The financial services industry is subject to a regularly changing landscape of regulations and laws, driven in part by shifts in policy from regulators and lawmakers.

Goodwin’s FinReg + Policy Watch provides real-time updates and analyses focusing on regulation and policymaking. Issues are framed in an easy-to-digest manner, providing insight gained from our experience serving in key roles in government and advising clients across the industry.

Follow along as we deliver our take on the latest developments affecting the financial services community as well as the road ahead.

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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White House Issues Memorandum Urging Federal Agencies to Adopt Protections for Subjects of Enforcement

On August 31, the Office of Information and Regulatory Affairs (OIRA), an arm of the Office of Management and Budget (OMB) within the Executive Branch, issued a memorandum (M-20-31 memorandum) to implement Section 6 of Executive Order 13924, which reflects the Trump administration’s efforts to combat the economic consequences of COVID-19 as…

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FinCEN Issues Advisory on Unemployment Insurance Fraud During Pandemic

On October 13, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to alert financial institutions to unemployment insurance fraud observed during the COVID-19 pandemic. The advisory contains descriptions of COVID-19-related unemployment insurance fraud, associated financial red flag indicators and information on reporting suspicious activity.

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CFPB Provides Clarification Around RESPA Marketing Service Agreements

On October 7, the CFPB published an FAQ on the Real Estate Settlement Procedures Act (RESPA) Section 8 and certain provisions of Regulation X, addressing common scenarios involving gifts, promotional activities and marketing services agreements (MSAs). The CFPB also rescinded Compliance Bulletin 2015-05 – RESPA Compliance and Marketing Services Agreements on the grounds that…

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