Your monthly compliance news roundup
Agencies Release Final Rule on Private Flood Insurance Policies
EU Money Laundering Blacklist Evokes Strong Reaction
CFPB Proposes to Rescind Provisions of Payday Lending Rule
Agencies Release Final Rule on Private Flood Insurance Policies
On January 25, 2019, the financial regulatory agencies released a final rule governing the acceptance of private flood insurance policies. This final rule, which will become effective on July 1, 2019, implements section 100239 of the Biggert-Waters Flood Insurance Reform Act of 2012 (Biggert Waters Act), which...
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02/2019
Your monthly compliance news roundup
CFPB Seeks Clearly Defined Supervisory Authority Over the Military Lending Act
United States Sanctions Venezuela’s State-Owned Oil Company
FDIC Chairman Discusses Principles of Supervision
CFPB Seeks Clearly Defined Supervisory Authority Over the Military Lending Act
In January 2019, Kathleen Kraninger, director of the Consumer Financial Protection Bureau (CFPB), sent a letter to Congress seeking explicit authority to conduct supervisory examinations of financial institutions for compliance with the Military Lending Act (MLA). The letter included a...
01/2019
Your monthly compliance news roundup
The Nexus Between the Digital Asset Ecosystem and Sanctions Risk
CFPB Settles with Financial Institution on Fair Credit Reporting Practices
Agencies Propose Amendments to Regulation CC Regarding Funds Availability
FINRA Annual Report Regarding 2018 Examination Findings
The Nexus Between the Digital Asset Ecosystem and Sanctions Risk
Virtual currency has become a prominent component of the global financial system. Although the legal and regulatory obligations associated with this emerging technology are not entirely clear, 2018 was a significant year...
12/2018
Your monthly compliance news roundup
UDAAP: Further Clarification Forthcoming on “Abusive” Acts and Practices
Federal Banking Agencies Issue Frequently Asked Questions on the Appraisal Regulations
The Benefit of Sharing BSA/AML Resources
UDAAP: Further Clarification Forthcoming on “Abusive” Acts and Practices
Since the passage of the Dodd-Frank Act (DFA), the financial services industry has raised concerns related to the Bureau of Consumer Financial Protection’s (BCFP, or Bureau) authority to take action against financial institutions engaging in unfair, deceptive or abusive acts or...
11/2018
Your monthly compliance news roundup
Financial Regulators Clarify the Role of Supervisory Guidance
EGRRCPA Amends FCRA to Include Security Freeze Provisions
BCFP Takes Action on Provider of Pension Advance Products
Financial Regulators Clarify the Role of Supervisory Guidance
In September 2018, five federal agencies issued an interagency statement explaining the role of supervisory guidance for regulated financial institutions. The five agencies include the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union...
10/2018
Your monthly compliance news roundup
BCFP Amends Regulation P Annual Privacy Notice Requirement
Institutions Still Face Challenges to Identify Marijuana-Related Businesses as Customers
BCFP Amends Regulation P Annual Privacy Notice Requirement
On August 10, 2018, the Bureau of Consumer Financial Protection (the Bureau) issued a final rule amending Regulation P, which implements certain provisions of the Gramm-Leach-Bliley Act (GLBA). The amendments originated from a statutory change in the GLBA resulting from the December 2015 enactment of the Fixing America’s Surface Transportation Act...
09/2018
Your monthly compliance news roundup
OCC Begins Offering Special-Purpose Bank Charters to Fintech Companies
U.S. Department of the Treasury Issues Report on Non-bank Financials, Fintech, and Innovation
The Sanctions Landscape Becomes More Complicated
NY DFS Calls for Increased Regulation of Online Lending
Agencies Issue Statements on Implementing S. 2155’s HMDA Reporting Exemptions
Bureau Settles with Global Financial Institution over Failure to Comply with Regulation Z
OCC Begins Offering Special-Purpose Bank Charters to Fintech Companies
On July 31, 2018, the Office of the Comptroller...
08/2018
Your monthly compliance news roundup
OCC Issues Guidance for Short-Term, Small-Dollar Consumer Installment Lending
OCC Provides Insight into 2018 BSA/AML Priorities and Publishes Updates to BSA/AML Guidance in Comptroller’s Handbook
Congress Restores Provisions of the Protecting Tenants at Foreclosure Act
Bureau Issues TILA-RESPA “Know Before You Owe” Amendments
OCC Issues Guidance for Short-Term, Small-Dollar Consumer Installment Lending
In May 2018, the Office of the Comptroller of the Currency (OCC) issued new guidance for its supervised banks regarding short-term, small-dollar...
06/2018
This monthly roundup of compliance news includes the following articles:
BCFP Releases Spring Rule-making Agenda
Payday Lending Rule Remains in Place
Landmark Sports Betting Ruling Revives Money Laundering Concerns
Consumer Bureau’s Spring Rulemaking Agenda and Other Key Changes
In May 2018, the Bureau of Consumer Financial Protection (BCFP, or the “Bureau”) released its semiannual regulatory agenda, which identifies the regulatory matters it anticipates having under consideration in the coming months and serves as its contribution to the spring 2018 Unified Agenda of Federal...
05/2018
This monthly roundup of compliance news includes the following articles:
FinCEN Issues FAQ Regarding New CDD Rule
Congress Moves to Roll Back 2013 CFPB Auto Lending Anti-Discrimination Guidance
SEC Proposes New Rules to Protect Investors
OCC Shares Commentary on Results of Horizontal Review of Sales Practices
FinCEN Issues FAQ Regarding New CDD Rule
On April 3, 2018, the Financial Crimes Enforcement Network (FinCEN) released 37 Frequently Asked Questions (FAQs) on its Customer Due Diligence Rule (CDD Rule), which went into effect on May 11, 2018. The CDD Rule clarifies and enhances CDD...