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Category: Financial Services

New PPP Compliance Procedures for 2021

The government delegated approval authority to lenders for the first round of Paycheck Protection Program loans in 2020—reflecting the emergency […]

Recent FinCEN Guidance Highlights Importance of Policies, Procedures, and Processes

Recently, FinCEN issued guidance regarding seven FAQs related to Suspicious Activity Reporting (SAR) filing requirements and “Keep Open” Requests, with […]

New Cybersecurity Rulemaking Proposed for Banking Industry

On January 12, 2021, financial regulators jointly published a new notice of proposed cybersecurity rulemaking for the banking industry. See […]

The Anti-Money Laundering Act of 2020: New tools to combat financial crimes.

Since 1970, the Bank Secrecy Act has provided financial regulators with tools to combat money laundering and, for the last […]

OCC’s True Lender Rule Challenged in New Lawsuit

FinTech Litigation Update In January, seven states and the District of Columbia filed litigation in the Southern District of New […]

Key Changes to the Paycheck Protection Program

At the end of December 2020, Congress passed a new COVID-19 relief package that included significant changes to the Paycheck […]

How to Regulate the Unregulated? —Industrial Banks, FinTechs, and FDIC’s New Final Rule

The Federal Deposit Insurance Corporation recently released a final rule with respect to parent companies that own or control industrial […]

Banking-as-a-Service and How Traditional Banks are Adapting

Banks have always adapted to emerging technologies and market behavior. Consider the changes to bank products, services, and pricing over […]

SEC Amendments to Private Offering Framework

Publicly traded companies raise capital by selling their securities on national exchanges. The public offerings are registered with the Securities […]

Madden Class Action Update: Financial Institutions Win at Trial Level; Madden Distinguished

A district court in the Eastern District of New York recently dismissed a class action against bank-related defendants relating to […]