Newsletters

12.10.15

Marketplace Lending and San Bernardino

Reports show that the San Bernardino shooter took out an online marketplace loan a few weeks prior to the attacks.


11.30.15

New York DFS Set to Regulate Cybersecurity

Stating that the New York Department of Financial Services believes cybersecurity to be one of the most critical issues facing the financial world today, the agency sent a letter to state and federal regulators outlining potential new cybersecurity regulation requirements.


11.19.15

AML and Sanctions Compliance Issues Facing Digital Currency and Blockchain Companies

The United States Department of Justice convened an unprecedented Summit on Digital Currency and the Blockchain on November 9, 2015.


11.16.15

Midland Has Appealed to the U.S. Supreme Court

Madden v. Midland Funding, an important court case for marketplace lending may now be heard at the Supreme Court.


11.12.15

Auto Loans at the Top of OCC's Supervisory Priority List

In two recent speeches, Comptroller of the Currency Thomas J. Curry discussed the supervisory priorities of the Office of the Comptroller of the Currency (OCC), including bank operational risks, increased credit exposures and insufficient loan loss reserves.


10.29.15

CFPB Launches New Battle: Proposal to Ban Arbitration Clauses Blocking Group Action

The Consumer Financial Protection Bureau (CFPB) has picked its next battle: a proposal to limit the terms of mandatory pre-dispute arbitration agreements in contracts involving consumer financial products or services.


10.15.15

Get Ready, Get Set: Same-Day ACH Service Mandatory in 2016

Continuing its efforts to modernize the U.S. payments infrastructure, the Federal Reserve Board of Governors announced that effective September 23, 2016, receiving depository financial institutions (RDFIs) who participate in the FedACH network will be required to accept same-day automated clearing ...


10.01.15

Add-On Products Add up to $63M Settlement With FDIC

Credit card add-on products were the subject of a recent enforcement action brought by the Federal Deposit Insurance Corporation (FDIC) against Comenity Bank of Delaware and Comenity Capital Bank in Utah.


09.17.15

What Can Be Learned From Bank's Recent $1.7M OFAC Settlement for Investment-Related Transactions

Swiss-based UBS AG's agreement to pay more than $1.7 million to the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) underscores the scope of OFAC sanctions and the complications in coordinating compliance with sanctions imposed by multiple jurisdictions.


08.27.15

Credit Union for Marijuana Industry Sues NCUA, Fed for Master Account

One Colorado credit union is taking matters into its own hands after the Federal Reserve Bank of Kansas City (FRB-KC) and the National Credit Union Association (NCUA) rejected the institution's application for deposit insurance.