Financial Regulation and Compliance

In September 2023, the Securities and Exchange Commission (SEC) announced three separate enforcement orders reflecting a renewed interest in and scrutiny of provisions in employment agreements and separation agreements. These

Continue Reading SEC Broadens Scrutiny of Employment and Separation Agreements Under Whistleblower Rule

On Aug. 1, 2023, the Maryland Office of Financial Regulation (OFR) published new guidance on Earned Wage Access (EWA) products, intending to provide clarity on how EWA products are viewed

Continue Reading Maryland Office of Financial Regulation Provides Guidance on Earned Wage Access Products

Big Tech companies, fintechs, and traditional financial institutions are paying attention to the Consumer Financial Protection Bureau’s (CFPB) September 2023 issue spotlight, which focuses on tap-to-pay or contactless payment technology.

Continue Reading CFPB Spotlight Targets Mobile ‘Tap-To-Pay’ Technology

On Dec. 7, 2021, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a notice of proposed rulemaking to implement the beneficial ownership information reporting provisions of
Continue Reading FinCEN Proposes Rule on Beneficial Ownership Reporting Under Corporate Transparency Act

On May 9, 2019, the Financial Crimes Enforcement Network of the U.S. Department of the Treasury (FinCEN) issued “interpretive guidance” addressing how FinCEN’s money services business (MSB) regulations apply to
Continue Reading FinCEN Issues Guidance on Application of Regulations to Certain Business Models Involving Convertible Virtual Currencies

Through her Sept. 9, 2015, Memorandum entitled “Individual Accountability for Corporate Wrongdoing,” the Deputy Attorney General of the United States, Sally Quillian Yates, issued clear marching orders to civil and criminal prosecutors that will surely shape current and future Wall Street prosecutions. The stated purpose of the memo, to improve “effective enforcement of the civil and criminal laws that protect [our nation’s] financial system…”(Sept. 9, 2015, Memorandum from Sally Quillian Yates, Page 1) makes it clear that this policy directive will dramatically impact the resolution of virtually all civil or criminal investigations for corporations and individuals in the financial services industry. The theme of the Deputy Attorney General’s message is equally clear: any corporation hoping to resolve a civil or criminal matter with the Department of Justice (DOJ) must be prepared to serve up individuals who have participated in wrongful conduct.

Although it is debatable whether this is in fact a shift in policy (as the Memorandum claims), what is clear is that this is the first time DOJ has articulated this policy in a written document. Therefore, anyone trying to resolve issues arising out of a civil or criminal investigation must be mindful of the marching orders to prosecutors contained in the Memorandum.Continue Reading DOJ’s Recent Memo Reshapes Government Investigations