January 8, 2024
Via: JD SupraOn 28 November 2023, the UK’s Financial Conduct Authority (FCA) unveiled its Policy Statement PS 23/16 (Policy Statement), which sets out the final rules for sustainability disclosure and investment labels (SDR Rules). The market has been anticipating this development since […]
January 5, 2024
Via: JD SupraAmerican Bankers Association, America’s Credit Unions, and Independent Community Bankers of America wrote a letter to CFPB Director Rohit Chopra to address their concerns that the CFPB’s proposal for rulemaking on non-sufficient funds (NSF) and overdraft fees triggers the statutorily […]
January 3, 2024
Via: JD SupraOn November 15, 2023, the U.S. Tax Court held in YA Global Investments v. Commissioner that a non-U.S. private equity fund (YA Global) with a U.S. asset manager that bought equity and convertible debt of U.S. portfolio companies was engaged […]
December 28, 2023
Via: DailyFX2023 was a year that lessened the stature of central bank forward guidance. Forward guidance is a tool used by central banks to communicate monetary policy projections. Historically, markets viewed this messaging in high regard as it often tied into […]
December 27, 2023
Via: JD SupraClassically, insider trading occurs when a corporate insider commits securities fraud by trading in the securities of their own company on the basis of material nonpublic information (MNPI). In 2000, the US Securities and Exchange Commission (SEC) codified in Rule […]
December 22, 2023
Via: Insurance JournalTackling hidden leverage across the multi-trillion dollar “shadow banking” sector is next year’s priority, global financial regulators said on Wednesday, but the challenge of accessing data could hamper the process. The G20’s Financial Stability Board (FSB) and IOSCO, a global […]
December 20, 2023
Via: Banking DiveU.S. Bank will pay nearly $36 million in connection with customers’ inability to access unemployment benefits during the COVID-19 pandemic, two regulators said Tuesday, announcing separate penalties. The Consumer Financial Protection Bureau ordered the Minneapolis-based lender to pay $20.7 million […]
December 19, 2023
Via: Insurance JournalThe finance industry will be shielded from the full scope of the European Union’s most consequential piece of ESG legislation to date, as the bloc settles on a compromise to help it get the bill over the finish line. Under […]
December 14, 2023
Via: FinTech FuturesThe European Commission recently unveiled VAT in the Digital Age (ViDA), a comprehensive proposal to reform the EU’s value added tax system. This reform includes significant changes in the scope of obligations regarding e-reporting and e-invoicing. EU Member States will […]
December 12, 2023
Via: Banking DiveSen. Elizabeth Warren, D-MA, has drawn more support for a bill meant to crack down on the use of crypto in illegal activities, including money laundering, drug trafficking and sanctions evasion. Alongside five new co-sponsors, including three fellow members of […]
December 8, 2023
Via: FinTech FuturesIn accordance with the new powers granted to the FCA by the Financial Services and Markets Act 2023, the regulator says that designated banks and building societies will need to assess the gaps in access to cash, taking local factors […]
December 6, 2023
Via: FinTech FuturesAccording to the regulator, a compliance examination was conducted on Canada’s largest bank last year, during which it says it uncovered three administrative violations by RBC, including failure to submit reports of suspicious transactions; failure to provide information in the […]
December 1, 2023
Via: JD SupraThe CFPB recently issued a consent order and a $12 million fine against a large national bank for failing to accurately collect and report HMDA data. According to the CFPB, instead of asking applicants for their race, ethnicity, and sex, […]
November 29, 2023
Via: Banking DiveBank of America agreed to pay $12 million to settle allegations that hundreds of its loan officers failed to collect required demographic data from mortgage applicants — specifically, race, ethnicity and sex — but reported to the Consumer Financial Protection […]
November 27, 2023
Via: FinTech FuturesThe review reveals how “downside surprises” inspired by the current macro-financial environment are weighing heavily on residential and commercial real estate markets in the euro area. This is primarily in the form of rising debt service costs. For residential real […]
November 27, 2023
Via: JD SupraOn November 21, 2023, the U.S. Justice Department unsealed charges against cryptocurrency exchange Binance and Binance CEO Changpeng Zhao for violating anti-money laundering provisions of the Bank Secrecy Act (“BSA”) and for causing violations of U.S. sanctions issued pursuant to […]
November 20, 2023
Via: FinTech FuturesThe regulator says the company has been charged for withdrawing funds from customers’ bank accounts without their permission, making deceptive statements about loans, and cancelling loan extensions. In 2019, Enova paid a $3.2 million penalty to the CFPB with orders […]
November 16, 2023
Via: FinTech FuturesThe bank says that it “received confirmation of its position on the FCA’s watchlist for financial crime compliance” on 6 June, and that the action related to the “ongoing management of financial crime risk” within its back book and online […]
November 14, 2023
Via: JD SupraThere are certain nonbank markets that the Consumer Financial Protection Bureau (“CFPB”) has the statutory right to supervise irrespective of size (e.g., mortgage, private education loan, payday lending). Then, there are other consumer finance markets to which Congress gave the […]
November 13, 2023
Via: JD SupraThe Gramm-Leach-Bliley Act, enacted in 1999, requires financial institutions, broadly defined, to establish administrative, technical, and physical safeguards to protect customer information, but does not impose obligations to notify regulators of data breaches. It also tasked certain administrative agencies with […]