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On March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released the Supervisory Highlights Junk Fees Special Edition (Report) detailing unlawful fees the agency found in deposit accounts and in multiple loan servicing markets during CFPB examinations completed between July 1, 2022, and Feb. 1, 2023.
On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, California (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of SVB.
On Feb. 23, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) (collectively, the Agencies) issued a joint statement (Joint Statement) that highlights liquidity risks crypto-asset-related (CAR) funding sources pose to banking organizations and provides some effective practices to manage such risks.
On Feb. 20, 2023, Florida Rep. Bob Rommel (R-Naples) introduced comprehensive legislation in the Florida House of Representatives, Florida House Bill 3 (HB 3 or the Bill), in an effort to address government and corporate activism by amending Florida statute provisions relating to: (i) deposits and investments of state money; (ii) state retirement plans and systems; (iii) state trust fund assets and public funds; (iv) state bonds; (v) state government contracts; (vi) financial institutions; (vii) consumer finance companies; (viii) money services businesses; and (ix) unfair and deceptive trade practices.
Covered financial institutions (such as banks and credit unions) have been swept into a new “fair chance” initiative designed to further reduce barriers to individuals with certain convictions.
On Feb. 15, 2023, the Securities and Exchange Commission (Commission) proposed a new rule for registered investment advisers that would replace Rule 206(4)-2 (current rule) under the Investment Advisers Act of 1940 (Advisers Act) with new Rule 223-1 under the Advisers Act (proposed rule) and make related changes to the Rule 204-2, which governs investment adviser books and records, and Form ADV.
As liquidity dries up and costs rise, people and businesses may resort to Ponzi and other fraudulent schemes to survive.
New York is now poised to impose Truth-in-Lending-like disclosure obligations on various types of commercial financing.
On Jan. 10, 2023, the Financial Regulatory Authority (FINRA) released its 2023 Report on FINRA’s Examination and Risk Monitoring Program (“Report”) in which it identifies the year’s areas of examination focus for FINRA Member Firms (“Firms”).
On Dec. 29, 2022, the Anti-Money Laundering Whistleblower Improvement Act (the “Whistleblower Improvement Act” or “Act”), enacted as part of the Consolidated Appropriations Act of 2023, amended the Bank Secrecy Act (BSA) to bolster incentives for reporting BSA violations to federal officials and to expand the scope of reportable violations to include violations of U.S. economic sanctions.
In September 2021, Quebec’s Parliament enacted Law 25 (formerly Bill 64) (the “Law”), which updated Quebec’s data protection laws and added requirements for enterprises that do business within the province.
Affirming an en banc decision of the U.S. Court of Appeals for the Fifth Circuit, the U.S. Supreme Court has held that an employer’s day-rate pay structure did not satisfy the “salary basis” component of the “white collar” executive exemption under the Fair Labor Standards Act (FLSA), even though the employee at issue earned more than $200,000 per year and unquestionably met the salary-level and duties requirements of that exemption.
The Biden administration has announced its intention to end the COVID-19 National Emergency (NE) and the COVID-19 Public Health Emergency (PHE) on May 11, 2023 (read our series introduction for more information).
On January 30, 2023, the Biden administration announced its intention to make final extensions of both the COVID-19 National Emergency (NE) and the COVID-19 Public Health Emergency (PHE) through May 11, 2023, at which point both will end.
California’s youngest tax agency, the Office of Tax Appeals (OTA), may be in for some significant changes based on proposed amendments (Proposed Amendments) to Title 18, Chapter 4.1 of the California Code of Regulations, which were issued by the OTA February 2023.
The National Labor Relations Board has returned to its pre-2020 standard restricting certain confidentiality and non-disparagement clauses in departing employees’ severance agreements.
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