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California has again upped the ante on commercial lending compliance duties. The new California Commercial Financing Disclosures law requires nonbank lenders and intermediaries to provide special disclosures to commercial loan customers in connection with certain types of commercial finance arrangements. READ MORE
The Financial Crimes Enforcement Network (FinCEN) has issued a new ruling that exempts covered financial institutions from the requirement to collect beneficial ownership information on legal entity customers (such as corporations, limited liability companies and partnerships) in connection with specified rollovers, renewals, modifications and extensions of certain accounts. READ MORE
The Consumer Financial Protection Bureau (CFPB) has released its long-awaited final rule affecting when financial institutions need to send out annual privacy notices. And it could save significant time and money for regulated institutions. READ MORE
Part 3 is the final post of Bank Check's Dodd Frank rollback series. This post covers remaining provisions that could impact community banks, including exam cycles, customer identification requirements, new federal savings association powers and "brokered deposit" exemptions. READ MORE
Part 2 of Bank Check's analysis of the recent Economic Growth, Regulatory Relief, and Consumer Protection Act explores the provisions that could impact community banks with regard to residential mortgage lending activity, such as the safe harbor provision, real estate appraisals, HMDA disclosures, escrow requirements and SAFE licensing. READ MORE
In May 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act was signed into law. The law is being called a rollback of the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010, and it will ease the regulatory burdens on community banks. Learn more in this, the first in a series of articles analyzing the impact of the Dodd Frank rollback. READ MORE
Federal bank regulators issued a statement on April 10 alerting banks of risk management issues regarding cyber insurance coverage. The statement acknowledges the increasing number and sophistication of cyber incidents, such as data breaches, that make consideration and evaluation of cyber insurance protections worthwhile for banks of all sizes. READ MORE
The Financial Crimes Enforcement Network (FinCEN) issued a set of “frequently asked questions” (FAQs) on April 3, 2018, to provide guidance and clarifications for the new FinCEN beneficial ownership regulations (the “New Rule”), which will become effective May 11, 2018. READ MORE
Effective May 11, 2018, new Financial Crimes Enforcement Network regulations require that covered financial institutions, including banks, enhance their due diligence practices when opening new accounts for legal entity customers and amend their anti-money laundering program requirements related to collecting, monitoring, and maintaining this information. READ MORE
In addition to formal regulations, informal federal regulatory guidance has become commonplace in the world of banking law. However, the federal Government Accountability Office has recently issued two opinions that could impact this steady flow of informal bank regulatory guidance. READ MORE
Whether out of apprehension over a Walmart bank or a Google or Amazon bank, many community banks share a strong concern that commercial firms owning banks would be able to compete for community bank business on unfair terms. READ MORE
The new Missouri Family Trust Company Act allows families to establish their own family-owned and controlled private trust companies, which can hire banks and public trust companies to assist with investment and management functions. READ MORE
Certain states are now looking into solutions to address the heavy burden of this 50-state regulatory regime on state-chartered banks and state-licensed fintech companies. READ MORE
The primary concern of many community bankers with allowing nonbank commercial companies to own banks is the potential for the “anti-competitive effects and undesirable concentrations of economic power” referred to by the OCC, which apparently shares that concern. READ MORE
One of President Trump’s executive orders included a directive to “rationalize the Federal financial regulatory framework,” which could impact the country’s dual banking system and regulatory options for state-charted banks. READ MORE
State-chartered banks offering financial products via the Internet to out-of-state customers, either directly or through a nonbank fintech arrangement, should be careful to consider the potential compliance pitfalls of the applicable laws of the customer’s home state. READ MORE
The Trump Administration may be interested in the “repeal” of the Dodd Frank Act, but are there provisions the banking industry might want to retain - provisions that are actually considered to be beneficial to the banking industry? READ MORE
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