The North American Securities Administrators Association ("NASAA") warned investors of the risks associated with "cross-selling" ( i.e., a common sales technique that "lures investors into purchasing securities related to the original investment"). In an Investor Advisory, NASAA stated that cross-selling may be mutually beneficial when done correctly. However, NASAA noted, trying to "push a product" that is outside an investor's scope of knowledge can mislead the investor. NASAA set out the following red flags: unregistered investment professionals and unregistered products; aggressive sales

A broker-dealer agreed to settle FINRA charges for neglecting to identify and apply available sales charge waivers on mutual fund shares to eligible retirement accounts and charitable organizations. In addition, FINRA alleged that the broker-dealer failed to have an adequate supervisory system designed to ensure that eligible customers received applicable sales charge waivers. According to the Letter of Acceptance, Waiver and Consent, FINRA acknowledged the "extraordinary cooperation" of Voya Financial Advisors, Inc. ("Voya") for having, among other things, (i) initiated an investigation to

The Office of the Comptroller of the Currency ("OCC") proposed a rule that would (i) streamline regulations for national banks and (ii) update the regulatory framework for federal savings associations on "other real estate owned" ("OREO") activities. Previously, OREO activities by federal savings associations were guided by capital regulations and handbooks issued by the Office of Thrift Supervision ("OTS"). The proposed framework is generally consistent with the prior OTS framework. The OCC proposed, among other changes, to: revise the terminology in the current definition of "debts

The Trump administration will end exemptions from sanctions for several countries, including China, India, Japan, South Korea and Turkey, that purchase oil from Iran. In November 2018, the Trump administration re-imposed sanctions on Iran that were lifted under the 2016 Joint Comprehensive Plan of Action ( see prior coverage). At that time, "Significant Reduction Exemptions" were provided to certain jurisdictions that purchased Iranian oil to allow for time to find alternative sources. The exemptions ensured continued access to the U.S. financial system for financial institutions in those

The National Credit Union Administration ("NCUA") requested comment on current regulations limiting the compensation of credit union officials and employees connected to loans and lines of credit to members. The NCUA Board described the current regulations as "outdated, burdensome, and at odds with industry standards." Comments must be submitted by June 24, 2019.