The Board of Governors of the Federal Reserve System released a proposed rule to revise regulations related to the determination of “control” under the Bank Holding Company Act (“BHC Act”) and the Home Owners’ Loan Act. The Proposed Rule would incorporate existing
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 9
Banking Agencies Propose a More Tiered Approach to Large Foreign Bank Supervision
On April 8, 2019, the federal banking agencies released two proposals which, if adopted, would further tailor the approach to supervision of large foreign banking organizations (FBOs). For FBOs with a more significant U.S. presence, the proposals would establish categories…
Federal Reserve and FDIC Issue Proposed Changes to Resolution Plan Requirements for Foreign and Domestic Banking Organizations
On April 8 and 16, 2019, the Federal Reserve and the FDIC published proposed changes to resolution plan (or “living will”) requirements applicable to U.S. and foreign banking organizations. The regulatory changes are necessary because the 2018 Regulatory Relief Act…
Unanimous but Narrow SCOTUS Ruling on Fair Debt Collection Practices Act
On March 20, 2019, the Supreme Court unanimously ruled in Obduskey v. McCarthy & Holthus LLP that a business engaged in non-judicial foreclosure is not subject to all of the requirements and prohibitions applicable to “debt collectors” under the Fair…
Financial Services Report – Spring 2019
In the words of Willie Wonka: “Wait a minute — strike that, reverse it!” As loyal readers will recall, in our last issue, we tried to stay current in referring to the CFPB by what Mick Mulvaney declared would be…
California Invites Comments on Agent of a Payee Exemption—Rulemaking to Follow
By Sean Ruff & Adam Fleisher
The California Department of Business Oversight (“DBO”) has issued an Invitation for Comments relating to the scope of the “agent of a payee” exemption under the Money Transmission Act, Cal. Fin. Code § 2000 et seq. Comments are due on…
CFPB Proposes Revisions to Small-Dollar Loan Rule
On February 6, 2019, amidst strong opposition from representatives of consumer groups and some members of Congress, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to revise its controversial November 2017 small-dollar loan rule (2017 Rule). The proposed…
CFPB Issues FAQs for the TRID Rule
The Consumer Financial Protection Bureau (CFPB) recently posted a new compliance tool on its website – answers to frequently asked questions (FAQs) about the TILA-RESPA Integrated Disclosure Rule (“TRID Rule”). The FAQs were posted without advance notice or comment, signaling that…
CFPB Initiates Fourth Review of the Consumer Credit Card Market
On January 31, 2019, the Consumer Financial Protection Bureau published a Request for Information regarding the consumer credit card market. In accordance with Section 502(a) of the CARD Act, the Bureau conducts a biennial review of the consumer credit card…
CFPB and New York Attorney General Announce Settlement with Retailer for Violations of TILA and CFPA
On January 16, 2019, the Consumer Financial Protection Bureau and the New York Attorney General announced a settlement with a retailer for alleged violations of the Consumer Financial Protection Act of 2010 and the Truth in Lending Act, as well…