The Corporate Transparency Act (CTA) beneficial ownership information reporting was mandated under the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021. CTA requires companies that are formed or registered to do business in the...
The financial services industry is poised to undergo key transformations at the onset of a new administration in 2025. The focus of the incoming administration is characterized by deregulation to reduce regulatory burdens and technological advances to promote growth...
LexisNexis® offers the highly regarded Lexology Panoramic international guides for practitioners. Review questions and answers from leading law firms, across jurisdictions, on topics ranging from regulatory authority and statutory requirements to potential...
Federal laws have introduced new regulations and guidelines for lenders using artificial intelligence (AI) and machine learning (ML) tools, particularly focusing on fair lending practices. These laws aim to ensure that AI and ML are used in a manner that promotes...
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has imposed record-breaking penalties on major banks for violating the Bank Secrecy Act (BSA) and the Office of Foreign Assets Control (OFAC) sanctions. These penalties underscore...
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...