On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule that would allow the CFPB to supervise certain large nonbank companies that provide consumer financial services such as digital wallets and payment applications. If enacted, it would subject large technology companies handling more than five million payment transactions per year—such as Apple, Meta and Alphabet—to CFPB supervisory examinations for the first time. Under the proposed rule, these large nonbank companies would have to adhere to certain funds transfer, privacy and other federal consumer financial protection laws, including protections against unfair, deceptive and abusive practices.Continue Reading Proposed CFPB Rule Could Subject “Big Tech” Companies to Enhanced Regulatory Scrutiny

Please join James M. Kane and James W. Morrissey, Co-Chairs of the Financial Institutions Group, and Mark C. Svalina, Associate, at Vedder Price, for a webinar presentation on regulatory, compliance and related issues banks can expect to encounter in 2022.
Continue Reading Banking Update Webinar- What to Expect in 2022

Please join James W. Morrissey, Co-Chair of the Financial Institutions Group, and Mark C. Svalina, Associate, at Vedder Price, for a webinar presentation on regulatory, compliance and related issues banks can expect to encounter in 2022.
Continue Reading Banking Update Webinar- What to Expect in 2022

On May 11, 2018, the beneficial ownership rule became fully effective.  While the rule was finalized on July 16, 2016, compliance was not mandatory until May 11, 2018.  The delay in implementation was to permit covered financial institutions to ready their BSA/AML compliance programs.

In accordance with the rule, a covered financial institution must verify,

house models and coinsOn April 3, 2018, the Department of Treasury released recommendations to “modernize” the Community Reinvestment Act of 1977 (“CRA”). Treasury’s recommendations include:

  • updating the definitions of geographic assessment areas to reflect the changing nature of banking arising from changing technology, customer behavior, and other factors;
  • increasing clarity and flexibility of CRA examinations to increase