On July 9, 2014, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued Policy Guidance on the issue of Mortgage Brokers Transitioning to Mini-Correspondent Lenders (“Policy Guidance”), which highlights risks and considerations that should be taken into account by brokers who may be considering or venturing into the mini-correspondent channel.
The Canadian Securities Administrators yesterday released an update on the proposed local rules designed to set out certain requirements in relation to the application process for seeking recognition as a clearing agency (or an exemption from the recognition requirement), which were published in December 2013.
The Consumer Financial Protection Bureau has announced a new proposal that will allow consumers the option to share a narrative of “what happened” in the CFPB’s public-facing Consumer Complaint Database.
The SEC’s Division of Investment Management recently released an IM Guidance Update to address two issues under the SEC’s “Custody Rule,” Rule 206(4)-2, under the Investment Advisers Act of 1940, as amended.
As a result of the ongoing Crimea conflict, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) has issued new sanctions targeting Russian banks and energy companies.
On July 16, 2014, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) imposed an additional wave of sanctions against Russian entities in the financial, energy, and defense sectors.
In recent years, the SEC has touted a new enforcement tool known as “Robocop,” purportedly designed to detect fraud in the financial statements of public companies.
The Consumer Financial Protection Bureau (CFPB) turns 3 on Monday, July 21, 2014.
Despite Policyholder’s Delayed Notice, Insurer Must Cover Subsequent Claims Related to Earlier Timely Claim
On July 16, 2014, the Eighth Circuit, applying New York law, concluded that because a financial services firm’s professional liability insurance policy was ambiguous on the question whether the policy’s timely notice requirements apply to later claims related to a timely original claim, the policy provides coverage for the later claims.
NY Dept. of Financial Services Issues Sweeping Proposal for Rules Governing Virtual Currency Businesses
New York State DFS Superintendent Benjamin Lawsky today issued proposed rules applicable to virtual currency businesses.