Regulatory Developments -
Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB -
On April 28, the Federal Reserve released its report analyzing SVB’s failure (Report). The Report...more
5/5/2023
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Insurance ,
ECOA ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
FinTech ,
Libor ,
Mortgage Lenders ,
Mortgages ,
Proposed Legislation ,
Regulatory Requirements ,
Silicon Valley ,
Small Business ,
Supervision
In This Issue. The Consumer Financial Protection Bureau (CFPB) reminded institutions of a new threshold for reporting Home Mortgage Disclosure Act data about open-end lines of credit; the Financial Crimes Enforcement Network...more
11/22/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
HMDA ,
Investment Adviser ,
Mortgage Lenders ,
Mortgages ,
Open-Ended Lines of Credit ,
Ransomware ,
Reporting Requirements ,
Risk Alert ,
Robo-Advisors ,
Securities and Exchange Commission (SEC) ,
Threshold Requirements
In This Issue. The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will no longer charge lenders the Adverse Market Refinance Fee; the Federal Deposit Insurance Corporation (FDIC) is seeking...more
7/30/2021
/ Adverse Market Refinance Fees ,
Banking Sector ,
Board of Governors ,
Borrowers ,
Comment Period ,
Commercial Bankruptcy ,
Community Reinvestment Act ,
CRA ,
Delinquent Borrowers ,
Deposit Insurance ,
Division of Investment Management ,
Fannie Mae ,
FDIC ,
Federal Reserve ,
FHFA ,
Financial Services Industry ,
Freddie Mac ,
Lenders ,
Liquidity ,
Money Market Funds ,
Mortgage Lenders ,
Mortgages ,
OCC ,
Paycheck Protection Program (PPP) ,
Proposed Amendments ,
Public Comment ,
Rulemaking Process ,
SBA ,
Securities and Exchange Commission (SEC)
In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more
7/28/2021
/ AML/CFT ,
Annual Reports ,
Anti-Money Laundering ,
Arkansas Teacher Retirement System v Goldman Sachs Group ,
Bank Secrecy Act ,
Banking Sector ,
Basic v Levinson ,
Borrowers ,
BSA/AML ,
Burden of Persuasion ,
Burden of Proof ,
Certiorari ,
Class Action ,
Class Certification ,
Community Development ,
Community Reinvestment Act ,
Conflicts of Interest ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Distressed Properties ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinCEN ,
Forbearance Agreements ,
Foreclosure ,
Goldman Sachs ,
Investors ,
Lenders ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
No-Action Letters ,
OCC ,
Presumption of Reliance ,
Regulation X ,
Repeal ,
Rulemaking Process ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Securities Litigation ,
Shareholders ,
True Lender ,
Underserved Locations
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
6/25/2021
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Biden Administration ,
BSA/AML ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Debit Cards ,
Durbin Amendment Rules ,
Fannie Mae ,
Federal Reserve ,
FFIEC ,
FHFA ,
Financial Institutions ,
Financial Services Industry ,
Freddie Mac ,
Holidays ,
Inflation Adjustments ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Lenders ,
Mortgages ,
Popular ,
Public Comment ,
Recordkeeping Requirements ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
In This Issue. The Chairman of the U.S. Securities and Exchange Commission (the SEC), Gary Gensler, issued a statement on the application of the proxy rules to proxy voting advice directed to the SEC staff to consider whether...more
6/11/2021
/ 10b5-1 Plans ,
Consumer Financial Protection Bureau (CFPB) ,
Escrow Accounts ,
Freddie Mac ,
Insider Trading ,
Investment Property ,
Mortgages ,
Proxy Advisory Firms ,
Proxy Voting ,
Proxy Voting Guidelines ,
Regulation X ,
Second Homes ,
Securities and Exchange Commission (SEC)
In This Issue. The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval to a third cryptocurrency firm chartering a national trust bank; the Consumer Financial Protection Bureau (CFPB)...more
5/4/2021
/ American Rescue Plan Act of 2021 ,
Banking Sector ,
Closed-End Funds ,
COBRA ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Depository Institutions ,
Final Rules ,
Income Taxes ,
Investment Funds ,
Investors ,
Mortgages ,
National Bank Charters ,
NYSE ,
OCC ,
Private Funds ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Qualified Mortgage Rule
In This Issue. The Consumer Financial Protection Bureau (CFPB) continued to be active under its new leadership this week, warning mortgage servicers to prepare now for an anticipated surge of homeowners needing assistance...more
4/8/2021
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
ATDS ,
Auto-Dialed Calls ,
Beneficial Owner ,
Borrowers ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Corporate Transparency Act ,
Debt Collection ,
Facebook ,
Facebook Inc v Duguid ,
FDIC ,
FinCEN ,
Foreclosure ,
Homeowners ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Proposed Rules ,
Public Comment ,
Random or Sequential Number Generator ,
Regulation X ,
Robocalling ,
SCOTUS ,
