The New York Department of Financial Services reminded banking institutions of recent amendments to the New York Community Reinvestment Act that require additional information on activities with respect to minority- and women-owned businesses.
The staff of the SEC Division of Investment Management withdrew 2010 guidance which reviewed the permissibility of an SEC-registered, closed-end fund determining to opt in to a control share acquisition statute authorized under state law.
The Managed Funds Association and the Alternative Investment Management Association recommended modifications to the SEC's proposal on the use of derivatives by registered investment companies and business development companies.
The Investment Company Institute offered recommendations on the SEC's "re-proposed" rule to provide a comprehensive approach to the regulation of funds’ use of derivatives and other senior securities transactions.
The SEC charged an investment advisory firm and two of its investment advisers with violating their fiduciary duty and defrauding clients by failing to disclose significant financial conflicts of interest.
Federal Reserve Board Governor Lael Brainard proposed an approach to Community Reinvestment Act oversight that would use metrics on retail banking services and community development to evaluate banks in low- and moderate-income neighborhoods.
A broker-dealer and a registered representative settled FINRA charges for failing to establish and enforce procedures to record and review phone calls between the firm and existing or potential customers.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
A broker-dealer settled FINRA charges of failure to "establish, maintain and enforce a sufficient supervisory system ... reasonably designed to achieve compliance with applicable securities laws and regulations."