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 655.0323, Florida Statutes, titled “Unsafe and unsound practices,” which was created by 2023 Florida House Bill No. 3 (HB 3). HB 989 will become effective
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 CFPB’s Small Business Lending Rule will implement Section 1071 of the Dodd-Frank Act by requiring covered financial institutions to collect and submit data regarding their
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 business loan applications, including applications from minority-owned and women-owned small businesses. According to the CFPB, when it is implemented, the rule will create the first
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 into fraudulent representations it made to U.S. banks about its anti-money laundering (AML) controls in Estonia. As part of a parallel proceeding, the SEC also
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 comply with AML requirements under the Bank Secrecy Act (BSA). The Establishing New Authorities for Business Laundering and Enabling Risks to Security (ENABLERS) Act could
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 financial data may violate the Consumer Financial Protection Act provision prohibiting unfair acts and practices.
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 intersection of anti-money laundering and export control compliance. Directed at financial institutions covered by the Bank Secrecy Act (BSA), the Joint Alert aims to help
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 to assist undertakings and financial institutions include the following within the full alert.
Read the full GT Alert, “COVID-19 Pandemic: Banking & Finance ‘Phase
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 pump an additional $2.3 trillion in liquidity into the U.S. credit and capital markets. According to the Federal Reserve, this new $2.3 trillion – which