TCPA
In the News. Institutional Shareholder Services (ISS) published its proxy voting guidelines updates for 2021, which include new and updated voting recommendations on federal forum and exclusive forum provisions in companies’...more
11/19/2020
/ Affordable Housing ,
Amended Regulation ,
Banking Sector ,
Board of Directors ,
Borrowers ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Corporate Governance ,
Debt Collection ,
Department of Labor (DOL) ,
Diversity ,
E-Signatures ,
EDGAR ,
Employee Retirement Income Security Act (ERISA) ,
Enforcement Actions ,
Exclusive Forum ,
Fair Credit Reporting Act (FCRA) ,
Fannie Mae ,
FHFA ,
Fiduciary Duty ,
Final Rules ,
Financial Services Industry ,
Freddie Mac ,
Institutional Shareholder Services (ISS) ,
Interpretive Letters ,
Investment Management ,
Lenders ,
Loan Origination Funds ,
MNPI ,
Mortgages ,
Multi-Family Housing ,
No-Action Letters ,
Non-Public Information ,
OCC ,
Proxy Voting ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC)
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
10/29/2020
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Amended Rules ,
Bank Secrecy Act ,
Banking Sector ,
CFTC ,
Community Development Financial Institution (CDFI) ,
Comptroller ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Depository Institutions ,
Derivatives ,
FDCPA ,
FDIC ,
Federal Reserve ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Records ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Forbearance Agreements ,
Insured Depository Institutions ,
Inter-Bank Offered Rates (IBORs) ,
Investors ,
ISDA ,
Military Service Members ,
Mortgages ,
OCC ,
Private Investment Funds ,
Proposed Rules ,
Proxy Statements ,
Recordkeeping Requirements ,
Securities and Exchange Commission (SEC) ,
Shareholder Proposals ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Travel Rule ,
True Lender ,
Truth in Lending Act (TILA)
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more
6/26/2020
/ Advisory Opinions ,
Antitrust Division ,
Banking Sector ,
Board Meetings ,
Borrowers ,
Broker-Dealer ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Unions ,
CSBS ,
Debt Relief ,
Deposit Insurance ,
Disgorgement ,
Enforcement Actions ,
Eviction ,
Exemptions ,
FDIC ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Homeowners ,
Interim Final Rules (IFR) ,
Interpretive Rule ,
Investment Adviser ,
Joint Statements ,
Lenders ,
Libor ,
Liu v Securities and Exchange Commission ,
Loss Mitigation ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Mortgages ,
Municipal Advisers ,
Notice of Proposed Rulemaking (NOPR) ,
OCIE ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Lending Facility (PPPLF) ,
Pilot Programs ,
Presidential Nominations ,
Registered Investment Advisors ,
Regulatory Requirements ,
Relief Measures ,
Risk Alert ,
SBA ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Term Asset-Backed Securities Loan Facility (TALF) ,
U.S. Treasury ,
Virtual Meetings
In This Issue. The Office of the Comptroller of the Currency (OCC) finalized a rule to strengthen and modernize regulations under the Community Reinvestment Act; the Securities and Exchange Commission (SEC) voted to adopt...more
5/21/2020
/ Amended Rules ,
Banking Sector ,
Broker-Dealer ,
CARES Act ,
Comment Period ,
Community Reinvestment Act ,
Consolidated Audit Trail ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
CSBS ,
Enforcement Actions ,
False Claims Act (FCA) ,
FCC ,
Federal Reserve ,
FHFA ,
Filing Deadlines ,
Financial Services Industry ,
Forbearance Agreements ,
Form CRS ,
Homeowners ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Loan Forgiveness ,
Mortgages ,
National Market System (NMS) ,
New Rules ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Paycheck Protection Program (PPP) ,
Public Comment ,
Qui Tam ,
Regulation Best Interest ,
Regulation D ,
Relief Measures ,
Robocalling ,
SBA ,
Securities and Exchange Commission (SEC) ,
Time-Barred Debt ,
Transparency
In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) expanded access to its Paycheck Protection Program Liquidity Facility (PPPLF) to non-bank lenders and expanded the collateral eligible to...more
5/7/2020
/ Banking Regulators ,
Banking Sector ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Enforcement Actions ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Lenders ,
Liquidity Coverage Ratio ,
Loan Forgiveness ,
Main Street Lending Programs ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Mortgage Lenders ,
Mortgages ,
Nasdaq ,
New Guidance ,
Non-Bank Lenders ,
Paycheck Protection Program (PPP) ,
Paycheck Protection Program Lending Facility (PPPL Facility) ,
Price Gouging ,
Risk Management ,
SBA ,
Securities and Exchange Commission (SEC) ,
Shareholder Approval
In This Issue. The Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), in response to the Second Circuit’s 2015 decision in Madden v. Midland Funding, LLC, each proposed a rule to...more
11/22/2019
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Investment Adviser ,
