Filing Exchange Act reports without a holding company
As some banks weigh ditching their holding companies, there are a few considerations for how and why publicly traded banks can file Exchange Act reports directly with their regulatory agencies.
Browsing: Legal
Appellate court invalidates CFPB’s funding structure, small-dollar lending rule
A three-judge panel of the Fifth Circuit Court of Appeals today ruled that the Consumer Financial Protection Bureau’s funding structure violates the separation of powers clause of the Constitution.
Court overturns HMDA reporting threshold for small entities
A federal judge recently moved to vacate CFPB regulations that expanded the number of small-volume lenders deemed exempt from Home Mortgage Disclosure Act reporting requirements. I
OCC issues bulletin on video conferencing and data privacy
The OCC today issued a bulletin for community banks on the legal requirements for protecting non-public OCC information in video teleconferencing services.
McHenry, Luetkemeyer, Emmer seek info on CFPB collaboration with state AGs
Expressing concern that the CFPB is acting contrary to its authorizing statute, three senior members of the House Financial Services Committee yesterday sought information on the CFPB’s collaborations with state attorneys general enforcement actions.
ABA, trade groups: CFPB exceeds authority with exam manual update
CFPB’s change is “contrary to law and subject to legal challenge” as well as potential congressional action, the groups said.
GOP lawmakers: CFPB must undo changes to UDAAP enforcement, adjudications
House Republican lawmakers this week slammed recent changes made by the CFPB to its supervision examination manual for unfair or deceptive acts and practices and its rules of practice and procedure regarding administrative adjudication procedures, noting that these actions “deviate significantly from past practices” and were taken outside of the notice and comment process.
A changing AML info-sharing landscape creates new risks
U.S. law enforcement agencies are deputizing—voluntarily or involuntarily—financial institutions to serve as their lead investigators.
NACHA releases guide addressing contractual considerations of voice payments
The reference guide, created by NACHA’s Payments Innovation Alliance, provides background on the importance of terms and conditions when offering voice payments services and how terms may be modified to suit different needs.
FinCEN issues advisory to help banks detect foreign corrupt activity
The Financial Crimes Enforcement Network issued an advisory on kleptocracy and foreign public corruption, urging financial institutions to focus their efforts on detecting the proceeds of foreign public corruption.