Browsing: Legal

Compliance and Risk

As the Financial Crimes Enforcement Network works to ensure that the financial system that is resistant to abuse and able to share valuable information with law enforcement, Acting Director Jamal El-Hindi today said at the ABA/ABA Money Laundering Enforcement Conference in Washington, D.C., that FinCEN would “think more creatively” about how it exercises its statutory authority.

Legal

In an effort to enhance its ability to grant new limited purpose charters, the OCC is issuing a proposed rule that would address how the agency will handle receiverships for national banks not insured by the FDIC, such as trust banks and other special purpose charters.

Cybersecurity Data Theft Damages: Who Pays?

When it comes to data breaches, the hack of the archaic Myspace—the failed social media platform that was rendered obsolete by Facebook—proves nothing is safe.

Legal

The case that generated last summer’s Supreme Court decision allowing disparate impact cases to be brought under the Fair Housing Act, Inclusive Communities Project Inc. v. Texas Department of Housing and Community Affairs, was dismissed on last week by the district court judge charged with determining whether the housing advocacy plaintiff met the Court’s newly articulated standard for establishing disparate impact.

Compliance and Risk

ABA and other trade groups today urged the Consumer Financial Protection Bureau not to move forward with its proposed rule on arbitration, arguing that the rule is not in the public interest, does not protect consumers, and is inconsistent with the bureau’s own study of arbitration of consumer financial products and services.

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