According to a recent Compliance Bulletin issued by the Consumer Financial Protection Bureau (CFPB), examinations of lenders and loan servicers have uncovered violations of the unfair, deceptive, or abusive acts or practices (UDAAP), as defined under the Dodd-Frank...
Following the 2023 bank failures, bank regulators continue to scrutinize the regulatory compliance of financial technology (fintech) companies, particularly those companies partnering with banks in the payments space. Federal banking agencies have broad supervisory...
Recent interagency guidance provides a framework for the risk management of climate-related financial risks for large financial institutions with over $100 billion in total consolidated assets. Practical Guidance developed this checklist to aid institutions and...
The privacy landscape is changing for financial institutions as more states pass laws to protect consumer personal information and data. State privacy laws seek to mandate how financial institutions obtain and share consumer data. Explore this personal data state...
Persons or entities that assemble or evaluate consumer credit information and furnish these consumer reports to third parties are consumer reporting agencies under the federal Fair Credit Reporting Act (FCRA). Consumer reporting agencies are responsible for clear...
On March 8, 2024, the Federal Reserve Board issued a final rule for supervised systematically important financial market utilities (FMUs), enhancing risk management standards, as well as safety and soundness. Once published in the federal register, FMUs are required...
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 Federal Deposit Insurance Corporation (FDIC) recently amended rules governing the use of FDIC signage, advertising statements, and insurance coverage misrepresentation. This article provides a comprehensive analysis of the changes to Subpart B of 12 CFR Part...
Rulemaking to implement the final components of Basel III (Basel III endgame) and the Federal Reserve Board’s GSIB surcharge is expected in 2024. The federal bank agencies proposed rules to strengthen capital requirements for large banks in 2023. Basel III...
Recent interagency guidance provides a framework for the risk management of climate-related financial risks for large financial institutions with over $100 billion in total consolidated assets. Explore this article addressing the federal banking agencies’...
Practical Guidance now offers a Mortgage Servicing Fees topic in the FSR state law comparison tool. The topic explores the statutory fee requirements in fifteen key U.S. states, with more coming soon. This question and answer series provides guidance on permissible...
The Office of the Comptroller of the Currency’s (OCC) recent proposal , released on January 29, 2024, seeks to update the rules for business combinations involving national banks and federal savings associations, and enhance transparency on the agency’s...
At the start of 2024, it remains to be determined whether U.S. securities laws apply to cryptoassets. In the absence of rulemaking by the Securities Exchange Commission (SEC), what makes a security is still an open question in the financial industry. Explore this...
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...
The Corporate Transparency Act (CTA) beneficial ownership information reporting began on January 1, 2024. CTA requires companies that are formed or registered to do business in the United States to file a beneficial ownership report with the Financial Crimes Enforcement...