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"BSA/AML for nonbanking institutions" by Daniel P. Stipano (American Bar Association Business Law Today)
The requirements of the Bank Secrecy Act (BSA) and anti-money-laundering laws (AML) are pervasive and longstanding, yet they continue to vex companies trying to comply with them. Regulators have hit virtually all large banks, and many nonbanks, with BSA/AML-related enforcement actions, resulting in...
Articles"What commenters have to say about proposed CRA updates" by Warren W. Traiger and Caroline K. Eisner (Law360)
Finally, almost a decade after announcing a joint effort to modernize the Community Reinvestment Act, the prudential regulators have signaled that revisions are in the offing. Over the last two months, representatives from the Office of the Comptroller of the Currency, Federal Deposit Insurance...
Articles"Navigating today’s biometric landscape" by Elizabeth E. McGinn, Scott T. Sakiyama, Magda Gathani, and Garylene D. Javier (Cybersecurity Law Report)
Biometrics-based authentication of payments and other transactions has been on the rise for the past several years, promising unparalleled convenience and security for consumers. However, the distinctive nature of biometric features that confers its advantages is also the source of the technology’s...
Articles"Proceed with caution: Expanded role for the FTC on the road ahead" by Amanda R. Lawrence, Jonice Gray Tucker, and Christopher Robins (American Bar Association Business Law Today)
Recent changes in agendas and leadership at the federal level are prompting companies offering financial products and services to question what consumer protection enforcement will look like on the road ahead. There has been significant discussion about the increasing role of state regulators,...
Articles"Coercive process for material witnesses needs reform" by Preston Burton, Paige Ammons, and Caroline K. Eisner (Law360)
The material witness statute confers incredible power on the government to obtain the arrest and detention of a witness — even though that person is not accused of having committed any crime — simply by showing the court that the person is purportedly “material in a criminal proceeding” and that it...
Articles"Banks looking for common ground on CRA modernization" by Warren W. Traiger and Caroline K. Eisner (Banking Exchange)
Regulatory officials in recent days have taken what appear to be initial, tentative steps toward the daunting task of revising the Community Reinvestment Act: They are talking publicly about it. That is of no small significance, given that the conversation is fraught with some of the most complex,...
Articles"Avoiding monetary penalties after OCC enforcement orders" by Daniel P. Stipano (American Bar Association Business Law Today)
In recent years, the OCC has aggressively used its cease and desist authority to address a variety of supervisory problems, including unfair or deceptive acts or practices, Bank Secrecy Act/anti-money laundering, and safety and soundness. As a result, there are a sizeable number of consent cease...
Articles"What to expect from increased FTC-state AG collaboration" by Michelle L. Rogers, Antonio J. Reynolds, and Katherine L. Halliday (Law360)
In prepared remarks at the winter meeting of the National Association of Attorneys General on March 5, 2019, Federal Trade Commission Chairman Joseph Simons advocated for increased collaboration with state attorneys general and noted that such collaboration is critical to the FTC’s mission. His...
Articles"The federal mandatory initial discovery pilot project—18 months in" by Amanda R. Lawrence, Scott T. Sakiyama, and Ian Acker (American Bar Association)
The Judicial Conference of the United States is considering drastic changes to the Federal Rules of Civil Procedure that could result in significantly accelerated time frames for the commencement of discovery. The Judicial Conference began testing these changes in a pilot program, and the...
Articles"Breaking down (language) barriers: A practical approach to LEP borrowers" by Jessica L. Pollet and Susanna K. Sedrak (Westlaw Journal)
In roughly 5.3 million households in the United States, the head of the house doesn’t speak English as the primary language or has limited ability to understand it.1 But like most individuals seeking full participation in the U.S. economy, those with limited English proficiency need access to...
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