Newsletters

12.14.17

Banks Find Success Suing Over Data Breaches

Banks continue to file suit against retailers, hoping to shift the costs of data breaches, with some recent success.


12.14.17

AML News: FINRA Guidance

In the latest anti-money laundering news, the Financial Industry Regulatory Authority published guidance on AML obligations of firms subject to FINRA supervision.


12.14.17

FTC Drives Auto Dealership to $1.4M Civil Penalty

Providing an important reminder about complying with the terms of a Federal Trade Commission order, a California-based auto dealership agreed to pay $1.4 million to settle charges that it violated a 2014 administrative order.


11.30.17

Battle of Acting Directors: Round One to Mulvaney

Earlier this week, a federal judge refused to grant a temporary restraining order preventing Mick Mulvaney from assuming the reins of the Consumer Financial Protection Bureau (CFPB) as acting director.


11.30.17

Deceptive Marketing Practices Cost Bank $5M

A state-chartered bank based in Missouri must pay $5 million pursuant to a Consent Order with the Board of Governors of the Federal Reserve System resulting from charges of deceptive marketing practices.


11.30.17

Texas Bank Faces $2M Fine From FinCEN

The Financial Crimes Enforcement Network (FinCEN) hit a Texas bank with a $2 million Assessment of Civil Money Penalty for Bank Secrecy Act and anti-money laundering (BSA/AML) violations of Section 312 of the USA PATRIOT Act related to a correspondent relationship with a Mexican bank.


11.30.17

Disclosure Failures Result in New York AG Action

A credit card servicer and marketer will refund the initial $125 fee it charged to each of hundreds of New Yorkers as part of an agreement with the state’s attorney general.


11.30.17

Noreika Weighs In on Separation of Banking and Commerce

In his last remarks as Acting Comptroller of the Office of the Comptroller of the Currency (OCC), Keith A. Noreika took on the “taboo” topic of removing the separation between banking and commerce.


11.30.17

CFPB Hits Debt Settlement Services Provider With Lawsuit

The Bureau of Consumer Financial Protection (CFPB or Bureau) has filed suit against the largest debt settlement services provider in the country, accusing the California-based entity of violating Dodd-Frank and the Telemarketing Sales Rule by deceiving consumers about its services.


11.21.17

SEC Provides Greater Deference to Public Company Boards

On Nov. 1, 2017, the Securities and Exchange Commission (SEC) issued  Staff Legal Bulletin No. 14I(CF), which articulates important interpretive guidance relating to shareholder proposals submitted to public companies for inclusion in proxy statements.