Lexology

State Attorneys General: Status Quo on the Surface, but Change in Washington Means Increased Enforcement Risk From the States

USA - November 10 2020 Last week’s state attorney general races brought little change on the surface, but change in Washington significantly increases the risk of…

OCC Issues Final ‘True Lender’ Rule

USA - October 28 2020 The Office of the Comptroller of the Currency (OCC) issued a final rule on October 27 that determines when a National Bank or federal savings…

Banking Agencies Release Proposed Rule on the Nonbinding Role of Guidance

USA - October 23 2020 The five federal banking agencies (Federal Reserve, CFPB, FDIC, NCUA, and OCC - collectively Agencies) issued a proposed rule on October 20 on the…

CFPB Issues Final Rule Extending the Qualified Mortgage ‘GSE Patch’

USA - October 21 2020 The Consumer Financial Protection Bureau (CFPB or Bureau) on October 20 issued a final rule to extend the government-sponsored enterprises patch (GSE…

California Means Business (Regulation) with New ‘Mini-CFPB’ Law

USA - September 14 2020 California’s governor is expected to sign into law soon a bill creating a state consumer financial protection agency, the Department of Financial…

COVID-19 Update: CDC Announces a Nationwide Ban on Residential Evictions

USA - September 3 2020 The Centers for Disease Control and Prevention (CDC) on September 1 issued an order under Section 361 of the Public Health Service Act to…

FDIC Eases Bank Restrictions on Job Applicants with Prior Criminal Convictions

USA - August 10 2020 The Federal Deposit Insurance Corporation (FDIC) announced on July 24 the approval of a final rule that will ease restrictions on banks’ hiring…

Financial Institutions Encouraged to Consider Additional Options for Consumer and Commercial Borrower Accommodations

USA - August 7 2020 The Federal Financial Institutions Examination Council (FFIEC) on behalf of its members issued a statement on August 3 setting forth prudent risk…

FDIC Issues Madden Rule and Affirms ‘Valid When Made’ and ‘Most Favored Lender’ Doctrines

USA - July 2 2020 The Federal Deposit Insurance Corporation (FDIC) issued a final rule on June 25 that reaffirms the enforceability of the interest rate terms of loans…

FinCEN Provides BSA Customer Due Diligence Guidance for Hemp-Related Businesses

USA - July 1 2020 The Financial Crimes Enforcement Network (FinCEN) published guidance (Guidance) on customer due diligence requirements under the Bank Secrecy Act…