FINRA published an FAQ concerning broker-dealer personnel hosting a virtual entertainment event or video meeting with employees of institutional customers or third-party broker-dealers where food and beverage will be provided.
A U.S. District Court denied the assertion by a national bank that a state law requiring the bank to pay interest on certain property-related escrow accounts was preempted by the National Bank Act and OCC regulations.
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 CFTC Divisions of Market Oversight, Swap Dealer and Intermediary Oversight, and Clearing and Risk warned regulated entities "to prepare for the possibility that certain contracts may continue to experience extreme market volatility, low liquidity and possibly negative pricing."
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.
In a no-action letter, the SEC Division of Trading and Markets provided relief to broker-dealers with respect to certain custody requirements for accounts of investment funds and investment companies with common managers.
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.
The SEC final rule establishing recordkeeping and financial reporting requirements applicable to broker-dealers and security-based swap dealers was published in the Federal Register. The final rule becomes effective on February 14, 2020.