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Tag Archives: Regulatory Developments

CFPB Proposes Changes to Prepaid Accounts Rule

Posted in CFPB, Credit Cards, Regulatory Developments

On June 15, 2017, the CFPB released proposed revisions to its final Prepaid Accounts Rule. The Final Rule was published in November 2016 and was subsequently amended to delay the general effective date by six months, to April 1, 2018. The CFPB is seeking comments on proposed revisions to the Final Rule, as well as… Read More

U.S. Treasury Department Report on Core Principles for Regulating the United States Financial System

Posted in Regulatory Developments

As required by the President’s Executive Order 13772 setting forth the core principles that should be taken into account in connection with the regulation of the U.S. financial system, the U.S. Treasury Department published a report identifying regulations inconsistent with the seven principles articulated in the order. The report is the first of series of… Read More

OCC Guidance Suggests Flexibility for Third-Party Risk Management

Posted in Regulatory Developments

On June 7, 2017, the Office of the Comptroller of the Currency issued frequently asked questions that supplement the OCC’s 2013 guidance entitled “Third-Party Relationships: Risk Management Guidance.” The 2013 Bulletin sets forth the OCC’s expectation for banks’ due diligence and ongoing monitoring of third-party service providers, including enhanced diligence and monitoring for third parties… Read More

EVENT: Mortgage Bankers Association’s Legal Issues and Regulatory Compliance Conference 2017

Posted in Events, Mortgage, Regulatory Developments

InterContinental Miami 100 Chopin Plaza Miami, FL 33131 Join Morrison & Foerster at MBA’s Legal Issues & Regulatory Compliance Conference. Partner Don Lampe will be speaking on the following panels: RESPA and PHH Tuesday, May 9, 2017 1:00 p.m. – 2:15 p.m. RESPA Section 8 in a New World Tuesday, May 9, 2017 4:00 p.m…. Read More

House Financial Services Committee Holds Hearing on the Financial CHOICE Act of 2017

Posted in Regulatory Developments

On April 26, 2017, the Financial Services Committee of the U.S. House of Representatives held a hearing entitled “A Legislative Proposal to Create Hope and Opportunity for Investors, Consumers, and Entrepreneurs.” The purpose of the hearing was to examine the discussion draft of the “Financial CHOICE Act of 2017” (or “CHOICE Act 2.0”) which was… Read More

Is it Time to Streamline Financial Regulation?

Posted in Regulatory Developments

A March 13, 2017 presidential order requiring a comprehensive plan to reorganize the executive branch could be the first step toward streamlining the financial regulatory structure. The Executive Order requires the Director of the Office of Management and Budget to propose a plan within a year to reorganize government functions and eliminate unnecessary agencies, agency… Read More

CFPB Proposes Delayed Effective Date of Prepaid Accounts Rule, Releases Short-Form Disclosure Guide

Posted in CFPB, Credit Cards, Regulatory Developments

On March 9, the CFPB announced in a blog post a proposal to delay the effective date of the final rule on prepaid accounts (Final Rule) for six months to April 1, 2018. The Bureau also released a guide for preparing the short-form disclosure required under the Final Rule. Read our client alert.

Parting Shot: Outgoing Administration Releases FinTech White Paper

Posted in Regulatory Developments

On January 13, 2017, a week before the change in Administration, the Obama White House issued a white paper entitled “A Framework for FinTech” (“White Paper”). The White Paper highlights various FinTech initiatives that were taken by the previous Administration and lays out policy objectives and principles that the Obama White House thought should be… Read More

Uncertain Seas: European Financial and Regulatory Developments into 2017

Posted in Regulatory Developments

“There are greater storms in politics than you will ever find at sea. Piracy, broadsides, blood on the decks. You will find them all in politics.”  —David Lloyd George, British Prime Minister, 1916-1922 “The greater the difficulty the more glory in surmounting it. Skillful pilots gain their reputation from storms and tempests” —Epictetus Lloyd George… Read More

NYDFS Significantly Revises Cybersecurity Proposal, Burdens Remain

Posted in Privacy, Regulatory Developments

On December 28, 2016, the New York State Department of Financial Services (NYDFS) released a significantly revised version of its controversial, proposed cybersecurity rules, initially proposed in September of last year. As we noted in our Client Alert at that time, the rules as originally proposed would have created one of the most comprehensive and… Read More

Financial Services Report – Winter 2016

Posted in Arbitration, Auto Lending, CFPB, Credit Cards, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, UDAAP

Hope you survived all of those awkward Thanksgiving holiday conversations—amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season, while visions of Dodd-Frank repeal dance in our heads. No long winter’s nap for the CFPB, not with the inauguration… Read More

