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Oct 25, 2024 | 
mondaq.com | Bell Johnson |Junghyun Baek |Tal R. Machnes |Michael Mancusi
On October 9, 2024, the U.S. Commerce Department, Bureau of
Industry and Security (BIS) issued new guidance to financial institutions
on how to comply with and minimize the risk of violating the Export
Administration Regulations (EAR). Through this new guidance, BIS is
affirmatively recommending that financial institutions implement
EAR-related due diligence procedures within their existing
compliance programs.
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Sep 27, 2024 | 
mondaq.com | Veronica E. Callahan |Ellen K. Fleishhacker |Michael Mancusi |Kevin Toomey
On August 28, 2024, the Financial Crimes Enforcement Network
(FinCEN) issued a final rule to add "investment
adviser" to the definition of "financial
institution" under the regulations implementing the Bank
Secrecy Act (BSA).
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Aug 26, 2024 | 
mondaq.com | James Bergin |David Freeman |Michael Mancusi |Kevin Toomey
On July 25, 2024, the Board of Governors of the Federal Reserve
System (the Federal Reserve), the Federal Deposit Insurance
Corporation (the FDIC), and the Office of the Comptroller of the
Currency (OCC) (together, the Federal Regulators) issued a joint
statement on banks' arrangements with third parties to deliver
bank deposit products and services (the Joint Statement).
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Aug 21, 2024 | 
arnoldporter.com | James Bergin |David Freeman |Michael Mancusi |Kevin Toomey
On July 25, 2024, the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (the FDIC), and the Office of the Comptroller of the Currency (OCC) (together, the Federal Regulators) issued a joint statement on banks’ arrangements with third parties to deliver bank deposit products and services (the Joint Statement).
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Jun 24, 2024 | 
mondaq.com | Michael Mancusi |Christopher Allen |Nancy Perkins |Anthony Raglani
On June 11, 2024, the Consumer Financial Protection Bureau
(CFPB) published a notice of proposed rulemaking (NPRM) to amend Regulation
V, which implements the Fair Credit Reporting Act (FCRA), to
generally prohibit consumer reporting agencies (CRAs) from
furnishing to a "creditor" a consumer report that
contains information about any medical debts of the subject
consumer.
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Jun 21, 2024 | 
arnoldporter.com | Michael Mancusi |Christopher Allen |Nancy Perkins |Anthony Raglani
On June 11, 2024, the Consumer Financial Protection Bureau (CFPB) published a notice of proposed rulemaking (NPRM) to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA), to generally prohibit consumer reporting agencies (CRAs) from furnishing to a “creditor” a consumer report that contains information about any medical debts of the subject consumer.
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Jun 20, 2024 | 
mondaq.com | Richard Alexander |Michael Mancusi |Meredith B. Osborn |Kevin Toomey
As part of its ongoing efforts to reduce what it views as corporate recidivism, the Consumer Financial Protection Bureau (CFPB) issued a final rule on June 3, 2024 that will require certain nonbank financial companies to register with the CFPB when they become subject to final agency orders alleging violations of consumer financial laws (Final Rule).1 For nonbank financial companies subject to the CFPB's supervisory authority, a senior executive will also be required to provide a written...
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Jun 18, 2024 | 
arnoldporter.com | Richard Alexander |Michael Mancusi |Meredith B. Osborn |Kevin Toomey
As part of its ongoing efforts to reduce what it views as corporate recidivism, the Consumer Financial Protection Bureau (CFPB) issued a final rule on June 3, 2024 that will require certain nonbank financial companies to register with the CFPB when they become subject to final agency orders alleging violations of consumer financial laws (Final Rule).1 For nonbank financial companies subject to the CFPB’s supervisory authority, a senior executive will also be required to provide a written...
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Jun 13, 2024 | 
mondaq.com | James Bergin |David Freeman |Amber Hay |Michael Mancusi
On May 20, 2024, Federal Reserve Vice Chair for Supervision
Michael S. Barr discussed three proposed targeted adjustments
to bank liquidity risk management and the Federal Reserve's
discount window at the 28th Annual Financial Markets Conference of
the Federal Reserve Bank of Atlanta.
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Jun 4, 2024 | 
arnoldporter.com | James Bergin |David Freeman |Amber Hay |Michael Mancusi
On May 20, 2024, Federal Reserve Vice Chair for Supervision Michael S. Barr discussed three proposed targeted adjustments to bank liquidity risk management and the Federal Reserve’s discount window at the 28th Annual Financial Markets Conference of the Federal Reserve Bank of Atlanta.
