On May 20, 2020, the Office of the Comptroller of the Currency (OCC), which regulates national banks, released a Final Rule intended to strengthen and modernize the implementation of the
Paycheck Protection Program: Treasury/SBA Conform First Interim Final Rule to PPP Flexibility Act
On June 11, 2020, the Small Business Administration and the U.S. Department of the Treasury released their latest guidance in the form of “Paycheck Protection Program –Revisions to First
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Federal Reserve Releases New Information on the TALF
On May 12, 2020, the Board of Governors of the Federal Reserve System (the Federal Reserve) announced additional information and FAQs on its Term Asset-Backed Securities Loan Facility (TALF). The
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Federal Reserve Takes Actions to Provide Over $2 Trillion in Liquidity to U.S. Credit Markets, Including the Launch of its Main Street Lending Program
On April 9, 2020, in further response to the economic effects of the Coronavirus Disease 2019 (COVID-19) pandemic, the Board of Governors of the Federal Reserve System took actions to
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Exempt Offering Framework Amendment Proposal
On March 4, 2020, the Securities and Exchange Commission (SEC) announced its proposal to harmonize, simplify, and improve the exempt offering framework under the Securities Act of 1933 (the “Securities
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FINRA’s 2020 Risk Monitoring and Examination Priorities Letter
On Jan. 9, 2020, the Financial Industry Regulatory Authority (FINRA) released its 2020 Risk Monitoring and Examination Priorities Letter, in which it identifies its areas of examination focus for
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SEC Publishes OCIE 2020 Examination Priorities
On Jan. 7, the SEC announced the publication of the annual Office of Compliance Inspections and Examinations (OCIE) 2020 Examination Priorities. In addition to the examination priorities themselves, the 28-page
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Joint Statement Emphasizes Risk-Focused Approach to Examinations of Banks’ BSA/AML Compliance Programs
On July 22, 2019, the federal bank regulatory agencies and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (collectively, the “Agencies”), issued a Joint Statement on Risk-Focused Bank
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SEC Issues ‘No-Action’ Letters Allowing Sales of Utility Tokens
In a significant step forward for the cryptocurrency industry, the U.S. Securities and Exchange Commission issued its first “no-action” letter (NAL) to a U.S.-based company using utility tokens created for
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SEC Approves Final Regulation Best Interest, Form CRS
On June 5, 2019, the Securities and Exchange Commission (SEC) voted 3-1 to adopt a series of proposals intended to “substantially enhance” the standards of conduct for financial professionals.
First
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