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The CFPB recently issued revised versions of the small entity compliance guides for the Loan Originator Rule and the Home Ownership and Equity Protection Act (HOEPA) Rule. While some of the most well-known provisions of the Loan Originator Rule are the provisions addressing loan originator compensation, the rule also defines the concept of a loan originator and addresses qualification and other requirements related to loan originators. Among various changes, the guide for the Loan…
In In re Macy Lynne Quintanilla Trust, a settlor created three trusts for his children in 2014. No. 04-17-00753-CV2018 Tex. App. LEXIS 8223 (Tex. App.—San Antonio October 10, 2018, no pet. history). The trust agreements named Perry as trustee and West as trust protector. The trust agreements gave the trust protector the power to remove the trustee and appoint a successor trustee. After the settlor and the trust protector had a falling out, the trust…
businessman blaming
As Congress’ emboldened majority has sought to lessen the federal government’s regulatory footprint, the states have not always been quiet, as one summertime example amply shows. In 2017, two congressmen introduced two bills which, if enacted, would expand the scope of federal preemption to include non-bank entities. Introduced by Rep. Patrick McHenry (R-N.C.), the first of these two bills – the Protecting Consumers’ Access to Credit Act of 2017 (HR 3299) – states that…
Earlier this month, SB 220, the Ohio law that amended Ohio’s version of the Uniform Electronic Transaction Act (UETA) became effective. The amendment to the UETA confirms that records, contracts, and signatures that are secured through blockchain technology, i.e., a technology that creates an unalterable electronic ledger, will be considered an electronic recording holding the same legal legitimacy as its printed counterpart.[1] As a result, records, contracts, and electronic signatures secured through blockchain technology…
On 15 November 2018, there was published on legislation.gov.uk the Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 together with an explanatory memorandum. The Regulations contain only minor amendments to the draft published on  23 July 2018 which do not alter the substantive content of the Regulations. The Regulations were made on 14 November 2018, and will enter into force on exit day.…
On 15 November 2018, the Financial Stability Board (FSB) published its seventh progress report on the implementation of resolution reforms (the Report). The Report provides an overview of the progress in implementing the FSB’s resolution policies in the banking (Section I) and insurance (Section II) sectors and for CCPs (Section III). Section IV sets out the FSB’s plan for monitoring the implementation of reforms. Upcoming FSB activities include a thematic peer review on bank resolution…
On 15 November 2018, the Financial Stability Board (FSB) published a discussion paper on financial resources to support CCP resolution and the treatment of CCP equity in resolution. The purpose of the discussion paper is to obtain public comment so that is can consider whether there is a need for further guidance on the treatment of CCP equity in resolution. Part 1 of the discussion paper sets out come considerations that could guide relevant authorities…
On 15 November 2018, the Bank of England (BoE) published a letter to compliance officers to make firms aware of the upcoming obligation on report settlement internalisation, which will come into effect in July 2019 under Article 9 of the EU Central Securities Depositories Regulation (CSDR). The reporting requirement covers data, which is to be aggregated by four categories – type of financial instrument, type of securities transaction, type of client (professional or retail), and…
On 15 November 2018, the European Central Bank (ECB) has published the general topics chapter of its guide to internal models (the Guide), together with a feedback statement to the ECB’s March consultation on the chapter (the Statement). The Guide provides transparency on how the ECB understands the general (i.e. non-model-specific) topics for internal models, in particular for the internal ratings-based (IRB) approach. Section 2 of the Guide (overarching principles for internal models) covers all…
The ECB has published a speech by Benoît Coeuré, the Chair of the Committee on Payments and Market Infrastructures (CPMI). The speech is entitled The new frontier of payments and market infrastructure: on cryptos, cyber and CCPs. The slides that accompanied the speech have also been published. Key messages in the speech include: the G20 reforms are achieving their goals of promoting central clearing, although they do so mainly for the most systemic market…

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