All Rules & Proposals articles – Page 39
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Blog
CFPB extends its reach to prepaid products
Joe Mont looks at new CFPB rules for prepaid financial products—including innovative online and mobile offerings from PayPal, Google, and Apple—that will require enhanced customer protections.
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Article
New SEC rules for securities clearing agencies may benefit EU banks
The SEC’s new rules for enhanced operational and governance standards for systematically important securities clearing agencies might just save EU banks billions of dollars in capital surcharges. Joe Mont reports.
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CFPB updates exam procedures for Military Lending Act
The Consumer Financial Protection Bureau has announced the procedures its examiners will use when identifying consumer harm and risks related to the Military Lending Act. Joe Mont has more.
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New rule requires sick pay for government contractors
A new rule issued by the Department of Labor will require federal contractors to provide paid sick leave to employees who work on, or in connection, with government contracts. Joe Mont reports.
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Yahoo breach shows that boards may be their own worst enemy
Yahoo’s recently disclosed breach of at least 500 million user accounts underscores the risks board members create for the companies they serve by using free e-mail services. More from Joe Mont.
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SEC will hold FinTech forum on Nov. 14
The SEC will host a public forum to discuss innovation in the financial services industry and the evolution of FinTech at the SEC’s Washington D.C. headquarters on Nov. 14, with a live webcast on the Commission’s website. Joe Mont reports.
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Blog
Ready for T+2? Proposal seeks shorter settlement cycle
A rule amendment to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days after the trade date (T+3) to two business days after the trade date (T+2) was proposed by the Securities and Exchange Commission on Sept. 28. The move is intended to keep pace ...
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Article
The EpiPen controversy’s bad omens for pharmas
At a recent hearing with the CEO of Mylan, the maker of EpiPen, legislators hinted at not only price controls, but an increased scrutiny of executive pay. Joe Mont has more.
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Article
Wells Fargo CEO faces bipartisan furor
You know you are having a horrible week when complaints against your company unite Democrats and Republicans, but that’s exactly what Wells Fargo CEO John Stumpf faced
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Blog
Fed takes aim at banks’ commodity holdings
Joe Mont looks at a proposed rule from the Federal Reserve Board meant to strengthen existing requirements and limitations on the physical commodity activities of financial holding companies.
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OCC pitches resolution plan for uninsured national banks
The Office of the Comptroller of the Currency has proposed a rule that would establish a framework to place uninsured national banks into receivership, contributing “to the broader stability of the federal banking system.” Joe Mont reports.
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Flashback to 2005: SEC’s Piwowar seeks feedback on review of old rules
The SEC has published its annual list of rules scheduled for a mandated “lookback,” a weeding out of old, outdated requirements. Commissioner Michael Piwowar, lamenting a lack of comment in the past, is urging greater participation. Read more from Joe Mont.
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Article
In a heated campaign season, don’t forget about compliance
Joe Mont takes a look at the campaign trail and the tendency for companies to get political at their own peril, as avoiding regulatory and reputational risk requires policies and audits to ensure compliance with a panoply of federal and state laws.
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NY’s financial regulator will oversee new cyber-security rules
New York has announced a new “first-in-the-nation regulation” requiring that banks and insurance companies overseen by its Department of Financial Services establish cyber-security programs and certify the effectiveness. Joe Mont reports.
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Debate over CFPB’s arbitration rule intensifies in comment letters
The CFPB has received some 13,000 comments in a fierce debate over its proposed rule to limit the use of binding arbitration for resolving disputes associated with financial products. Joe Mont explores.
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Blog
CFTC wants to beef up whistleblower incentives
The Commodity Futures Trading Commission is looking to beef up its enforcement efforts with proposed amendments to its whistleblower rules. The move comes, says Joe Mont, as the SEC’s whistleblower bounty program recently surpassed the $100 million mark.
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Article
U.S. government contractors face sweeping new ‘blacklisting’ rules
Prospective federal contractors will soon have to disclose any labor law, civil rights, or wage violations, making the Labor Dept. a de facto gatekeeper for all contracts, reports Joe Mont.
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Blog
Trump’s border wall could be muy malo for bank CCOs
A key talking point of Republican Donald Trump’s campaign is to build a wall along the U.S./Mexico border, forcing Mexico to fund it. That plan, however, says Joe Mont, could mean added compliance burdens for banks and an expansion of Know Your Customer protocols.
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Blog
SEC wants more hyperlinks in registration statements and periodic reports
SEC proposed rule amendments would require registrants that file registration statements and periodic reports subject to Regulation S-K’s exhibit requirements to include a hyperlink to each exhibit listed in the index of their filings. More from Joe Mont.
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Blog
To ease fears, agencies address correspondent banking ‘myths’
Federal banking regulators have authored a “fact sheet” intended to clarify supervisory and enforcement activities that focus on the money laundering and sanctions compliance risks that may arise with correspondent banking relationships. Joe Mont has more.