Latest News & Blogs
Filter
Subscribe to our InfoBytes Blog weekly newsletter and other publications for news affecting the financial services industry.
FinCEN director discusses CVC compliance requirements
On November 15, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco delivered remarks at the Chainalysis Blockchain Symposium to discuss, among other things, the agency’s focus on convertible virtual currency (CVC) and remind attendees—particularly financial institutions—of their...
InfoBytesCFPB publishes fall 2019 rulemaking agenda
On November 20, the Office of Information and Regulatory Affairs released the CFPB’s fall 2019 rulemaking agenda . According to a Bureau announcement , the information released represents regulatory matters it “reasonably anticipates having under consideration during the period from October 1, 2019...
InfoBytesCFPB seeks feedback on TRID
On November 20, the CFPB issued a request for information (RFI) regarding the TILA-RESPA Integrated Disclosures Rule (TRID Rule) assessment, which is required by Section 1022(d) of the Dodd-Frank Act. Section 1022(d) requires the Bureau to conduct an assessment of each “significant rule or order”...
InfoBytesFDIC creates advisory committee for state regulators
On November 19, the FDIC announced a new advisory committee between the agency and state regulators to discuss issues related to the regulation and supervision of state-chartered financial institutions. The committee, titled the Advisory Committee of State Regulators (ACSR), will explore topics...
InfoBytesHouse passes bill to let SEC go back 14 years on disgorgement
On November 18, the U.S. House passed the Investor Protection and Capital Markets Fairness Act (H.R. 4344) by a vote of 314-95. The bill, which was received in the Senate, would overturn the U.S. Supreme Court’s 2017 decision in Kokesh v. SEC , which limits the SEC’s disgorgement power and subjects...
InfoBytesDOJ again clarifies FCPA enforcement policy
On November 21, the DOJ updated its FCPA Corporate Enforcement Policy to clarify ways in which companies can voluntarily disclose information in an effort to receive leniency from the Department in foreign bribery situations. First, a company does not need to have a complete picture of a possible...
InfoBytesNew York AG investigates housing discrimination on Long Island
On November 19, the New York attorney general’s office announced the launch of a Civil Rights Bureau investigation into allegations that Long Island real estate agents have engaged in discriminatory practices. The announcement follows a newspaper’s recent publication of findings based on a three-...
InfoBytesDistrict Court rejects sampling-related expert discovery in RMBS action
On November 18, the U.S. District Court for the Southern District of New York denied an investment company’s request to use “sampling-related expert discovery” in its action against a trustee of five residential mortgage-backed securities (RMBS), concluding that the proposal was not proportional to...
InfoBytesFDIC seeks to codify policy statement on bank employment standards
On November 19, the FDIC issued a proposed rule , which would formalize the agency’s Federal Deposit Insurance Act (FDI Act) Section 19 policy statement covering individuals seeking to work in the banking industry who have been convicted of certain crimes. In general, Section 19 of the FDI Act...
InfoBytesSEC monetary sanctions in whistleblower program top $2 million for 2019
On November 15, the SEC announced it issued its fiscal year 2019 whistleblower program annual report to Congress, which states that since the program’s inception, the SEC has ordered over $2 billion in total monetary sanctions in enforcement actions that resulted from information brought by...
InfoBytes