By Nicole Schiavo. Late last month the CFPB reignited debate when it issued an Advance Notice of Proposed Rulemaking (“ANPR”) stating its intention to allow the “GSE Patch” to expire in January 2021. The GSE Patch allows what would otherwise…
Category: News
Federal Reserve Discloses Plan for “FedNow” a Real Time Payment System
By Neil Bloomfield. The Federal Reserve Board (Federal Reserve) recently announced it will develop a “new round-the-clock real-time payment and settlement service”, named the FedNow℠Service to support faster payments in the United States. FedNow will be a national instant payment…
Enhancing Transparency in the Agencies’ Approach to BSA/AML Examinations
By Barbara Meeks and Kristina Whittaker. Last month the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a Joint Statement aimed at improving transparency into their risk-focused examination and supervision of banks’ compliance with Bank Secrecy Act/Anti-money…
OCC Releases Bulletin on Fraud Risk Management Principles
By Kristina Whittaker and Neil Bloomfield. In the aftermath of sales practices, the Office of the Comptroller of the Currency (OCC) recently published a bulletin on fraud risk management principles that are applicable to all federally chartered financial institutions. The…
SEC Staff Issues Statement on Preparing for Impending LIBOR Transition
On July 12, 2019, the U.S. Securities and Exchange Commission (SEC) joined the call to prepare for the transition away from LIBOR. The staff of several Divisions of the SEC (the Divisions of Corporation Finance (DCF), Investment Management (DIM), and…
“At the Next Critical Stage in the Transition Away from LIBOR” – Federal Reserve Vice Chair Urges Companies, Financial Institutions to Begin Shift from LIBOR to Secured Overnight Financing Rate (SOFR)
Noting that we are at “the start of the next critical stage in the transition away from LIBOR,” Federal Reserve Vice Chair for Supervision Randal K. Quarles delivered taped remarks at the June 3, 2019 Alternative Reference Rates Committee…
Bank Capital Plans and Stress Test Results Due April 5, 2019, CFTC Foreign Corrupt Practices Advisory on Self-Reporting/Cooperation
As government authorities around the world create a constantly evolving regulatory environment, conduct overlapping investigations, and bring parallel proceedings, companies are facing perhaps the most challenging regulatory and criminal enforcement environment. Our goal is to serve as a leading-edge resource…
New Federal Reserve Rating System; U.S. Sues UBS Over Residential Mortgage-Backed Securities; Traders Charged With Spoofing & More
As government authorities around the world create a constantly evolving regulatory environment, conduct overlapping investigations, and bring parallel proceedings, companies are facing perhaps the most challenging regulatory and criminal enforcement environment. Our goal is to serve as a leading-edge resource…
Otting Named Acting Director of FHFA; OCC Semiannual Risk Perspective; 2018 Benchmark Reform Progress Report & More
As government authorities around the world create a constantly evolving regulatory environment, conduct overlapping investigations, and bring parallel proceedings, companies are facing perhaps the most challenging regulatory and criminal enforcement environment. Our goal is to serve as a leading-edge resource…