EVENT: FinTech Companies and the OCC Special Purpose National Bank Charter

Posted in Events, Regulatory Developments

Thursday, December 8, 2016 11:00 a.m. – 12:00 p.m. PST 2:00 p.m. – 3:00 p.m. EST The Office of the Comptroller of the Currency (OCC) announced in a White Paper that it would begin considering applications from FinTech companies to become “special purpose national banks.” The White Paper includes information about the OCC’s supervisory expectations… Read More

OCC Announces Special Purpose National Bank Charter for FinTech Companies

Posted in Regulatory Developments

On December 2, 2016, Comptroller of the Currency Thomas Curry confirmed that the agency will begin considering applications from FinTech companies to become special purpose national banks, saying that the OCC will charter “financial technology companies that offer bank products and services and meet our high standards and chartering requirements.” The OCC simultaneously released a… Read More

Whither the CFPB? In Uncertain Times, Rep. Hensarling’s Vision May See New Life

Posted in Regulatory Developments

Given the outcome of the presidential election, the focus is now on President-Elect Trump’s campaign promises to scale back the Dodd-Frank Act and pursue deregulation of financial services. As of now, little is known about specific actions the new administration will pursue after inauguration. There is, however, a template for reform, namely, the Financial Creating… Read More

EVENT: The Future of Financial Regulation

Posted in Events, Regulatory Developments

Wednesday, November 16, 2016 10:00 a.m. – 3:00 p.m. EST The Smith Suite at the Ronald Reagan Building 1300 Pennsylvania Avenue NW Washington, D.C. 20004 Join the CFP, CFA Institute and Morrison & Foerster for this half-day conference that will examine the potential post-election changes to the financial regulatory system, including changes to the Dodd-Frank… Read More

OCC Lays Out Responsible Innovation Framework

Posted in Regulatory Developments

On October 26, 2016, the OCC issued its Recommendations and Decisions for Implementing a Responsible Innovation Framework (“Framework”). The Framework is a follow up to the OCC’s March 2016 white paper on Supporting Responsible Innovation in the Federal Banking System: An OCC Perspective (“White Paper”). The Framework reflects the comments received in response to the… Read More

EVENT: Canadian Derivatives and Financial Services Regulatory Developments

Posted in Events, Regulatory Developments

Thursday, November 10, 2016  8:30 a.m. – 10:00 a.m. Morrison & Foerster LLP 250 West 55th Street New York, NY 10019 Join a panel of experts from Stikeman Elliott LLP for a presentation and an engaged discussion of Canadian regulatory and legal developments affecting trading in derivatives with financial institutions, public mutual funds and other Canadian… Read More

Federal Banking Agencies Signal Enhanced Cyber Standards

Posted in Privacy, Regulatory Developments

On October 19, 2016, the Federal Deposit Insurance Corporation, the Federal Reserve Board and the OCC (collectively, the Agencies) released an Advanced Notice of Proposed Rulemaking (ANPR) laying out a framework for enhanced cyber risk management standards that the Agencies are considering requiring of certain “large and interconnected” financial institutions.  The Agencies have not yet proposed… Read More

EVENT: Financing FinTech: Prepaid Accounts

Posted in Events, Regulatory Developments

Thursday, October 27, 2016 5:00 p.m. – 5:45 p.m. EDT Join us for one of our upcoming monthly telephone briefings led by members of our FinTech team: The CFPB announced final rules on October 5 concerning prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth In Lending Act (Regulation Z). The… Read More

CFPB Forgoes Traditional Rulemaking Process in Announcing that the Equal Credit Opportunity Act and Regulation B Prohibit Discrimination Based on Gender Identity and Sexual Orientation

Posted in CFPB, Fair Lending, Regulatory Developments

Richard Cordray, director of the CFPB, issued a  letter dated August 30, 2016 (“Cordray Letter”), expressing the CFPB’s views on whether credit discrimination on the basis of gender identity and sexual orientation violates the Equal Credit Opportunity Act (ECOA) and Regulation B. The Cordray Letter was issued in response to an inquiry from Services &… Read More

CFPB Finalizes Sweeping Prepaid Account Rule

Posted in CFPB, Credit Cards, Regulatory Developments

On October 5, 2016, the CFPB issued its long-awaited final rule to further regulate prepaid card products, or “prepaid accounts” (the “Final Rule” or “Rule”). This alert identifies key provisions of the Final Rule addressing scope, disclosures, error resolution and liability, and provisions regarding so-called “hybrid credit-prepaid cards.” The Rule generally takes effect on October… Read More