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…
On October 27, the OCC issued a final rule establishing that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the date of origination, the bank either is the named lender in the loan agreement or funds the loan. The final rule was…
On October 7, the SEC voted 3-2 to propose a conditional exemption (“Exemption”) to permit natural persons to engage in limited securities activities as “finders” on behalf of private issuers without registering as brokers under Section 15 of the Securities Exchange Act of 1934, as amended (“Exchange Act”). The proposed…
On October 20, the CFPB issued a final rule extending the GSE Patch until the mandatory compliance date of a final rule amending the General Qualified Mortgage (QM) loan definition in Regulation Z. The GSE Patch was scheduled to expire on January 10, 2021. The CFPB did not amend the provision in…
On October 1, the OCC, Federal Reserve and Federal Deposit Insurance Corporation (Agencies) published a final rule (Final Rule) that delays the estimated impact on regulatory capital stemming from the implementation of Accounting Standards Update No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”…