News & Analysis as of

Industry Examinations

SEC Exam Staff: “Surprise, We’re Back”

by Carlton Fields on

In August, Kevin Kelcourse, the associate director for examinations at the SEC’s Boston Regional Office, confirmed that his office has been making "surprise" examination visits to registered advisers in the region. ...more

More Of An SRO - FINRA Unveils Its Priorities For 2018

On January 8 the Financial Industry Regulatory Authority (FINRA) published its Annual Regulatory and Examination Priorities Letter, which highlights key areas of focus for FINRA in the coming year. ...more

FINRA 2018 Priorities Letter Released

by Burr & Forman on

FINRA recently published its 2018 Annual Regulatory and Examination Priorities Letter, which identifies opportunities for firms to improve their compliance, supervisory and risk management policies or programs. ...more

CFPB whistleblower alleges falsification of examination documents by CFPB

by Ballard Spahr LLP on

A former CFPB examiner has written U.S. Attorney General Jeff Sessions claiming that CFPB officials falsified examination reports in connection with a CFPB examination of ACE Cash Express that led to the CFPB extracting $10...more

CFPB data collection freeze impacting CFPB examinations

by Ballard Spahr LLP on

Since Mick Mulvaney’s appointment by President Trump as CFPB Acting Director, there have been widespread media reports about Mr. Mulvaney’s plans to impose a freeze on the CFPB’s collection of personally identifiable...more

Tennessee Revises Rules Regarding Captive Insurance Companies

by Carlton Fields on

The Tennessee Department of Commerce and Insurance has substantially revised its rules for captive insurance companies. Significant changes include...more

OIG report finds CFPB’s examination workpaper documentation practices can be improved

by Ballard Spahr LLP on

The Office of Inspector General (OIG) for the CFPB and Fed has issued a report that found the CFPB can improve its practices related to examination workpaper documentation. This report follows another OIG report issued last...more

OIG report finds effectiveness of CFPB’s examiner commissioning and training programs could be improved

by Ballard Spahr LLP on

The Office of Inspector General (OIG) for the CFPB and Fed has issued a report on the results of its evaluation of the effectiveness of the CFPB’s Examiner Commissioning Program (ECP) and On-the-Job Training (OJT) programs. ...more

MSHA Reopens Rulemaking on Workplace Examination Standard and Proposes to Delay Effective Date

On September 12, the Mine Safety and Health Administration (MSHA) published in the Federal Register two proposed rules on Examinations of Working Places in Metal and Nonmetal Mines, reopening the rulemaking to consider two...more

SEC’s Latest Cybersecurity Risk Alert Identifies Elements of Robust Policies and Procedures

by Dorsey & Whitney LLP on

On August 7, 2017 the Securities and Exchange Committee (“SEC”) Office of Compliance Inspections and Examinations (“OCIE”) released yet another cybersecurity Risk Alert entitled, “Observations from Cybersecurity...more

Establishing an Effective Compliance Management System for Financial Services

by Pepper Hamilton LLP on

The CFPB has generated acute awareness of the term “compliance management system” (CMS) through its highly publicized consent orders. Since it began issuing orders in 2011, the CFPB has invariably cited “significant...more

CFPB issues report highlighting student loan complaints from borrowers working in public service; updates examination procedures

by Ballard Spahr LLP on

In conjunction with its public event yesterday on student loan servicing, the CFPB issued a new report, “Staying on track while giving back.” The report, which provides a mid-year update on student loan complaints,...more

MSHA Extends Effective Date of Final Rule on Examinations of Working Places in Metal and Nonmetal Mines to October 2, 2017

The U.S. Department of Labor’s Mine Safety and Health Administration (MSHA) announced on May 22, 2017, that it is extending the effective date of the agency’s Final Rule on Examinations of Working Places in Metal and Nonmetal...more

Did You Know? Georgia Revises Residential Mortgage Act Provisions

by Ballard Spahr LLP on

Georgia revised provisions under the Residential Mortgage Act, including, but not limited to, the following: An applicant for a mortgage lender license must provide a bond of $250,000, previously $150,000. This will...more

ALERT: SEC Issues Risk Alert on Top Five Problem Areas in Investment Advisor Examinations

by Pullman & Comley, LLC on

For investment adviser firms, an audit by the Securities and Exchange Commission or state regulators can be cause for anxiety. Regardless of how carefully a firm’s chief compliance officer adheres to regulations, deficiencies...more

Minnesota Enacts Market Conduct Examination Reforms

by Stinson Leonard Street on

In response to substantial industry frustration with the examinations and investigations conducted by the Minnesota Department of Commerce, the 2017 session of the Minnesota Legislature just enacted several significant...more

Regular CFPB Service Provider Examinations Have Begun; More Service Providers to Face Examinations

by Ballard Spahr LLP on

At the program held on April 7 titled “The State of Consumer Protection Initiatives” at the American Bar Association Business Law Section Consumer Financial Services Committee 2017 Spring Meeting, Peggy Twohig, the CFPB’s...more

Regular CFPB service providers examinations have begun; more service providers to face examinations

by Ballard Spahr LLP on

At the program held on April 7 entitled “The State of Consumer Protection Initiatives” at the American Bar Association Business Law Section Consumer Financial Services Committee 2017 Spring Meeting, Peggy Twohig, the CFPB’s...more

Cal/OSHA Proposes Hotel Housekeeping Injury Rule

by Fisher Phillips on

After several years of discussion and debate, the Cal/OSHA Standards Board (Board) recently issued a proposed standard on “Hotel Housekeeping Musculoskeletal Injury Prevention.” The proposal currently is open for public...more

MSHA Proposes to Extend the Effective Date for the Workplace Examination Final Rule to July 24

On March 27, 2017, the Mine Safety and Health Administration (MSHA) issued a proposed rule to delay the effective date for its Final Rule on Examinations of Working Places in Metal and Nonmetal Mines from May 23, 2017, to...more

The Top Ten Regulatory and Litigation Risks for Private Funds in 2017

Private investment funds and advisers are likely to face new regulatory challenges and increased litigation risks in 2017, not only because of a change in the administration, but also because many advisers have not corrected...more

OCIE Issues Alert on the Five Most Frequent Compliance Topics Identified in Examinations of Investment Advisers

The SEC’s Office of Compliance Inspections and Examinations, or OCIE, has published a list of the five compliance topics most frequently identified in deficiency letters that are sent to SEC-registered investment advisers....more

MSHA’s New Rule on Workplace Examinations at Metal/Non-Metal Mines Scheduled to Take Effect Despite Regulatory Freeze

by Stoel Rives LLP on

On January 23, and for the first time in nearly 40 years, the Mine Safety and Health Administration (“MSHA”) issued new rules governing the way in which metal/non-metal mine operators must conduct their regular workplace...more

[Webinar] 2017 MSHA Enforcement Initiatives and Rulemaking Outlook - Jan. 26th, 1:00pm EST

by Conn Maciel Carey LLP on

As we begin a new calendar year and look ahead to a new administration, industry should continue to stay informed as to MSHA’s regulatory agenda and enforcement initiatives. While MSHA will soon have new decision makers in...more

Top FINRA Priorities for 2017

by Robins Kaplan LLP on

On January 4, FINRA released its Annual Regulatory and Examination Priorities Letter, which outlines the areas it plans to review over the coming year.  FINRA President and CEO, Robert Cook, says that attention to these core...more

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