As nonbanks comprise an ever-greater share of the consumer-finance market, on April 25, 2022, the Consumer Financial Protection Bureau (CFPB, or the Bureau) announced it would invoke its “unused” legal
Continue Reading CFPB to Examine Nonbank Financial Companies – Including Fintechs – that Pose Risk to Consumers

On Feb. 9, 2022, the SEC released its long-awaited proposed cybersecurity rule, and there’s a lot to unpack. As GT reported previously, the SEC increased enforcement of cybersecurity
Continue Reading SEC Issues Proposed Cyber Rule, Including 48-Hour Breach Reporting Requirement

Yesterday, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) published responses to three frequently asked questions (“FAQs”) regarding customer due diligence requirements for “covered financial institutions” (
Continue Reading FinCEN Issues FAQs Regarding Customer Due Diligence Requirements

On Jan. 28, 2015, the Federal Deposit Insurance Corporation (FDIC) in a Financial Institutions Letter (FIL) announced that it would, in effect, do an about-face on its supervisory expectation that
Continue Reading AML Developments – FDIC Announces That It Will End Its Supervisory Trend of Expecting Regulated Institutions to ‘De-Risk’ Entire Categories of Customers