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 New York State Department of Financial Services launched a new program to support innovation in financial services. The FastForward program is intended to support innovators developing FinTech, InsurTech and HealthTech solutions.
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.
On July 25, 2019, the SEC Division of Corporation Finance granted no-action relief from provisions of the Securities Act in order to simplify the usage of purchased units of value on online gaming platforms.
On December 6, 2019, experts testified before the House Financial Services Committee on the impact of artificial intelligence on investing, the financial services workforce, and compliance and risk management.
In its Annual Economic Report, dated June 23, 2019, the Bank for International Settlements urged regulators to implement policies and regulations that address the emergence of "big tech" in financial markets.
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.