06.06.19
A recently released report from the Office of the Comptroller of the Currency (OCC) identified key areas of risk that pose a threat to the safety and soundness of the federal banking system.
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.
The movement to provide a limited bank charter to serve marijuana businesses in California inched forward when the California Senate approved SB 51 by an almost unanimous vote, sending the measure to the Assembly for review.
A third party brought into a lawsuit by a counterclaim filed by the original defendant is not entitled to remove the case to federal court under the Class Action Fairness Act (CAFA), the U.S. Supreme Court has ruled.
05.22.19
In Consumer Financial Protection Bureau (CFPB or Bureau) news, there’s a major shakeup at the Bureau after Kristen Donoghue, a former Richard Cordray appointee who joined the CFPB back in 2011, resigned as the Bureau’s enforcement chief.
In recent enforcement actions, the Board of Governors of the Federal Reserve System announced an order with a Japanese bank over weaknesses with respect to its New York branch’s Bank Secrecy Act / anti-money laundering (BSA/AML) and U.S. sanctions compliance programs and internal controls.
There’s yet another state CFPB, and this one could be significant. Joining Pennsylvania’s earlier effort, the New York Department of Financial Services (DFS) has just created a new office, the Consumer Protection and Financial Enforcement Division.
In a surprising decision, a New York federal district court not only refused to dismiss the New York Department of Financial Services’ (DFS) challenge to the Office of the Comptroller of the Currency’s (OCC) plans to issue special purpose national bank (SPNB) charters to fintech ...
Support continues to build for the Secure and Fair Enforcement (SAFE) Banking Act, with a coalition of 38 state and territorial Attorneys General as well as the American Bankers Association (ABA) writing to lawmakers to urge passage of the bill.
The Financial Crimes Enforcement Network (FinCEN) has released new guidance on cryptocurrency, an attempt to “provide regulatory certainty for businesses and individuals” engaged in the burgeoning field of financial activity.