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 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…
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 7, the SEC adopted Rule 12d1-4 (the Rule) under the 1940 Act and related amendments designed to put in place a comprehensive and streamlined regulatory framework for fund-of-funds arrangements. Read the client alert for an overview of the recently adopted Rule and related rule and form amendments.
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.
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 The CFPB also rescinded Compliance Bulletin 2015-05 – RESPA Compliance and Marketing Services Agreements on the grounds that…
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 16, the SEC announced that it adopted final amendments to certain auditor independence requirements in Rule 2-01 of Regulation S-X. The final amendments are based on recurring fact patterns that the SEC staff has observed over years of consultations in which certain relationships and services triggered technical independence rule violations…
On October 7, 2020, the Securities and Exchange Commission (the “SEC”) adopted Rule 12d1-4 under (the “Rule”) the Investment Company Act of 1940 (the “1940 Act“) and related amendments designed to put in place a comprehensive and streamlined regulatory framework for fund-of-funds arrangements.[1] This alert provides an overview of the recently adopted Rule…
On October 7, 2020, the U.S. Securities and Exchange Commission (“SEC”) voted 3-2 to propose a conditional exemption (“Exemption”)1 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,…