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Since January 1, 2025, there have been significant developments related to federal privacy laws and regulations affecting financial institutions, particularly concerning the Gramm-Leach-Bliley Act (GLBA) and the Right to Financial Privacy Act (RFPA)....

The Corporate Transparency Act (CTA) was enacted as part of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021. It requires certain entities to report beneficial ownership information to the Financial Crimes Enforcement...

The Federal Deposit Insurance Corporation (FDIC) recently proposed changes to custodial deposit accounts with transactional features, aiming to ensure the prompt payment of deposit insurance to depositors. The proposed rule seeks to define FDIC pass-through...

The federal bank regulatory agencies issued a statement of their intent to rescind the Community Reinvestment Act (CRA) final rule, issued in October 2023, and reinstate the CRA framework that existed prior to the October 2023 final rule. CRA was implemented...

The Consumer Finance Protection Bureau (CFPB) oversees consumer protection laws in debt-related services to ensure fair and transparent practices, as well as safeguard consumer rights. State level efforts complement federal oversight by providing guidance...

Automatic teller machine (ATM) regulations ensure consumer protection, security, and accessibility. Innovations in digital banking and mobile payments are prompting regulators to adapt policies to keep pace with technological advancements and consumer...

Meme coins are not considered securities subject to federal securities regulations. This statement from the Securities Exchange Commission (SEC) staff means that transactions involving meme coins do not require registration, supervision, or enforcement...

Money laundering remains a significant concern for U.S. financial institutions. Financial institutions must constantly update their anti-money laundering (AML) and Office of Foreign Assets Control (OFAC) sanction programs to detect and prevent these activities...

Litigating Real Estate Settlement Procedure Act (RESPA) and Regulation X claims involve addressing violations related to mortgage servicing and borrower protections. Understanding the law and regulation is crucial for effective legal action. Explore this...

Practical Guidance offers the Mortgage Servicing Fees topic in the FSR state law comparison tool. The topic explores the statutory fee requirements in the 50 U.S. states and the District of Columbia​. This question and answer series provides guidance...

Directives from the acting director of the Consumer Financial Protection Bureau (CFPB) bought the CFPB's supervisory, examination, investigations, communications, and enforcement functions to a halt on February 10, 2025. While this measure is promoted...

Is the U.S. financial system ready for a national bitcoin reserve? While a few states have proposed or passed state-level bitcoin reserve legislation, with more states anticipated in the future, legislation and regulatory clarity remain key challenges...

Consumer account disclosures are mandated under state law to ensure transparency into product rates, fees, and other charges from financial institutions. Practical Guidance offers a Consumer Account Disclosures topic in the Financial Services Regulation...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...