On Sept. 25, 2020, California Gov. Gavin Newsom signed into law the California Consumer Financial Protection Law (CCFPL), which was passed by the California Legislature Aug. 31, 2020. The provisions of the CCFPL become effective Jan. 1, 2021.
The stated intent of the CCFPL is to “strengthen consumer protections by expanding the ability of
In March 2020, a Southern District of New York court issued a significant decision in Securities and Exchange Commission v. Telegram Group Inc. et al., strengthening the U.S. government’s efforts in cryptocurrency enforcement – an area that is largely unsettled. As we wrote in our article discussing that decision, Judge P. Kevin Castel’s opinion
On July 17, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) announced the terms of an expansion of the Main Street Lending Program to include loan facilities that would allow for nonprofit borrowers. The Main Street Lending Program opened on June 15, 2020, and is meant to increase access to capital
On June 25, 2020, the five commissioners of the Commodity Futures Trading Commission (CFTC), by a vote of three-to-two, withdrew proposed Regulation Automated Trading (Reg. AT), and by a vote of four-to-one, proposed a set of three new rules (Risk Principles) addressing electronic trading. In this process, CFTC moved substantially away from the earlier proposal,
Small businesses oftentimes rely on co-working spaces, which are facing two issues during the Coronavirus Disease 2019 (COVID-19) pandemic.
On May 12, 2020, the Board of Governors of the Federal Reserve System (the Federal Reserve) announced additional information and FAQs on its Term Asset-Backed Securities Loan Facility (TALF). The goal of the TALF is to help consumers and businesses access affordable credit during and in the aftermath of the Coronavirus Disease 2019 (COVID-19) pandemic
On Sunday night, March 22, 2020, the federal banking agencies (OCC, FDIC, NCUA, Federal Reserve), the Consumer Financial Protection Bureau and the State Conference of Bank Supervisors issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus.
The Guidance does two key things:
1. Short-term loan
On Feb. 7, 2019, the UK’s National Crime Agency (NCA) confirmed that it had obtained account forfeiture orders over money held in bank accounts in the name of the former Moldovan prime minister’s son, Vlad Luca Filat.
Part III of our ‘Prove It or Lose It’ series anticipated the use of UK law enforcement authorities’
FINRA recently released its 2016 Regulatory and Examination Priorities Letter, an annual event which serves to highlight both emerging and existing risks in the financial services industry. The letter serves as a guide to FINRA’s priorities for the upcoming year, and highlights the issues which FINRA deems most important to its regulatory mission at the