On March 11, 2021, the staff of the SEC’s Division of Investment Management issued a statement addressing cross trading among affiliated registered funds and soliciting feedback in this area. The staff issued the statement in response to public feedback on the SEC’s recent adoption of the “Valuation Rule,” which will…
On January 20, 2021, the Biden White House issued a memorandum to the heads of U.S. federal executive departments and agencies requesting a broad regulatory freeze of new and pending rules that were advanced in the final weeks under the Trump Administration. In the memorandum, Ron Klain, Chief of Staff…
On December 15, the FDIC approved a final rule to revise and modernize its regulations relating to brokered deposits. The final rule establishes a new framework for analyzing whether deposits made through deposit arrangements qualify as brokered deposits, including those between insured depository institutions (IDIs) and third parties, such as financial technology companies. Specifically,…
On November 24, in a notice of proposed rulemaking, the OCC invited comment on the approach it would use to determine the CRA evaluation measure benchmarks, retail lending distribution test thresholds and community development minimums under the general performance standards established by the final rule published earlier this year, as covered in a previous…
On November 20, the OCC issued a notice of proposed rulemaking for a rule that would prohibit national banks and federal savings associations (banks) from declining to provide financial services to controversial industries, such as fossil fuel companies, private prisons, gun manufacturers and others. The OCC asserts that some banks have taken…
On October 20, the Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration, and CFPB (Agencies) issued a notice of proposed rulemaking for a rule intended to confirm that the Agencies will follow and…
On October 30, the DOL finalized a rule revising the longstanding investment duties regulation, generally requiring fiduciaries of ERISA plans or ERISA pooled funds to base investment decisions only on pecuniary factors. Pecuniary factors are defined as those that a fiduciary prudently determines are “expected to have a material effect on the…
On October 22, the CFPB issued an advance notice of proposed rulemaking (ANPR), requesting comments on how the CFPB should develop regulations to facilitate consumers’ rights under Section 1033 of the Dodd-Frank Act to access financial records and data accumulated by providers of financial products and services. The CFPB also seeks comment…
On October 23, FinCEN and the Federal Reserve filed a joint proposed rule to amend the recordkeeping and travel rule regulations under the Bank Secrecy Act (BSA). Currently, financial institutions must collect, retain and transmit certain information related to fund transfers and transmittals of funds over $3,000. Under the proposed…
On October 22, the SEC and CFTC held their first-ever joint open meeting to vote on a final rule. Never before in the 45-year history of the CFTC has the CFTC formally voted together with the SEC to adopt a joint rule. The joint final rule adopted by the CFTC and SEC…