As the United States continues to become increasingly diverse with residents from different cultural backgrounds and religious faiths, financial institutions are working to find ways to provide both consumer and commercial loan financing arrangements that meet the specific needs of their customer base.
The European Securities and Markets Authority (ESMA) has published a consultation paper on the regulatory technical standards on the European Single Electronic Format (ESEF).
The CFPB announced two new enforcement action settlements on September 28: one for alleged discriminatory auto loan pricing and the other for alleged deceptive credit card add-on product marketing practices.
The forthcoming UK Insurance Act has some useful ideas about treating customers fairly.
On September 22, 2015, in what has been described as the SEC’s first cybersecurity-related enforcement action, the SEC announced that it had entered a settlement St. Louis-based investment advisor R.T. Jones Capital Equities Management, Inc., based on charges that the company had failed to establish the required cybersecurity policies and procedures in advance of a breach that compromised the personally identifiable information (PII) of approximately 100,000 individuals, including thousands of the firm’s clients.
The House Financial Services Committee is expected to vote Wednesday on bills to replace the Consumer Financial Protection Bureau’s sole director with a bipartisan, five-member commission (H.R. 1266) and require Senate confirmation for the CFPB’s inspector general (H.R. 957).
CFPB Brings Long-Anticipated First Redlining Enforcement Action – New Approach to Redlining Analysis is Put into Action
On September 24, 2015, the CFPB and DOJ announced a joint action against Hudson City Savings Bank for allegedly discriminatory redlining practices from 2009 through 2013 in certain neighborhoods in New York, New Jersey, Connecticut, and Pennsylvania in violation of the Equal Credit Opportunity Act and the Fair Housing Act.
In a case of first impression, the Superior Court of New Jersey held that financial institutions do not have an affirmative duty to report suspected fraud upon senior citizens or vulnerable individuals.
On September 28, 2015, NYSE amendments to Section 202.06 of its Listed Company Manual will take effect.