The SEC’s recent settlement with Morgan Stanley highlights the agency’s continued focus on enforcing cybersecurity measures. On June 8, 2016, Morgan Stanley agreed to pay a $1 million penalty to settle charges relating to its alleged failure to adopt written
NextGen Financial Services Report
News and analysis of legal issues affecting the Financial Services Industry
The NextGen Financial Services Report, published by Dykema, focuses on legal developments and regulatory issues affecting the financial services industry. It covers topics such as consumer financial protection, bankruptcy implications for tribal and other businesses, cryptocurrency regulation, distressed business restructuring alternatives, and significant court rulings impacting financial institutions and creditors. The blog analyzes Supreme Court decisions, federal and state regulatory actions, and trends in mergers and acquisitions relevant to financial services. It also addresses practical legal strategies for navigating complex financial and regulatory challenges faced by industry participants.
Latest from NextGen Financial Services Report - Page 13
The CFPB’s Small-Dollar Lending Proposal: First UDAAP Rulemaking Proposal Hits the Streets
By Dykema
After much anticipation, the Consumer Financial Protection Bureau (“CFPB”) has released its proposed small-dollar lending rule. Spanning 1,334 pages in length, the proposal marks the first time the CFPB has exercised its authority to issue regulations prohibiting unfair, deceptive, or…
Illinois Strengthens Data Breach Notification Statute
By Dykema
Illinois recently amended its data breach notification law, joining a number of states that have also amended their own breach notification statutes this year. States appear to be looking to strengthen their breach notification laws by expanding the definition of…
Texas Supreme Court Opens Door to Home-Equity Lien Challenges
On May 20, 2016, the Supreme Court of Texas decided two cases that arise from the requirements of Article XVI, Section 50 of the Texas Constitution regarding provisions related to home-equity loans. The opinions have great significance for mortgage servicers,…
Supreme Court Holds That Debt-Collecting Law Firms Delegated as Special Counsel Do Not Violate FDCPA by Using Attorney General’s Letterhead
In an important ruling for debt-collection law firms, the United States Supreme Court held in Sheriff et. al v. Fillie et. al, Docket No. 15-338 (2016), that when a debt-collection firm is hired by the Attorney General to collect…
Fraudulent Transfer Judgments May Survive a Debtor’s Bankruptcy Filing: Supreme Court Clarifies Meaning of “Actual Fraud”
By Dykema
A Supreme Court ruling this week should give creditors a powerful tool to collect their debts from debtors who try to transfer assets before seeking bankruptcy protection. The primary reason an individual may turn to personal bankruptcy is to protect…
FinCEN Releases Long-Awaited Beneficial Ownership Final Rule
By Dykema
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has finalized its long-awaited beneficial ownership rule, which it proposed in 2014. The regulation does two things. First, it extends Customer Due Diligence (CDD) requirements under Bank Secrecy Act (BSA)…
CFPB Releases Arbitration Proposal
Today, the Consumer Financial Protection Bureau (the “CFPB”) released much-anticipated proposed rules for mandatory arbitration clauses, which the CFPB colloquially refers to as “contract gotchas.” The proposed rules follow on the heels of the CFPB’s March 2015 Arbitration Report,…
FFIEC Releases Guidance on Risk Management for Mobile Financial Services
By Dykema
The Federal Financial Institutions Examination Council (FFIEC) has issued new guidance to its examiners regarding mobile financial services (MFS), which includes mobile banking and mobile payments. The guidance also provides valuable insight for industry participants in the MFS space as…
CFPB to Issue Proposal in July Amending Rules on TILA-RESPA Integrated Disclosures
Real estate lenders and agents struggling with the new TILA-RESPA Integrated Disclosure rules will have the opportunity to suggest improvements to the rules this summer. On April 28, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray sent a letter to…