legal opinion – Regulatory Report

What's up

[ October 22, 2020 ] Bureau finally begins rulemaking on consumer access to financial records CFPB
[ October 22, 2020 ] SC businessman convicted of $30 million in fraud schemes gets 8-year prison term and ordered to pay $14.8 million in restitution FDIC
[ October 22, 2020 ] Goldman Sachs fined $154 million by Fed over failures that allowed scheme against 1MDB to proceed The Fed
[ October 22, 2020 ] MDI subpanel to discuss challenges, opportunities; highlight partnership with Menominee Tribe FDIC
[ October 21, 2020 ] Although economic activity is on upswing, Beige Book finds ‘considerable uncertainty’ about the future remains prevalent The Fed

NCUA legal opinion: ‘Reasonable proximity’ not a mileage issue

July 7, 2020 0

A June legal opinion from the federal credit union regulatory agency notes that the “reasonable proximity” requirement under the Federal Credit Union Act doesn’t set a maximum distance between the location of a group that […]

NCUA legal opinion says this 529 account seems to qualify for deposit insurance

December 4, 2018 0

In the second legal opinion letter published this year addressing “other similar escrow account” share insurance coverage, the federal regulator of credit unions has determined that a particular 529 savings account offered by a state-chartered, […]

Bureau finally begins rulemaking on consumer access to financial records

October 22, 2020 0

Making good on its promise in July (and following up on a symposium in February), the federal consumer financial protection agency Thursday said it is seeking information from the public on the best way to go about developing a rule [...]
SC businessman convicted of $30 million in fraud schemes gets 8-year prison term and ordered to pay $14.8 million in restitution

October 22, 2020 0

A series of fraud schemes against financial institutions and others totaling more than $30 million earned a former Aurora, Mo., business owner eight years in prison – with no parole – and an order to pay $14,847,541 in restitution to [...]
Goldman Sachs fined $154 million by Fed over failures that allowed scheme against 1MDB to proceed

October 22, 2020 0

Failures in oversight, internal controls, and risk management that prevented Goldman Sachs Group, Inc., from detecting a “far-reaching” fraud scheme among its own employees and others against its client 1Malaysia Development Berhad (1MDB) drew a civil money penalty assessment of [...]
MDI subpanel to discuss challenges, opportunities; highlight partnership with Menominee Tribe

October 22, 2020 0

Key challenges and opportunities facing their communities and themselves as minority depository institutions (MDIs) will be under discussion Tuesday at the meeting of the MDI subcommittee sponsored by the federal insurer of bank deposits. In addition, the Federal Deposit Insurance [...]