Key Highlights
- Ongoing attention to issues of inequity seen in FRB paper and blog series, and CFPB’s request for information on ECOA/Regulation B.
- Department of Justice opinion letter on the Foreign Corrupt Practices Act, its first since 2014, responds to a prospective transaction inquiry.
- DOJ, CFTC and CFPB each entered into settlements with entities to address compliance violations; the settlements included civil money penalties and restitution.
Financial services regulatory and policy news
Banking
- FRB
- OCC:
- Released an update to its Bank Accounting Advisory Series, including new questions on troubled debt restructurings and allowances for credit losses
- CFPB:
- Proposed a new category of seasoned qualified mortgages
- Extended the comment period on its RFI seeking opportunities to strengthen ECOA/Regulation B protections and regulatory compliance
- Settled with a bank on alleged violations of the EFTA/Regulation E, FCRA/Regulation V, and the CFPB’s UDAAP provisions in the marketing and sale of optional overdraft services; the settlement included civil money penalties and restitution
Capital markets
- SEC:
- Adopted new procedures requiring public notice and approval before NMS fees become effective
- CFTC:
- Coordinated with DOJ on enforcement actions settling allegations against a swap dealer for manipulative and deceptive conduct, spoofing, false statements, and compliance violations. DOJ entered into a related deferred prosecution agreement on charges of wire fraud and price manipulation. The settlements included imposition of a monitor and civil monetary penalties, disgorgement, and restitution.
- Proposed amendments to certain margin requirements for swap dealers and major swap participants
- FINRA:
Other:
- DOJ:
- Published an opinion letter regarding the FCPA and a fee paid by an investment adviser to a foreign government entity for services.
- ARRC:
Industry news
- Renewed Focus on Race Triggers Surge of Interest in Community-Based Lenders
- California's "~mini-CFPB' plan is back in play. Banks aren't happy.
- Fee to shield Fannie, Freddie from COVID losses draws instant backlash
- COVID-19 has upended fraud detection
- Bitcoin ATMs are an oasis in financial deserts
- The Rise of Cryptocurrency Financial Derivatives
- Colorado Establishes Safe Harbor for Bank/Fintech Lending Programs
- Lawmakers ask Pelosi, McConnell to diversify coronavirus relief oversight panel
