On June 25, 2020, following the OCC’s lead, the Federal Deposit Insurance Corporation’s (FDIC) board of directors voted 3-1 to finalize a rule that reaffirms the “valid when made” doctrine as applicable to loans originated by state-chartered banks and insured
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 - Page 4
Consumer Financial Pilot Advisory Opinion Program Takes Flight
The Consumer Financial Protection Bureau recently announced the launch of a pilot advisory opinion (AO) program and also proposed a permanent AO program, which will replace the Pilot AO Program after the proposed permanent AO program is finalized. Both programs are intended…
CFPB Issues Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic
The Consumer Financial Protection Bureau (CFPB) issued a Statement on Supervisory and Enforcement Practices Regarding Electronic Credit Card Disclosures in Light of the COVID-19 Pandemic under the Truth in Lending Act, its implementing Regulation Z, and the Electronic Signatures in Global and…
Madden Put to Rest? – OCC Finalizes Rule Reaffirming “Valid When Made” Doctrine
The Office of the Comptroller of the Currency (OCC) finalized a rule on May 29, 2020, that reaffirms the “valid when made” doctrine applicable to loans originated by a national bank. According to Acting Comptroller of the Currency Brian Brooks, the final rule “clarif[ies] that…
First Mover: The OCC Finalizes its CRA Rule
On May 20, 2020, the OCC published a final rule intended to modernize the rules implementing the Community Reinvestment Act (“CRA”). While the CRA is administered jointly by the OCC, the FDIC, and the Federal Reserve, the OCC alone is…
CFPB Issues Guidance Concerning COVID-19-Related Regulatory Pain Points
This client alert provides an overview of three recent CFPB guidance documents highlighting existing regulatory flexibility and responsibilities for financial institutions when interacting with consumers in the context of the COVID-19 pandemic:
- A statement notifying credit card issuers and other
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Federal Reserve Updates Key Features of the Main Street Lending Program
On April 30, 2020, the Board of Governors of the Federal Reserve System (“FRB”) announced an expansion of the Main Street Lending Program (“MSLP”) and clarified certain aspects of the program through publication of a list of FAQs. In general,…
CFPB Facilitates CARES Act Payments to Individuals
On April 13, 2020, the Consumer Financial Protection Bureau issued an interpretive rule to provide guidance to government agencies, including the U.S. Department of the Treasury, to make COVID-19-related relief payments to individuals, including the economic impact payments authorized in…
Announcing Morrison & Foerster’s Financial Services Resource Center
By Jeremy Mandell & Mark Sobin
The outbreak of COVID-19 has wide-ranging implications for the global economy, including the financial services industry. As the crisis unfolds, federal and state government are taking unprecedented action to mitigate its impact on the economy and set the stage for a…
FDIC Opens for Business for Industrial Banks
On March 17, 2020, the Federal Deposit Insurance Corporation (FDIC) announced two significant developments relating to industrial banks (also sometimes called industrial loan companies). First, in a notice of proposed rulemaking (NPR), the FDIC laid out the regulatory regime it…