Anti-money laundering (AML) laws and regulations promote comprehensive frameworks for financial institutions and other entities to implement effective AML programs, ensure compliance with federal and state regulations, and facilitate cooperation with law enforcement...
Credit repair services are regulated under both federal and state laws. The Credit Repair Organizations Act (CROA) is a federal consumer protection law regulating credit repair service providers. Explore this practice note for an overview of CROA, its purpose,...
Litigation and regulatory enforcement actions by federal and state regulators have dominated the news feeds in the past months. Review the Cryptocurrency and Litigation tracker, developed by Jason Gottlieb, Partner at Morrison Cohen LLP, for up-to-date information...
The Consumer Financial Protection Bureau recently issued a proposed rule that, if passed, would alter the current Regulation X mortgage servicing procedures. Regulation X provides consumer protection in the context of several substantive aspects of the mortgage...
Does your institution have a procedure in place to respond to subpoenas? It’s important for financial service companies to have proper procedures in place to adequately manage the intake, gathering of documents or other data, and responding to subpoenas....
Online businesses and merchants continue to explore accepting cryptocurrency as a form of payment for goods and services. The use of digital wallets by consumers makes the acceptance of cryptocurrency more widespread and impactful for banking organizations. Explore...
Michael Barr, the U.S. Federal Reserve’s Vice Chair for Supervision, recently announced plans to amend the proposal for implementing the final components of Basel III, known as the Basel III endgame. The proposed rules aim to strengthen capital requirements...
Countering the financing of terrorism remains a top priority of the U.S. government. Financial institutions are obliged to identify terrorists and terrorist organizations included on sanctions lists and report potential violations of law in terrorist financing...
The Fair Credit Reporting Act (FCRA) regulates how institutions may collect and use consumer information provided by third-party consumer reporting agencies. Institutions must establish and implement a compliance monitoring program to regularly review, assess,...
Practical Guidance is pleased to offer a new regulatory tracker titled Consumer Finance Innovations . This tracker provides regulatory and policy developments regarding innovation and advanced technologies in consumer financial services including big data, artificial...
Bank regulators have announced a plan to revise the proposed Basel III endgame rules, including adjustments to the capital surcharges that global systemically important banks (G-SIBs) are required to maintain in reserves. The proposed plan will cover all major...
Driven by the need to support responsible innovation between banks and fintech companies, the U.S. federal banking agencies recently issued a Request for Information (RFI) from banks and fintech companies regarding their arrangements for deposits, payments, lending...
The Supreme Court’s decision in Loper Bright Enters. v. Raimondo, 144 S. Ct. (2024), effectively overturned Chevron, U.S.A., Inc. v. NRDC, Inc., 467 U.S. 837 (1984). The potential impact of the end of Chevron deference on financial laws and regulations continues...
Practical Guidance offers a Mortgage Servicing Fees topic in the FSR State Law Comparison Tool. This Q&A series offers comprehensive guidance on permissible mortgage servicing fees for institutions across all 50 U.S. states. Practitioners can utilize this...
Climate change poses a financial risk to financial institutions. The White House administration and various federal regulators are evaluating and proposing legislation for financial institutions to identify and manage climate-related financial risk. Keep abreast...