Top

Category: Regulations


Regulations

FCA Finalises UK Sustainable Investment Rules, With More To Follow After Further Consultation

January 8, 2024

Via: JD Supra

On 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 […]


Regulations

Financial trade groups remind CFPB of the SBREFA requirements for the imminent overdraft and NSF fee rulemaking

January 5, 2024

Via: JD Supra

American 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 […]


Regulations

Tax Court holds that an offshore fund is engaged in a U.S. trade or business

January 3, 2024

Via: JD Supra

On 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 […]


Regulations

The Collapse of Central Bank Forward Guidance

December 28, 2023

Via: DailyFX

2023 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 […]


Regulations

Compliance Officers Beware: the SEC is Looking to Expand the Reach of Insider Trading

December 27, 2023

Via: JD Supra

Classically, 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 […]


Regulations

Global Regulators to Tackle Hidden Leverage Across ‘Shadow Banking’ Sector

December 22, 2023

Via: Insurance Journal

Tackling 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 […]


Regulations

U.S. Bank fined $36M over freezes of COVID-era unemployment benefits

December 20, 2023

Via: Banking Dive

U.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 […]


Regulations

Banks, Insurers Temporarily Dodge Full Impact of EU’s Harshest ESG Law to Date

December 19, 2023

Via: Insurance Journal

The 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 […]


Regulations

E-invoicing in Europe 2024: a country by country policy overview

December 14, 2023

Via: FinTech Futures

The 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 […]


Regulations

Sen. Warren draws more support for crypto crackdown bill

December 12, 2023

Via: Banking Dive

Sen. 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 […]


Regulations

UK’s FCA proposes new rules to protect access to cash

December 8, 2023

Via: FinTech Futures

In 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 […]


Regulations

Canadian regulator fines RBC $5.5m for “administrative violations” of its AML rules

December 6, 2023

Via: FinTech Futures

According 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 […]


Regulations

CFPB Fines Bank $12 Million for HMDA Reporting Violations

December 1, 2023

Via: JD Supra

The 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, […]


Regulations

Bank of America to pay $12M over lax mortgage data reporting

November 29, 2023

Via: Banking Dive

Bank 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 […]


Regulations

European Central Bank highlights continued sector-wide risk in latest Financial Stability Review

November 27, 2023

Via: FinTech Futures

The 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 […]


Regulations

Cryptocurrency Exchange Binance and its Founder Plead Guilty to Money Laundering Charges

November 27, 2023

Via: JD Supra

On 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 […]


Regulations

US lender Enova fined $15m by CFPB for “widespread illegal conduct”

November 20, 2023

Via: FinTech Futures

The 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 […]


Regulations

FCA places embattled Metro Bank on financial crime watchlist as rescue deal continues

November 16, 2023

Via: FinTech Futures

The 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 […]


Regulations

What’s in Your (Digital) Wallet? The CFPB Seeks to Supervise Digital Wallets and Payment Applications

November 14, 2023

Via: JD Supra

There 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 […]


Regulations

FTC Requires Non-Bank Financial Institutions to Report Data Security Breaches Under Amended Safeguards Rule

November 13, 2023

Via: JD Supra

The 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 […]