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10.24.18

Federal Banking Agencies Encourage BSA/AML Collaboration

Community banks and smaller financial institutions take note: The five federal banking agencies are encouraging banks and credit unions to enter into collaborative arrangements to share resources to more effectively and efficiently manage their Bank Secrecy Act/anti-money laundering (BSA/AML) ...


10.24.18

CFPB News: ‘Regulation by Enforcement’ Over, Other CFPB Updates

To no one’s surprise, Bureau of Consumer Financial Protection (CFPB or Bureau) acting director Mick Mulvaney declared regulation by enforcement dead.


10.24.18

Insurance Won’t Cover Disgorgement Payment, NY Appellate Court Rules

Applying a U.S. Supreme Court decision in the context of insurance coverage for a bank, a New York appellate court ruled that the amounts paid to the Securities and Exchange Commission (SEC) as disgorgement under a cease and desist order issued by the SEC were a “penalty” for which ...


10.24.18

Latest State Action: Washington AG Sues Debt Collectors

Demonstrating heightened enforcement efforts by some state regulators, Washington Attorney General Bob Ferguson filed suit against a pair of debt collection companies and their owner, asserting the defendants were operating without a license in violation of state law.


10.10.18

Card Networks and Merchants Reach New Settlement Terms

Will the second time be the charm? Two credit card networks and merchants representing the class suing them reached a revised agreement to put an end to a 13-year-old antitrust class action concerning the interchange fees merchants must pay and the card network rules imposed on merchants.  


10.10.18

New York DFS Files Second Suit Over OCC Fintech Charter

Here we go again: The New York Department of Financial Services (DFS) has filed its second lawsuit against the Office of the Comptroller of the Currency (OCC) over the agency’s plan to permit fintech companies to apply for Special Purpose National Bank Charters.


10.10.18

Latest Buzz: Is California Regulator Readying New Financial Regulations?

In a sign that the California Department of Business Oversight (DBO) is contemplating new enforcement activity or possibly proposed regulations in the lending space, the DBO sent letters to 20 consumer installment lenders asking for details about their annual percentage rates (APRs) and online ...


10.10.18

CFPB: Staff Controversy, Credit Invisibility, Disclosure Sandbox, Meetings Renewed

The Bureau of Consumer Financial Protection (CFPB or Bureau) continues in the news, as the CFPB released a report on credit invisibility, met with advisory groups for the first time this year and proposed a policy for its new “sandbox” program.


10.10.18

California Enacts New Laws Impacting Financial Institutions

Following a busy few months for the California legislature, financial institutions are now facing some new requirements.


10.01.18

California Now Requires Female Directors on Public Company Boards

In a groundbreaking move to bring gender diversity to the boardroom, on Sept. 30, 2018, Governor Jerry Brown signed California Senate Bill 826 (SB 826), which amends the California Corporations Code to require public companies headquartered in California to have a minimum number of female directors ...