LATEST REGULATORY DEVELOPMENTS IMPACTING
THE FINANCIAL SERVICES INDUSTRY
The California Department of Business Oversight (DBO) has launched an inquiry into the increasingly popular marketplace lending industry.
Not every significant action taken by the federal banking agencies is accompanied by great fanfare.
Regulatory capital requirements are dynamic, not static, in nature.
If the US Congress can deal with conflicts minerals in banking legislation as it did in the Dodd-Frank Act, surely there can be nothing odd about inserting banking legislation in a highway funding bill.
On December 1, New York Governor Andrew Cuomo announced the proposal of a new Department of Financial Services (DFS) regulation that will require bank and nonbank financial institutions that are licensed to do business in New York to adopt and maintain a comprehensive transaction monitoring and filtering program (TMFP).
The Consumer Financial Protection Bureau (CFPB) has issued its latest monthly report summarizing complaints made by the public to the CFPB regarding bank account and service issues.
The Federal Financial Institutions Examination Council (FFIEC) has issued a joint statement warning financial institutions of the increasing frequency and severity of cyber attacks involving extortion, including ransomware, denial of service, and theft of sensitive customer information that is used to extort victims.
In a recent letter to the 18 members of the Financial and Banking Information Infrastructure Committee (FBIIC), Acting Superintendent of the New York Department of Financial Services (NYDFS) Anthony Albanese requested collaboration and regulatory convergence among the members on cybersecurity standards for financial institutions.
Anthony Albanese, the Acting Superintendent of the New York State Department of Financial Services (NYDFS), recently announced his resignation after slightly more than four months in the position.
On October 15, 2015, the Consumer Financial Protection Bureau (CFPB) released the anticipated final rule amending Regulation C , 12 C.F.R.