Risk Management & Governance

Yesterday's notice rescinding the CFPB rulemaking procedural rule references a rarely acknowledged problem in regulatory change monitoring: the distinction between the agency announcement of a rulemaking action and its publication in the Federal Register. Banking agencies typically announce rulemaking actions on their websites when they are transmitted to the Federal Register, but official publication in the Federal Register can take several weeks. There are important reasons to capture and track both events: 1️⃣ The agency announcement is important because stakeholders in regulated...

This memorandum reviews two issuances released by the federal banking agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, jointly the “Agencies”) related to bank-fintech partnerships: (1) a supervisory guidance (the “Guidance”) on banking-as-a-service (“BaaS”) arrangements; and (2) a request for information on bank-fintech arrangements involving banking products and services distributed to consumers and businesses (the “RFI”). Comments on the RFI are due 60 days after publication in the Federal Register, and the...

We advise banks, fintechs, mortgage companies and others on regulatory compliance across the full spectrum of consumer protection and prudential requirements. Our regulatory practice covers consumer compliance (TILA, RESPA, UDAP/UDAAP, FCRA, HMDA, fair lending), safety and soundness issues, payments rules, and regulatory change management. We help clients understand the impact of new regulations, build compliance programs, and maintain comprehensive regulatory inventories. Services provided by the Regulation & Compliance practice include: Capital Analysis: We assess treatment of assets,...

We help RegTech software companies and internal teams design, develop, and deliver products for financial services compliance, licensing, and regulatory affairs use cases. We support product management and testing with a unique blend of expert advice and artifacts that encapsulate domain knowledge. We also help teams engaged with financial services customers understand customer needs, communicate product capabilities, and ensure successful implementation. Services provided by the Regulatory Technology practice include: AI Support: We support every stage of AI solution development for...

Jim Sivon specializes in financial services law. He primarily works with financial institutions, fintechs, financial trade associations and consulting firms. Jim provides clients with strategic legal advice on charter options, including commercial bank charters, industrial loan company (ILC) charters, national trust bank charters, narrow state charters, money transmission licenses and options for foreign banks; prepares and shepherds regulatory applications related to corporate transactions and product approvals, including charter applications, Change in Bank Control filings, Bank Holding...

BJ Sanford advises payments and fintech companies, U.S. and foreign banks, trade associations, investors, and policy and consulting firms. His practice centers on payments regulation, public policy, and the regulation of bank activities and structure. He also advises clients on regulatory capital, bank investments and control, affiliate transactions, the U.S. operations of foreign banks, and regulatory examinations. Payments regulation. BJ advises payments firms and banks on payment regulation, product development, and compliance with rules including Regulation E, Regulation Z, Regulation II...