott Will & Emery

Department of Labor Exemption Impacts Investment Advice Fiduciaries

McDermott Will & Emery on

The US Department of Labor (DOL) recently issued guidance concerning a new exemption under the prohibited transaction provisions of the Employee Retirement Income Security Act of 1974 (ERISA) in connection with the provision...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #57

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: The FAQs - This series focuses on the DOL’s new fiduciary “rule”, which was effective on February 16. This, and the next several, articles look at the Frequently...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #54

The Department of Labor’s “Fiduciary Rule,” PTE 2020-02: An Overview - This article is an overview of the requirements of PTE 2020-02. It discusses the expanded fiduciary definition, the conditions in the PTE, and the...more

Faegre Drinker Biddle & Reath LLP

Best Interest Standard of Care for Advisors #40

On December 18, 2020, the DOL issued its final prohibited transaction exemption (PTE) that permits investment advisers, broker-dealers, banks and insurance companies, and their representatives, to receive conflicted...more

Sheppard Mullin Richter & Hampton LLP

It’s Time to (Carefully) Secure that Guaranty

The 2021 increase to California’s homestead exemption to up to $600,000 stands to change the legal and economic relationship of guarantors with their lenders and vendors who make loans or sell goods or services on...more

Ballard Spahr LLP

CFPB Adjusts HMDA and TILA Asset Exemption Thresholds

Ballard Spahr LLP on

The CFPB recently issued a final rule increasing the asset exemption threshold under the Home Mortgage Disclosure Act (HMDA) and a final rule increasing the asset exemption threshold for the Truth in Lending Act (TILA)...more

Buchalter

Newly Enacted California Consumer Financial Protection Law (AB 1864) Reorganizes and Renames Financial Institutions Regulator for...

Buchalter on

California has enacted a new California Consumer Protection Law (CCFPL), California Financial Code Section 90001 et seq. The CCFPL will convert the Department of Business Oversight (DBO) into a new Department of Financial...more

Dechert LLP

What Did the DOL Just “Rollover” (and Roll Out)? – “A Primary Basis” for Understanding the New Proposed ERISA Exemption and...

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The U.S. Department of Labor (the “DOL”) on June 29, 2020 issued a release (the “Release”) proposing an important new initiative for retirement accounts (“Plans”) that are subject to the Employee Retirement Income Security...more

Troutman Pepper

Description Of The Small Business Investment Company Program Participation By Unleveraged Funds - January 2020

Troutman Pepper on

A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

Vedder Price

Volcker Rule: Community Bank Exemption

Vedder Price on

On July 9, 2019, the Board of Governors of the Federal Reserve System (the “FRB”), U.S. Commodity Futures Trading Commission, Federal Deposit Insurance Corporation (the “FDIC”), Office of the Comptroller of the Currency (the...more

Dechert LLP

Investment Funds Update Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Dechert LLP on

Entry into force of MiFID II - The Directive 2014/65/EU on Markets in Financial Instruments (MiFID II) entered into force in France on 3 January 2018. Within the framework, the French legal framework has been updated over...more

Dechert LLP

Certain Companies that May be Subject to FDIC Orderly Liquidation Authority under Dodd-Frank are Now Subject to Qualified...

Dechert LLP on

Companies that the Financial Stability Oversight Council (FSOC) believes may be subject to FDIC receivership under the Orderly Liquidation Authority contained in Title II of the Dodd-Frank Act, and certain of their...more

Allen Matkins

Five Gnostic Exemptions From The Qualification Requirements Of The Corporate Securities Law

Allen Matkins on

When looking for exemptions from the qualification requirements of the California Corporate Securities Law of 1968, a good place to start is Chapter 1, Part 2, Division 1 of Title 4 of the Corporations Code. Cal. Corp. Code...more

Ballard Spahr LLP

CFPB announces annual adjustments to HMDA/TILA asset-size exemption thresholds

Ballard Spahr LLP on

The CFPB has announced annual adjustments to two asset-size exemption thresholds. First, the CFPB has made no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million. ...more

A&O Shearman

US Board of Governors of the Federal Reserve System Announces Annual Indexing of 2017 Reserve Requirement Exemption Amount and of...

A&O Shearman on

The US Board of Governors of the FRS announced the annual indexing of reserve requirement exemption amount and low reserve tranche, two amounts used in determining reserve requirements of depository institutions under...more

Ballard Spahr LLP

Director Cordray Responds To Letter from Senators Seeking Tailored Rulemaking for Community Banks and Credit Unions

Ballard Spahr LLP on

Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more

Cozen O'Connor

New FinCEN Proposal Will Extend AML Rules to Currently Exempt Banks and Other Institutions

Cozen O'Connor on

Seeking to close a perceived “gap” in regulations intended to facilitate the government’s efforts to curb money laundering and the financing of terrorism, the U.S. Department of the Treasury’s Financial Crimes Enforcement...more

Goodwin

Board Interlocks On Antitrust Enforcement Hot Seat: A Must-Read Guide for Board Members and Officers

Goodwin on

Recent enforcement activity by the Department of Justice (that required restructuring a live transaction) and the Federal Trade Commission makes clear that enforcement of Section 8 of the Clayton Act, the prohibition against...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements - On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office...more

Morrison & Foerster LLP

Narrowing of Licensing Exemption Under California Finance Lenders Law for Consumer Lenders and Brokers

The California Department of Business Oversight (the “CDBO”) has issued a new regulation that will eliminate a statutory licensing exemption under the California Finance Lenders Law (the “CFLL”) for nonbank operating...more

Stoel Rives LLP

Litigation Alert: Washington Supreme Court Clears Up Ambiguity on "Holder" versus "Owner" of Secured Notes

Stoel Rives LLP on

The Washington Supreme Court, sitting en banc, affirmed in Brown v. Washington State Department of Commerce the Department of Commerce’s denial of a mediation request under the Foreclosure Fairness Act (FFA) made by a...more

BakerHostetler

“Don’t Call Us, We’ll Call You.” The FCC’s Latest TCPA Ruling Imposes Even More Restrictions on Telemarketing Calls and Texts

BakerHostetler on

On July 10, 2015, the Federal Communications Commission released the Omnibus Declaratory Ruling and Order (the Order) it adopted on June 18. The Order addresses requests for clarification regarding requirements under the...more

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