Search Results: Proposed Rulemaking

SEC Staff Seeks Input on Cross Trading Between Affiliated Funds

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…

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FDIC Finalizes Amended Brokered Deposits Rule

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,…

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Federal Financial Regulatory Agencies Propose Rule to Codify Supervisory Guidance Affirming the Non-Binding Role of Supervisory Guidance

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…

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CFPB Releases Advance Notice of Proposed Rulemaking on Consumer Access to Financial Records

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…

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FinCEN and Federal Reserve File Joint Proposed Rule to Amend Recordkeeping and Travel Rule Regulations under the Bank Secrecy Act

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…

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