On May 2, 2024, Florida Gov. Ron DeSantis held a press conference where he signed Florida House Bill 989 (HB 989 or the Bill) into law. HB 989 amends section
Continue Reading New Florida Law Creates House Bill 3 Complaint, OFR Investigation Process, and Expands Applicability to Additional Financial Institutions
On May 17, 2024, the CFPB announced it will issue an interim final rule to extend the compliance deadlines for its Small Business Lending Rule. When it takes effect, the
Continue Reading CFPB Announces New Compliance Deadlines for Small Business Lending Rule
After years of rulemaking efforts, the Consumer Financial Protection Bureau (CFPB) may issue a final rule later this month that would require lenders to collect and report data on small
Continue Reading Small Business Lenders: CFPB’s Anticipated Section 1071 Rule Would Impose New Data Collection, Reporting Obligations
On Nov. 15, 2022, the Federal Trade Commission (FTC) announced that it is delaying the effective date of its recent amendments to the Safeguards Rule, promulgated under the Gramm-Leach-Bliley Act
Continue Reading FTC Delays Compliance Date of the Safeguards Rule
On Dec. 13, 2022, the Department of Justice announced that Danish global financial institution Danske A/S (Danske Bank) pled guilty and agreed to forfeit $2 billion to resolve an investigation
Continue Reading Danske Bank Pleads Guilty, Agrees to Pay More Than $2 Billion in Coordinated Resolution of Investigations into Fraud Related to Its Anti-Money Laundering Controls
On July 14, 2022, the U.S. House of Representatives passed bipartisan legislation that, if passed by the Senate and signed into law, would expand the types of institutions required to
Continue Reading ENABLERS Act Proposes to Expand Definition of ‘Financial Institution’; Impose BSA/AML Requirements on Professional Service Providers
On Aug. 11, 2022, the U.S. Consumer Financial Protection Bureau issued guidance indicating that financial institutions and service providers that fail to adopt sufficient data security measures to protect consumer
Continue Reading CFPB Warns Insufficient Data Security Measures May Violate Consumer Financial Protection Act
On June 28, 2022, the Financial Crimes Enforcement Network (FinCEN) and the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) issued a rare Joint Alert focused on the
Continue Reading FinCEN and BIS Warn Financial Institutions About Potential Evasion of Russian and Belarusian Export Controls
Legislative measures implemented by the Italian government in response to Coronavirus Disease 2019 (COVID-19) to ensure a more favourable framework for the granting of new financing and tackling liquidity shortage
Continue Reading COVID-19 Pandemic: Banking & Finance ‘Phase 2’ Measures in Italy
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
Continue Reading 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