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On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, CA (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) receiver of…

Continue Reading The 2023 Banking Crisis: Updated Questions & Answers for Insured and Uninsured Depositors, Other Affected Parties

On April 3, 2023, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a policy statement explaining the prohibition against abusive conduct in consumer financial markets, attempting to bring clarity…

Continue Reading CFPB Policy Statement Aims to Clarify Prohibition on Abusive Conduct in Consumer Financial Markets

On Sept. 29, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule, effective Jan. 1, 2024, implementing the beneficial ownership information reporting…

Continue Reading Beneficial Ownership Reporting Requirements: FinCEN Issues Final Rule for Implementation of Corporate Transparency Act

On Oct. 7, 2020, the U.S. Securities and Exchange Commission (SEC) held an open meeting and issued a notice proposing a conditional exemption from securities broker-dealer registration under Section 15

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Continue Reading SEC Proposes Exemption from Registration for Finders

On Sept. 25, 2020, the SEC issued a No-Action Letter to FINRA, in response to a previously issued Joint Statement by the SEC and FINRA. This No-Action Letter detailed how…
Continue Reading SEC Issues No-Action Letter Facilitating the Secondary Trading of Digital Assets

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Continue Reading Commodity Futures Trading Commission Issues Time-Limited Relief from CFTC Rule 1.56

On Aug. 5, 2020, the SEC proposed modifications to current rules and forms that would significantly change the disclosures required of mutual funds and exchange traded funds (ETFs) that report

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Continue Reading SEC Proposes Rule Changes to Mutual Fund and Exchange Traded Fund Disclosures