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K&L Gates LLP

SEC Updates Names Rule FAQs

K&L Gates LLP on

On 8 January 2025, the staff of the Division of Investment Management of the US Securities and Exchange Commission (the SEC) released an updated set of Frequently Asked Questions (the FAQs) related to the amendments to Rule...more

Mayer Brown

New Action on No-Action Letters – CFPB Begins Accepting Applications Under Updated No-Action Letter Procedures

Mayer Brown on

The US Consumer Financial Protection Bureau (CFPB) is giving no-action letters (NALs) a second chance. On January 8, 2025, the CFPB issued a policy statement setting forth new procedures for companies to request supervisory...more

Clark Hill PLC

CFPB Reboots No-Action Letter and Sandbox Policies: A New Approach to Financial Innovation…Not

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On January 3, 2025, the Consumer Financial Protection Bureau (CFPB) announced a comprehensive reboot of its No-Action Letter (NAL) and Compliance Assistance Sandbox (CAS) policies. The proposed policies on its face, marks a...more

Goodwin

Massachusetts Amends State Money Transmission Law to Apply to Domestic Transactions and Stored Value

Goodwin on

On January 1, 2025, Massachusetts Gov. Maura Healey approved House Bill No. 4840, which repeals and replaces Massachusetts’ money transmission law with a revised law (MTL Law), which is based in part on the model Money...more

Alston & Bird

Maryland Secondary Market Imperiled by Sweeping Regulatory Change Requiring Licensure for All Assignees of Mortgage Loans

Alston & Bird on

What Happened? A development with far-reaching consequences for the secondary market, on January 10, 2025, the Maryland Office of Financial Regulation (“OFR”) issued guidance that requires mortgage trusts and their assignees...more

Jones & Keller, P.C.

“Which Invented The Gambling Establishment Casinos Through The Ages

Jones & Keller, P.C. on

There, 2 rules were used that massively improved the player knowledge. A rule that a natural 21 made from the particular ace of spades and a dark-colored jack paid a bonus was short-lived – but it did give us the modern-day...more

Goodwin

Entry into force of DORA on January 17, 2025: The CSSF will be at the heart of the compliance framework in Luxembourg

Goodwin on

Digital Operational Resilience Act (DORA) aims to harmonize provisions related to cybersecurity and information and communication technology (ICT) risk management in the financial sector. Its scope covers nearly all entities...more

Venable LLP

CFPB Seeks Public Input on Privacy and Data Practices in Consumer Finance

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The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to gather insights on how companies offering financial products and services collect, use, and monetize consumer payment and personal...more

Jones Day

Understanding DORA: Digital Operational Resilience Act Now in Effect for Financial Entities and ICT Service Providers

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DORA, the first EU regulation designed to establish a unified and robust digital resilience standard for the financial sector, becomes directly applicable on January 17, 2025, introducing significant penalties and...more

DLA Piper

DORA: Navigating the New Era of Digital Operational Resilience in EU Financial Services

DLA Piper on

It’s DORA day! The EU financial services sector has been anticipating today since the Digital Operational Resilience Act was published in December 2022. DORA brings a significant shift to the sector in terms of how financial...more

Venable LLP

CFPB's Proposed Rule Targets Consumer Financial Contracts

Venable LLP on

The Consumer Financial Protection Bureau (CFPB) issued a proposed rule under Regulation AA to address the use of restrictive and coercive clauses in consumer financial contracts. This proposal seeks to prohibit terms in...more

Goodwin

AML/CTF Asset Due Diligence Obligations: CSSF Provides Clarifications in an initial Q&A

Goodwin on

On 13 December 2024, the Commission de Surveillance du Secteur Financier (CSSF) published the first FAQ to assist professionals in the investment sector supervised, authorised, or registered by the CSSF in complying with...more

Orrick, Herrington & Sutcliffe LLP

FINRA Securities Lending Reporting Rules Approved

The SEC has approved FINRA's 6500 rule series, which governs the Securities Lending and Transparency Engine (SLATE). The rules require some financial institutions to report securities loans to FINRA. They also require the...more

Cooley LLP

CFPB Explores Options for Bringing Digital Payments Providers Under Privacy and Payments Laws

Cooley LLP on

On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) initiated rulemaking processes to examine and create a framework regarding data privacy and consumer protections in the digital payments industry. In a...more

Venable LLP

Maximizing the Benefits (and Minimizing the Risks) of Payment Orchestration

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The payments industry continues to evolve in response to the demand for flexible, fast, and secure payment options. Innovations have included payment facilitation, push-to-card services, and real time payments, among others....more

Thomas Fox - Compliance Evangelist

31 Days to a More Effective Compliance Program: Day 17- Podcasting for Compliance

Welcome to a special podcast series on the Compliance Podcast Network, 31 Days to a More Effective Compliance Program. Over these 31 days of the series in January 2025, Tom Fox will post a key part of a best practices...more

Thomas Fox - Compliance Evangelist

Daily Compliance News: January 17, 2025 – The BitMEX Spanked Yet Again Edition

Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday January 17, 2025

Paul Hastings LLP on

January 16, 2025- The U.S. Committee on Banking, Housing and Urban Affairs held a hearing on the nomination of Mr. Eric Scott Turner, to be Secretary, U.S. Department of Housing and Urban Development....more

Goodwin

CFPB Files Suit Against Bank For Alleged Savings Account Interest Rate Freezing

Goodwin on

On January 14, 2025, the CFPB announced ​that it had filed a complaint against a large national bank​​ for alleged ​violations of the Consumer Financial Protection Act (CFPA), the Truth in Savings Act (TISA) and TISA’s...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday January 16, 2025

Paul Hastings LLP on

January 15, 2025 - Chairman Tim Scott (R-S.C.) released the U.S. Senate Committee on Banking, Housing, and Urban Affairs legislative and oversight priorities for the 119th Congress....more

Cole Schotz

The 2025 Tax Appeal Review

Cole Schotz on

Continued pressures created by elevated levels of mortgage interest rates, vacancies, as well as stricter lending policies, point to higher capitalization rates, lower property values and tax appeal opportunities in 2025....more

Hogan Lovells

Shifting SEC priorities: A new era of enforcement under the Trump administration

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On January 20, 2025, President-elect Donald Trump will assume office, ushering in significant changes across U.S. federal agencies, including the Securities and Exchange Commission (“SEC”). With the exit of SEC Chairman Gary...more

Orrick, Herrington & Sutcliffe LLP

Short Interest Reports Due February 14

Absent SEC or court action, institutional investment managers that meet or exceed certain thresholds face a February 14 deadline to file the first reports with the SEC on Form SHO. Form SHO, which was adopted with Rule 13f-2...more

Bradley Arant Boult Cummings LLP

Potential Impact of FHA’s Revised Defect Taxonomy on Mortgage Originators and Servicers

On January 7, 2025, the Federal Housing Administration (FHA) officially revised its Defect Taxonomy (Final Defect Taxonomy) with the publication of Mortgagee Letter (ML) 2025-01 and the related attachment detailing those...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I’m not concerned with the DOL and CIA agreements

Rep. Virginia Foxx (R-N.C.) asked for an investigation into the Department of Labor’s (DOL) apparent practice of sharing information obtained from its investigations with plaintiffs involved in ERISA-related litigation. These...more

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