Newsletters

04.14.16

Prepaids in Focus: Federal Regulators Clarify CIP Rules

The federal banking agencies and the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) have issued guidance to banks to clarify how the Bank Secrecy Act's customer identification program (CIP) requirements apply to several types of prepaid access.


03.31.16

Monthly Complaint Snapshot, Supervisory Highlights, and Complaints About Online Marketplace Lenders

The Consumer Financial Protection Bureau (CFPB) has had a busy few weeks, releasing the latest monthly snapshot of consumer complaints, publishing its Supervisory Highlights newsletter to reveal the Bureau has recovered $14.3 million for consumers, and announcing that it will begin to accept ...


03.10.16

$6.5M Fine for Persistent BSA/AML Failures

A $6.5 million civil money penalty imposed against a $1.57 billion Florida bank for persistent anti-money laundering (AML) and Bank Secrecy Act (BSA) deficiencies provided an appropriate back drop for two enforcement-related announcements by the Office of the Comptroller of the Currency (OCC).


03.01.16

Madden Tells SCOTUS That Marketplace Lenders Should Not Worry About Madden

As the Marketplace Lending (MPL) industry gears up for the upcoming conference trifecta—ABS Vegas, AltFi Europe and LendIt USA 2016, the effect of the Midland Funding, LLC et al. v. Saliha Madden case and its pending appeal before the U.S. Supreme Court is palpable.


02.18.16

FDIC Dips Its Toes Into Marketplace Lending

In the Winter 2015 edition of the Federal Deposit Insurance Corporation's (FDIC) Supervisory Insights, the agency provided an overview of the marketplace lending model, "a small but growing component of the financial services industry that some banks are viewing as an opportunity to ...


02.09.16

Top 5 Legal Considerations for Fintech Advertising

The growth and expansion of fintech service providers nationally and internationally over the last five years is reshaping the financial landscape.


02.04.16

Court Refuses to Rule Out Potential Liability for Role in Employer's BSA Compliance Shortcomings

A federal court judge in Minnesota has rejected the motion of a former chief compliance officer to dismiss the U.S. government's claim that he is liable under the federal Bank Secrecy Act for his employer's failure to comply with applicable BSA requirements.


01.21.16

Surprises in OCC's Examination Priorities for 2016?

Comptroller Thomas J. Curry underscored key 2016 supervisory concerns for his agency in a mid-December industry call discussing the OCC's latest Semiannual Risk Perspective report.


12.22.15

Fed Finalizes Capital Planning, Stress Test Requirements for 2017

Capital planning and stress tests for bank holding companies and other institutions with assets over $10 billion have been finalized by the Federal Reserve Board of Governors.


12.10.15

Purchased Loans From Alternative Lenders Should Be Accorded Same Risk Analysis as Originated Loans

In a new advisory, the Federal Deposit Insurance Corporation (FDIC) provided a reminder to all covered entities of the importance of underwriting and administering purchased loans and loan participations as if the loans were originated by the purchasing institution.