Newsletters

10.16.19

BSA/AML News: FinCEN Remarks, New Bill

In Bank Secrecy Act and anti-money laundering (BSA/AML) news, a bipartisan group of lawmakers introduced a bill aimed at updating AML laws that would require companies to disclose their true owners at the time of incorporation.


06.19.19

Innovation Oversight: From the DFS to FinCEN to Lawmakers

In regulatory oversight news, the New York Department of Financial Services (DFS) announced the creation of a new Cybersecurity Division and the Financial Crimes Enforcement Network (FinCEN) launched an Innovation Hours program.


06.06.19

Operation Choke Point Lawsuit Comes to an End

Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action.


05.08.19

Second Circuit: Tribal Officials Must Face Suit

The U.S. Court of Appeals, Second Circuit has ruled that an online tribal lender must comply with state interest rate and licensing laws, allowing a pair of borrowers to move forward with their suit against tribal officials.


05.08.19

From SEC to FinCEN Enforcement Everywhere

Reminding financial institutions that a multitude of enforcers are at their doorstep, the Securities and Exchange Commission (SEC) announced a $3 million deal with an online lender.


01.25.19

FAA Proposes New Rules Expanding Drone Operations Over People and at Night

On January 14, 2019, Secretary of Transportation Elaine Chao announced that the Federal Aviation Administration (FAA) would be publishing in the Federal Register a Notice of Proposed Rulemaking (NPRM) that proposes to permit the flight of approved unmanned aircraft systems (UAS), or drones, over ...


01.15.19

U.S. Sanctions Enforcement Against Foreign Financial Institutions Continues

While major enforcement actions against foreign banks for U.S. sanctions violations appear to have ebbed over the past three years, the recent settlement of sanctions-related claims, which included imposition of $1.34 billion in forfeitures and penalties, against a large foreign bank is a reminder ...


11.07.18

Latest BSA/AML Penalty: $100M From OCC

On October 23, 2018, the Office of the Comptroller of the Currency (OCC) assessed a $100 million civil money penalty against a national bank primarily known for its issuance of credit cards, for failing to comply with a 2015 consent order requiring the financial institution to timely remedy ...


10.24.18

New Pilot Program Regulations Expand CFIUS’ Reach

On October 10, 2018, the Department of the Treasury issued a set of interim regulations (31 C.F.R. Part 801) to implement certain provisions of the Foreign Investment Risk Review Modernization Act (FIRRMA), signed into law by President Trump on August 13, 2018.


10.22.18

FAA Approves First Radar-Assisted BVLOS Drone Operations

On October 16 the FAA issued a first-of-its-kind permit for Avitas Systems, a GE venture specializing in custom inspection systems for the oil, gas, electric power and transportation industries, to operate a large, 55+ pound heli-drone in Loving County, Texas.