After years of rulemaking efforts, FinCEN issued a Notice of Proposed Rulemaking (Proposed Rule) Feb. 15, 2024, that would subject certain investment advisers to AML/CFT compliance requirements under the BSA.
Continue Reading FinCEN Proposes Rule to Subject Certain Investment Advisers to Anti-Money Laundering Program, Recordkeeping, and Reporting Requirements under the Bank Secrecy Act![cybersecurity[1]](https://www.gtlaw-financialservicesobserver.com/files/2022/02/cybersecurity1.jpg)
On April 2, 2024, CFPB Director Rohit Chopra delivered prepared remarks at a gathering hosted by the White House Office of Science and Technology Policy. Director Chopra’s remarks centered on
Continue Reading CFPB Signals New FCRA Rules Targeting Data Brokers Are Ahead
On March 27, 2024, the CFPB issued a circular warning remittance transfer providers that false advertising about the cost or speed of sending remittance transfers may violate federal law, including
Continue Reading CFPB Warns Remittance Transfer Providers About Deceptive Advertising and Marketing Practices
On March 13, at the Financial Data Exchange Global Summit, CFPB Director Rohit Chopra delivered a keynote address that focused on “the role of standard setters and standard-setting” as the CFPB pushes towards finalizing is its proposed Personal Financial Data Rights Rule.
Continue Reading Setting the Standard: CFPB to Codify Attributes for Standard-Setters Before Finalizing Personal Financial Data Rights Rule
On Mar. 8, 2024, the Florida Senate passed (35 YEAS / 3 NAYS) Florida House Bill No. 989 (HB 989 or the Bill), potentially amending section 655.0323, Florida
Continue Reading New Florida Bill Creates Customer Complaint and Florida Office of Financial Regulation Investigation Process for House Bill 3, and Potentially Broadens the Scope of Financial Institutions Subject to House Bill 3
On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule intended to limit late payment fees on credit cards issued by the largest credit card issuers. The
Continue Reading CFPB Unveils Final Rule Banning ‘Excessive’ Credit Card Late Fees
On March 7, the U.S. Chamber of Commerce and bank trade groups including the Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and
Continue Reading CFPB Sued By Industry Over Credit Card Late Fee Rule
On March 1, 2024, Judge Liles C. Burke of the U.S. District Court for the Northern District of Alabama found the Corporate Transparency Act (CTA or Act) unconstitutional on the
Continue Reading District Court Declares Corporate Transparency Act Unconstitutional
On Feb. 6, 2024, the U.S. Securities and Exchange Commission (SEC) adopted new Rules 3a5-44 and 3a44-2 (the final rules) under the Securities Exchange Act of 1934 (the Exchange
Continue Reading SEC Expands Dealer Registration Requirements
On Feb. 16, 2024, the Consumer Financial Protection Bureau (CFPB) updated its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding. This
Continue Reading CFPB Broadens Supervisory Appeals Process