Compliance Resources to Help you Stay Current

The new Consumer Financial Protection Bureau (CFPB), a consumer agency formed by the 2010 Dodd Frank Act, announced on October 13, 2011 that it would increase its oversight of the mortgage servicing industry.

This article gives an overview of what the CFPB hopes to achieve by increasing its scrutiny of the mortgage servicing industry.
 

The Credit Card Accountability Responsibility and Disclosure Act or Credit CARD Act of 2009 was enacted into law by President Obama. The aim of the Act is stated to be to “amend the Truth in Lending Act to establish fair and transparent practices relating to the extension of credit under an open end consumer credit plan.” It was intended to comprehensively reform how credit card companies charge card holders.

This article gives a brief overview and summary of provisions of the Credit CARD Act.
 

The UK Financial Services Authority or FSA, which regulates the banking, financial services and insurance industry in the country, issued new guidance on selling general insurance policies on price comparison websites.

This article gives a summary and overview of the guidance.

Sections 801 to 807 of the Sarbanes Oxley Act of 2002 are known collectively as the Corporate and Criminal Fraud Accountability Act. The Act details criminal penalties for securities fraud and protects employees-turned-whistleblower of publicly traded companies from retaliatory actions by their employers.

This article gives an overview and summary of requirements of the Corporate and Criminal Fraud Accountability Act.

The Equal Credit Opportunity Act was a consumer protection legislation enacted in 1974, which aims to give all bona fide, legal individuals the opportunity to apply for loans from banks and other financial institutions. The Act makes it illegal to discriminate against any individual on grounds that don’t directly relate to their creditworthiness.

This article gives an overview and summary of requirements of the Equal Credit Opportunity Act.

The Secure and Fair Enforcement for Mortgage Licensing or SAFE Act of 2008 was formulated in order to reduce fraud and regulatory burden and increase consumer safety with regard to mortgages. It regulates the license and registration of mortgage loan originators.

This article gives an overview and summary of requirements of the SAFE Act.

In September 2010, global banking regulators issued new rules that required banks to increase their capital reserves in order to avoid calamitous situations that unfolded after the financial crisis in 2007.

This package deal is known as Basel III. This article summarizes the requirements of this new global regulatory standard

The regulatory agencies in charge of finalizing some of the most controversial rules mandated by the financial reform law are leaning toward making them looser and more favorable to banks and other traders, according to recent reports in the financial press.

This article gives details of the proposed changes.

The Securities and Exchange Commission yesterday unveiled proposed rules to ban hedge funds and banks from assembling risky securities, marketing them to investors and then immediately betting against their own creations, reaping profits when they fail. The rule would also ban firms from setting up risky securities for the benefit of an undisclosed third party.

This article gives details of the proposed rules.

In August, the Financial Industry Regulatory Authority (FINRA) issued further guidance on how social networking websites should be used for business communication. FINRA had earlier, in January 2010, published an initial guidance document on the same subject but felt the need to clarify its rules following questions posed by business.

This article gives an overview of this new guidance issued by the authority.

On September 2, the Federal Housing Finance Agency (FHFA) filed lawsuits against 17 financial institutions for allegedly misrepresenting mortgages in securities filings.

This article details the reasons for the lawsuits, response to the FHFA’s actions and likely impact.

President Barack Obama has announced that federal regulatory agencies have reviewed and will soon start a rollback of outdated and cumbersome regulations. The scrapping of regulations is expected to “eliminate millions of hours in annual paperwork burdens for large and small businesses and save more than $1 billion in annual regulatory costs”.

This article details the background to this regulatory reform and its expected impact on US businesses.

In October 2009 the Federal Trade Commission (FTC) released its final Guides Concerning the Use of Endorsements and Testimonials in Advertising. The Guides revise the FTC's initial guidelines published in 1980, providing advertisers and spokespeople with insight on how to keep their endorsement and testimonial advertisements in compliance with the FTC Act, particularly in light of new issues posed by the emergence of social media. The Guides took effect on December 1, 2009.

This article gives the background to the Guides and provides a summary of the guidelines.

The Japanese Financial Instruments and Exchange Law (FIEL) or the Japanese version of the Sarbanes Oxley Act (J-SOX) is the main statute that codifies the securities law and regulates the functioning of financial companies in the country. It was enacted in 2006.

This article describes the background to the law, the provisions in the law that focus on internal controls and what differentiates it from the Sarbanes Oxley Act (SOX) of the US.

The International Financial Reporting Standards or IFRS are a set of financial reporting standards, interpretation and framework issued by the International Accounting Standards Board. Worldwide, a number of countries have adopted or are in the process of adopting these standards, making it mandatory for profit making entities to comply with them.

This article primarily describes the background, requirements for financial statements and disclosures, and the status of adoption of the IFRS in various countries.

By July 1, 2011 any commercial organization either formed in the UK or having a business interest in the UK has to comply with the UK Bribery Act 2010. It is similar to the FCPA in the US but has many fundamental differences.

This article contains the details of the UK Bribery Act, its various sections, how the Act defines bribes and covered entities, the penalties and how to comply with it.

The Foreign Corrupt Practices Act (FCPA) of 1977 was created to implement stricter regulations against bribery. The act also includes requirements for transparency in accountancy under the SEC Act. It was signed into law by President Jimmy Carter and further amended in 1998 to include the International Anti-Bribery Act. The FCPA makes it illegal for a citizen or corporation of the United States or a person or corporation acting within the United States to bribe or seek advantage from a public official in another country.

Clause 49 of the Listing Agreement to the Indian Stock Exchange was added to the original agreement in 2000 by the Securities Exchange Board of India (SEBI). The clause was created to improve corporate governance of all companies listed in all Indian stock exchanges including the NSE and BSE. The clause was revised and SEBI issued the new guidelines in October 2004.

The Community Reinvestment Act of 1977 (CRA) provides a framework for financial institutions, state and local governments, and community organizations to jointly promote banking services to all members of a community. The act prohibits redlining and encourages efforts to meet the credit needs of all community members, especially those from the lower economic stratum.

The Dodd–Frank Wall Street Reform and Consumer Protection Act was signed into law by President Barack Obama on July 21, 2010. The Act, which was passed as a response to the late-2000s recession, represents a significant change in the American financial regulatory environment. It affects all Federal financial regulatory agencies and almost every aspect of the nation's financial services industry.

This article discusses the background to the Act, its significant provisions and impact on the banking and financial services industry.