Madden v Midland Funding ,
Mortgages ,
OCC ,
Popular ,
Proxy Voting Guidelines ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Shareholders
Editor's Note -
No Rest for the Regulators. While many in the financial services industry used the last few weeks of August to enjoy additional time with family and friends before the back-to-school crunch, federal...more
9/13/2018
/ Bank Holding Company ,
Banking Sector ,
Class Action ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Currency ,
Enforcement Actions ,
Filing Fees ,
FinCEN ,
HMDA ,
Interest Rates ,
Liquidity Coverage Ratio ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Summary Judgment ,
Volcker Rule
Editor's Note -
Appointments Clause Revisited. As we noted in a previous edition of the Roundup, Raymond Lucia was fined and barred from the industry by the Securities and Exchange Commission (SEC) for material...more
Editor's Note -
A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more
11/30/2017
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
Department of Labor (DOL) ,
FDIC ,
Federal Bank Regulatory Agencies ,
Fiduciary Rule ,
Institutional Shareholder Services (ISS) ,
Loans ,
Mortgages ,
OCC ,
Payday Loans ,
Proxy Season ,
Securities and Exchange Commission (SEC) ,
Small Business ,
TCPA
Editor's Note -
Swimming Against the Tide. As discussed below, the Trump administration’s plans for financial regulatory reform are beginning to take shape, especially in agencies, such as the Securities and Exchange...more
10/19/2017
/ Arbitration ,
Capital Markets ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Regulatory Reform ,
Fixing America’s Surface Transportation Act (FAST Act) ,
HMDA ,
Mortgages ,
OCC ,
Securities and Exchange Commission (SEC) ,
Student Loans
Editor's Note -
In This Issue. After making a splash with the finalized version of its Arbitration Rule, the Consumer Financial Protection Bureau (CFPB) proposed temporary adjustments to the reporting requirements for...more
7/20/2017
/ Arbitration ,
Blockchain ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Debt Collection ,
Division of Investment Management ,
FDIC ,
HMDA ,
Mortgages ,
Preliminary Injunctions ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Stock Trades
Editor's Note -
Fireworks After the July 4th Holiday. On July 10, the Consumer Financial Protection Bureau (CFPB) issued the highly anticipated final Arbitration Rule, which prohibits the use of mandatory arbitration...more
7/13/2017
/ Arbitration ,
Arbitration Agreements ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Initial Public Offering (IPO) ,
JOBS Act ,
Mandatory Arbitration Clauses ,
Mortgages ,
OCC ,
Regulation Z ,
Securities and Exchange Commission (SEC) ,
Trump Administration
Editor's Note -
The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more
5/18/2017
/ Arbitration ,
Consumer Financial Protection Bureau (CFPB) ,
CSBS ,
Distributed Ledger Technology (DLT) ,
Dividends ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
FinTech ,
HUD ,
Initial Public Offering (IPO) ,
Mortgages ,
NYDFS ,
NYSE ,
OCC ,
Payday Loans
Editor's Note -
State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more
4/28/2017
/ Bitcoin ,
Class Action ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Debt Collection ,
Dodd-Frank ,
ETFs ,
Executive Orders ,
Fair Housing Act (FHA) ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Committee ,
FSOC ,
HUD ,
Liquidation ,
Mortgage Brokers ,
Mortgages ,
Presidential Memorandum ,
Safe Harbors ,
SCOTUS ,
SIFIs ,
Trump Administration
Editor's Note -
Marching On. Notwithstanding the industry’s watch of the Senate’s confirmation of new leadership for the Department of Labor (DOL) and the Securities and Exchange Commission (SEC), the DOL proposed a delay...more
3/10/2017
/ Bank Holding Company ,
Custody Rule ,
Department of Labor (DOL) ,
Excessive Fees ,
Federal Trade Commission (FTC) ,
Fiduciary Rule ,
Mergers ,
Mortgages ,
PHH Corp. v CFPB ,
Securities and Exchange Commission (SEC) ,
XBRL Filing Requirements
Editor's Note -
President Trump Signs Executive Order to Reduce Regulation and Control Regulatory Costs. On January 30, President Trump signed an executive order (Executive Order) designed to reduce the regulatory...more
2/2/2017
/ BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
Federal Bank Regulatory Agencies ,
Financial Institutions ,
Financial Services Industry ,
Mortgages ,
OCC ,
Penalties ,
Small Entity Compliance Guide ,
Statute of Limitations
Editor's Note -
Opposition Emerges to OCC FinTech Charter. In advance of the deadline to submit comments to the Office of the Comptroller of the Currency’s (OCC) paper proposing a federal FinTech charter, the Conference...more
1/26/2017
/ Antitrust Provisions ,
Blockchain ,
CFTC ,
Civil Monetary Penalty ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
Hart-Scott-Rodino Act ,
Mortgages ,
NYDFS ,
OCC ,
Proposed Amendments ,
Student Loans ,
Technology ,
Virtual Currency