On December 7, 2021, the Financial Crimes Enforcement Network issued a Notice of Proposed Rulemaking to implement the beneficial ownership information reporting provisions of the Corporate Transparency Act, which was contained in the Anti-Money Laundering Act of 2020. The Proposed Rule addresses
MoFo ReEnforcement: The Enforcement Blog
MoFo ReEnforcement: The Enforcement Blog, published by Morrison & Foerster LLP, focuses on regulatory enforcement and compliance issues affecting financial institutions, fintech companies, and corporate entities. The blog covers topics such as anti-money laundering regulations, beneficial ownership reporting, consumer financial protection, credit market oversight, small business lending data collection, and due diligence practices for fintech partnerships. It also addresses developments in federal banking regulations, national security policy related to technology, and legislative changes impacting enforcement standards. The blog provides updates on rulemakings, regulatory guidance, and enforcement trends relevant to practitioners and stakeholders in financial services and corporate compliance.
Latest from MoFo ReEnforcement: The Enforcement Blog
CFPB Releases Fifth Report on the Consumer Credit Card Market
On September 29, 2021, the Consumer Financial Protection Bureau released its fifth biennial report on the consumer credit card market. The Report summarizes the impact of the Credit Card Accountability Responsibility and Disclosure Act on the consumer credit card market. The Bureau issued the…
CFPB Issues Small Business Data Collection Proposed Rule
On September 1, 2021, the Consumer Financial Protection Bureau (CFPB or “Bureau”) issued its long-awaited small business lending data collection proposed rule (“Proposed Rule” or “Proposal”). The Proposed Rule would implement Section 1071 of the Dodd-Frank Act, which amended the…
Federal Banking Regulators Release Guide for Community Banks Conducting Due Diligence on Fintech Companies
On August 27, 2021, the Federal Reserve Board, the FDIC and the OCC (the “Agencies”) jointly released a guide titled “Conducting Due Diligence on Financial Technology Companies — A Guide for Community Banks” (the “Guide”), which is intended to help…
Stop in the Name of the True Lender: President Biden Repeals OCC True Lender Rule
On June 30, 2021, President Biden signed a Congressional Review Act (CRA) resolution rescinding the OCC True Lender Rule, a bright-line rule issued in October 2020 to simplify the standards governing when a traditional bank in a partnership with…
AMLA Implementation: FinCEN Requests Input on Beneficial Ownership Rule
Following the enactment of the Anti-Money Laundering Act of 2020 (AMLA), which encompasses the Corporate Transparency Act (CTA), the Financial Crimes Enforcement Network (FinCEN) published an Advance Notice of Proposed Rulemaking (ANPR) on April 5, 2021, to implement Section 6403 of the…
Stop; Reverse That: CFPB Rescinds Abusiveness Policy Statement
On March 11, 2021, the Consumer Financial Protection Bureau (CFPB or “Bureau”) issued a Rescission of Statement of Policy rescinding its January 24, 2020 Policy Statement regarding the prohibition on abusive acts or practices (“2020 Policy Statement”). The CFPB indicates that it is rescinding the 2020…
FDIC Brokered Deposits Final Rule: Key Aspects for Broker Dealers
On January 22, 2021, the Federal Deposit Insurance Corporation (“FDIC”) published its final rule (“Final Rule”) revising and modernizing its regulations related to brokered deposits and the interest rate restrictions that apply to insured depository institutions (“IDIs”) that are less than well…
A Sign of Things to Come: The California DFPI Exercises Its New Authority in Regulating Earned Wage Access Products
The law creating a new California mini-CFPB took effect on January 1, 2021, and a few weeks later, the California Department of Financial Protection and Innovation (DFPI) entered into “first-of-their kind” memoranda of understanding (MOUs), by which the DFPI will…
OCC Permits National Banks and Federal Savings Associations to Use Independent Node Verification Networks and Stablecoins for Payment Activities
As part of the Office of the Comptroller of the Currency’s (OCC) declared effort to keep pace with a mounting demand for faster, cheaper, and more efficient payments, and the widespread adoption of new technologies, the agency’s Senior Deputy Comptroller…