In a move that could reshape the landscape of consumer finance, on Jan. 17, 2024, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that aims to redefine overdraft
Continue Reading CFPB Proposes Rule to Reclassify Overdraft Fees Under TILA
On Dec. 22, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) published a final rule (Access Rule) establishing the parameters for authorized access to BOI reported
Continue Reading FinCEN Publishes Final Rule on Access to Beneficial Ownership Information
Starting Jan. 1, 2024, the Corporate Transparency Act and its implementing regulations mandate that certain U.S. legal entities and foreign entities registered to do business in the United States (collectively
Continue Reading Corporate Transparency Act Takes Effect with Beneficial Ownership Reporting Requirements
Starting Jan. 1, 2024, the CTA mandates that certain U.S. legal entities and foreign entities registered to do business in the United States (collectively, Reporting Companies) report certain BOI
Continue Reading FinCEN Updates Frequently Asked Questions on Beneficial Ownership Reporting Rule Ahead of Jan. 1, 2024, Effective Date
On Nov. 20, 2023, Florida Rep. Bob Rommel (R-Naples) introduced Florida House Bill 585, which proposes to require certain financial institutions operating in Florida to file a “termination-of-access report” with
Continue Reading New Florida Legislation Proposes Notification Requirements for Certain Financial Institutions When They Terminate, Suspend, or Take Similar Action to ‘Restrict’ Customer Account Access
The Securities and Exchange Commission (SEC)’s Division of Examinations (Division) announced its 2024 examination priorities (Exam Priorities) in October. In 10 years of priority announcements, this is by far the
Continue Reading SEC Division of Examinations 2024 Priorities
Effective Jan. 1, 2024, the Corporate Transparency Act (CTA) will require certain U.S. legal entities and foreign entities registered to do business in the United States (collectively, Reporting Companies) to
Continue Reading FinCEN Extends Beneficial Ownership Reporting Deadline for Newly Formed Companies
On Nov. 7, 2023, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, establish the CFPB’s supervisory authority over certain “larger
Continue Reading CFPB Unveils Plan to Supervise Big Tech Digital Wallet and Payment App Providers
In a Halloween-eve move sure to send shivers down the spines of every public company’s CISO, on Oct. 30, the SEC filed a securities fraud complaint targeting SolarWinds’ CISO in
Continue Reading Chief Information Security Officers in SEC Crosshairs: The SolarWinds Case
On Oct. 13, 2023, California Governor Gavin Newsom signed CA AB39, the Digital Financial Assets Law (DFAL), which is the first comprehensive framework to regulate the digital asset market
Continue Reading California Enacts Digital Assets Licensing Law