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 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.
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC rules amending the definition of "insured depository institutions" to exclude firms with consolidated assets equal to or less than $10 billion from the Volcker Rule was published in the Federal Register.
In anticipation of clarifying the treatment of qualifying foreign excluded funds under the Volcker Rule, banking agencies will not take action against foreign banking entities for a two-year period ending on July 21, 2021.
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC adopted final rule amendments to exclude certain firms with consolidated assets equal to or less than $10 billion from the Volcker Rule.