Spirit AeroSystems, Inc. (Spirit), a subsidiary of a company that produces fuselages for Boeing’s 737 jets, has filed a lawsuit against Texas in response to the attorney general’s (AG) recently initiated investigation into...more
The Federal Financial Institutions Examination Council (“FFIEC”) published a statement on February 12, 2024 regarding “principles for the examination of supervised [institutions’] residential property appraisal and...more
On September 8, 2023, the United States District Court of the Eastern District of Texas granted plaintiff U.S. Chamber of Commerce’s (the “Chamber”) motion for summary judgment invalidating the Consumer Finance...more
Regulatory Developments - CFPB Issues Interpretive Rule: Tech Firms and Digital Marketers Acting as Service Providers Are Subject to CFPA - On August 10, the CFPB issued an interpretive rule clarifying that tech firms...more
The Internal Revenue Service recently announced a new pilot pre-examination retirement plan compliance program initiated in June. If you are a plan sponsor, do not play ostrich should you receive an IRS Pre-Examination...more
On Monday, November 27, 2021, the National Futures Association (NFA) submitted to the CFTC proposed amendments to NFA Compliance Rule 2-7 to exclude associated persons (APs), designated as “swap” APs, from the Branch Office...more
A life and health insurer recently reached a settlement agreement with thirty-nine (39) state insurance departments following a targeted multistate market conduct examination (“Multistate Examination”). The Multistate...more
The Financial Industry Regulatory Authority (“FINRA”) recently kicked off a “sweep” examination with its August 2021 Targeted Exam Letter on “practices and controls related to the opening of options accounts and related...more
The commentary in A Closer Look: Impacting the Tax Gap by IRS Commissioner Chuck Rettig discusses how the IRS has shifted its examination focus to tax returns that include high income taxpayers, pass-through entities,...more
The New York Department of Financial Services (DFS) has issued Insurance Circular Letter No. 5 (2021) (Circular Letter) relating to insurer diversity in the boardroom and C-suite. The Circular Letter outlines new...more
La sección 6307 del Acto (“AML ACT of 2020”) requiere la capacitación anual para Examinadores sobre la lucha contra el lavado de dinero y el financiamiento del terrorismo. La capacitación debe realizarse en consulta con...more
On February 1, 2021, the Financial Industry Regulatory Authority (“FINRA”) released its “Report on FINRA’s Risk Monitoring and Examination Activities.” The Report combines two of FINRA’s long-standing reports: (a) the...more
The SEC's Division of Examinations recently issued a Risk Alert with observations on investment adviser compliance programs, noting numerous deficiencies and weaknesses it has encountered....more
In statements made at SIFMA’s Virtual Compliance and Legal Forum, FINRA Chief Executive Officer, Robert Cook, indicated that FINRA may be reconsidering aspects of its cycl examinations in light of the challenges presented by...more
On March 26, the CFPB issued three policy statements designed to provide flexibility to banks and financial services companies to allow them to focus on responding to customers in need during the COVID-19 pandemic....more
A hot topic in the world of money management, including the management of assets in retirement plans, is the consideration of environmental, social, and governance (ESG) factors when evaluating investments....more
On January 31, 2020, the IRS issued a news release that warns taxpayers that it has created 12 new examination teams to audit abusive micro-captive insurance transactions. “Micro-captive” refers to a small insurance...more
Bank examinations, holding company inspections and other “supervisory events” can be a source of anxiety and dread for those who work in the banking industry. Originally published in ABA Bank Compliance - March/April 2020....more
Tax-exempt organizations should be aware that the Internal Revenue Service plans to add more focus—and more personnel—toward its examination efforts, including new strategies to address potential noncompliance....more
The Conference of State Bank Supervisors (CSBS) recently announced at the NMLS Annual Conference & Training in San Francisco that the new State Examination System (SES) is set to launch nationwide....more
FINRA issued a targeted-exam letter on February 20, 2020 seeking information on the effect of zero-commission trading upon compliance with related obligations of Best Execution, payment for order flow, and non-commission...more
FINRA’s 2020 Risk Monitoring and Examination Priorities Letter identifies a number of areas of focus for the examination program in the coming year....more
El perfil de riesgo de la OFAC de una Institución Financiera se determina basado sus productos, servicios, clientes y ubicaciones geográficas. Se requiere que un programa de cumplimiento OFAC de una Institución Financiera...more
A Financial Institution’s OFAC risk profile is determined based on its products, services, customers and geographic locations. A Financial Institution’s OFAC compliance program is required to...more
On Thursday, November 15, 2019, the Mine Safety and Health Administration (“MSHA”) held the fourth of five stakeholder meetings to discuss the implementation of the revised Workplace Examination standard for metal/non-metal...more