Regulatory Updates

Citing escalating global conflict, guidance issued by the New York State Department of Financial Services reminds all regulated entities of the importance of complying with U.S. sanctions as well as the department’s virtual currency regulations.

The inter-governmental Financial Action Task Force has updated its lists of jurisdictions with key deficiencies in anti-money laundering practices and related areas of concern, including Bolivia, Iran, North Korea and the British Virgin Islands.

Citing the tenuous state of the federal Consumer Financial Protection Bureau, the office of the New York City Comptroller recommended a series of state and local actions to fill the regulatory gap, increase banking access and uphold consumer rights.

Calling attention to the Corporate Transparency Act’s limited scope of reporting for beneficial ownership information that now only applies to foreign entities, two U.S. Senators have urged the Department of the Treasury for a revision.

As part of an information collection request on behalf of the Office of Management and Budget, the Treasury Department’s Financial Crimes Enforcement Network is gathering public commentary on the upcoming residential real estate rule.

Garris Horn Co-Managing Partner John Levonick speaks on the Consumer Financial Protection Bureau’s withdrawal of its proposed data broker rule, which would have broadened Fair Credit Reporting Act definitions of consumer reporting agencies and consumer reports for supervisory purposes. 

During its fourth year of enforcing the California Consumer Financial Protection Law, the state’s Department of Financial Protection and Innovation issued 202 public consumer financial protection actions, up 12 percent from 2023.

In a comprehensive announcement impacting multifamily mortgage loans, Fannie Mae announced new requirements for title underwriters, title agents and their commitments to borrowers.

In a public notice to all title insurers, underwriters and controlled escrow companies operating in the state, California Insurance Commissioner Ricardo Lara issued a reminder of rate setting and filing requirements.