Newsletters

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) ...


10.10.18

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.


10.01.18

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 ...


09.27.18

State Banking Supervisors Buzz Lawmakers About Clarity on Marijuana

In the latest state-level communication directed toward the federal government, more than a dozen state banking supervisors encouraged congressional leadership to enact a safe harbor for financial institutions working with marijuana-related businesses or grant the states jurisdiction over ...


09.13.18

Federal Reserve Hits Bank With $8.6M Fine

Offering a cautionary tale to banks, the Board of Governors of the Federal Reserve fined a national bank $8.6 million for the improper execution of residential mortgage-related documents while a 2011 Consent Order was in place.


08.29.18

FinCEN Director Gets Real About Virtual Currency

Financial Crimes Enforcement Network (FinCEN) Director Kenneth A. Blanco recently discussed his agency’s efforts in the area of virtual currency, explaining the fine line between encouraging innovation and protecting consumers.


08.16.18

Add-Ons Cost Kentucky Bank $4.75M in Federal Reserve Board Action

A Kentucky bank must pay $4.75 million in restitution pursuant to a consent order with the Board of Governors of the Federal Reserve System in an enforcement action involving add-on products.


07.18.18

States Work to Bring Banking Services to Marijuana Businesses

States are pushing to allow or encourage banking services to be provided to marijuana-related businesses, with efforts spreading from California to New York.


06.20.18

Bill Spurs Buzz on Banking Services to Marijuana Businesses

Federal efforts to reduce the restrictions placed on cannabis businesses that operate legally under state law are picking up, with new legislation proposed and indications from the administration that it will let states take the lead with regard to enforcement.


05.11.18

SEC Hits Yahoo With $35M Fine

Just weeks after publishing guidance on cybersecurity, the Securities and Exchange Commission (SEC) assessed a $35 million penalty against Yahoo! Inc. for allegedly misleading investors concerning a major data breach.