Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
Daniel P. Stipano quoted in Axios article, “Major regulator makes 11th-hour move to sink banks' oil limits”
Daniel P. Stipano was quoted on November 23, 2020, in an Axios article, “Major regulator makes 11th-hour move to sink banks' oil limits,” which discussed a draft ruling by the Office of the Comptroller of the Currency that says banks can't turn away entire industries — specifically those that are...
In The NewsDaniel P. Stipano quoted in Anchorage Daily News article, “Federal agency proposes rule aimed at blocking banks from not financing Arctic drilling”
Daniel P. Stipano was quoted on November 21, 2020, in an Anchorage Daily News article, “Federal agency proposes rule aimed at blocking banks from not financing Arctic drilling,” which discussed the release of the Office of the Comptroller of the Currency’s proposed rule that states banks can only...
In The NewsWashington governor extends suspension of consumer garnishment
On November 20, the Washington governor issued a proclamation extending a previous moratorium on garnishment for consumer debts until the earlier of December 7, 2020 or the termination of Washington’s Covid-19 State of Emergency. See here , here and here for previous coverage. The suspension...
InfoBytesTreasury: Expenses paid from PPP loans are not deductible
On November 18, the U.S. Treasury Department and Internal Revenue Service (IRS) clarified the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. According to the IRS revenue ruling , businesses are not taxed...
InfoBytesFTC says mobile banking app is deceptive
On November 18, the FTC filed a complaint against a mobile banking app operator alleging the defendants violated the FTC Act by deceiving users about their high-interest bank accounts and falsely promising users “24/7” access to their funds. The FTC’s complaint alleges that the defendants...
InfoBytesFHFA finalizes GSE capital framework
On November 18, the FHFA announced a final rule , which establishes a new regulatory capital framework for Fannie Mae and Freddie Mac (GSEs) to ensure safety and soundness. The final rule is similar to the proposed rule published earlier this year (covered by InfoBytes here ), and it generally...
InfoBytesAgencies finalize certain 2021 thresholds
On November 18, the CFPB, OCC, and the Federal Reserve Board announced a final rule , which increases the TILA smaller loan exemption threshold for the special appraisal requirements for higher-priced mortgage loans (HPMLs). TILA requires creditors to obtain a written appraisal before making a HPML...
InfoBytesOFAC sanctions network for financially contributing to the Supreme Leader of Iran
On November 18, the U.S. Treasury Department’s Office of Foreign Assets Control announced sanctions against “a key patronage network for the Supreme Leader of Iran” (Foundation)—a conglomerate of roughly 160 holdings in key sectors of Iran’s economy, including finance, energy, construction, and...
InfoBytesDaniel P. Stipano quoted in American Banker article, “Congress about to relieve banks of a key AML burden”
Daniel P. Stipano was quoted on November 20, 2020, in an American Banker article, “Congress about to relieve banks of a key AML burden,” which discussed the inclusion of the beneficial ownership amendment in the National Defense Authorization Act, and the importance of its inclusion. Stipano noted...
In The NewsTrump to nominate Brooks as Comptroller
On November 17, President Trump announced his intention to nominate Brian P. Brooks as Comptroller of the Currency. Brooks has been serving as acting Comptroller since the end of May 2020. Prior to serving as acting Comptroller, Brooks served as Senior Deputy Comptroller and Chief Operating Officer...
InfoBytes