Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
"Reaching overseas: U.S. AML reform expands foreign bank subpoena power" by Daniel R. Alonso and Benjamin W. Hutten (American Bar Association Section of International Law Newsletter)
In one of its first acts of 2021, the United States Congress enacted the Anti-Money Laundering Act of 2020 (AMLA), which significantly expands the U.S. government’s ability to subpoena records of foreign banks held outside the United States. Before the enactment of AMLA, the USA PATRIOT Act...
Articles"The Trump test for the next DA: Who can oversee what could be a complex, high-stakes prosecution?" by Daniel R. Alonso (DailyNews)
We are now less than 90 days from the primary for Manhattan District Attorney. As the race heats up, so does the investigation of the Trump Organization and former President Donald Trump. The question voters should be asking is whether any of the eight candidates to succeed DA Cy Vance has what it...
ArticlesCFPB urges servicers to stave off foreclosure wave
On April 1, the CFPB urged mortgage servicers “to take all necessary steps to prevent a wave of avoidable foreclosures this fall.” Citing to the millions of homeowners currently in forbearance due to the Covid-19 pandemic, the Bureau’s compliance bulletin warns servicers that consumers will need...
InfoBytesIllinois reissues and extends several Covid-19 executive orders
On April 2, Illinois Governor JB Pritzker issued Executive Order 2021-06 , which extends several previous executive orders through May 1, 2021 (previously covered here , here , here , here , here , here , and here ). Among other things, the order extends: (i) Executive Order 2020-07 regarding in-...
InfoBytesCFPB rolls back last year’s Covid-19 flexibilities
On March 31, the CFPB rescinded , effective April 1, the following policy statements, which provided temporary regulatory flexibility measures to help financial institutions work with consumers affected by the Covid-19 pandemic: A March 26, 2020, statement addressing the Bureau’s commitment to...
InfoBytesFFIEC releases 2020 HMDA data
On March 31, the CFPB announced the release of the 2020 HMDA loan application register (LAR) data. The LAR data, available on the Federal Financial Institutions Examination Council’s HMDA Platform , contains modified loan-level information on approximately 4,400 HMDA filers. The Bureau also...
InfoBytesFed formalizes stance on supervisory guidance
On March 31, the Federal Reserve Board issued a final rule codifying the Interagency Statement Clarifying the Role of Supervisory Guidance issued by the CFPB, FDIC, NCUA, and OCC on September 11, 2018 (2018 Statement). As previously covered by InfoBytes , an October 2018 joint proposal amended the...
InfoBytesFinCEN seeks comments on beneficial ownership reporting
On April 1, FinCEN issued an advanced notice of proposed rulemaking (ANPRM) seeking comments on a range of issues related to the implementation of the beneficial ownership information requirements under the Corporate Transparency Act (CTA). As previously covered by InfoBytes , the CTA is included...
InfoBytesU.S.-EU release statement on Joint Financial Regulatory Forum
On March 24 and 25, EU and U.S. participants, including officials from the Treasury Department, Federal Reserve Board, CFTC, FDIC, SEC, and OCC, participated in the U.S.-EU Joint Financial Regulatory Forum to discuss topics of mutual interest, including those related to (i) “next steps” for Covid-...
InfoBytesDFPI sanctions former PACE solicitor under California Consumer Financial Protection Law
On March 30, the California Department of Financial Protection and Innovation (DFPI) announced it has permanently banned an individual and three companies he owns or controls for allegedly evading Property Assessed Clean Energy (PACE) laws. According to DFPI, the respondents, among other things,...
InfoBytes