Category Archive

Authored by Ethan Corey and Rick Pasquier Introduction and Overview On April 9, 2021, the Division of Examinations (DEX) of the Securities and Exchange Commission (SEC) issued a Risk Alert reflecting its review of environmental, social and governance (ESG) investing (ESG Risk Alert).  The ESG Risk Alert highlights observations from recent DEX examinations of registered investment companies, private funds (collectively, … Read More

Authored By Andrea Shaw Representative Andy Barr (R-KY) has introduced federal legislation to try to encourage de novo banking in underserved areas.  We anticipate that H.R. 2561, known as the Promoting Access to Capital in Underbanked Communities Act of 2021,  will direct federal regulators to draft rules allowing de novo banks a window of up to three years to meet … Read More

Authored by Partner, Andrea Shaw Introduction It’s time to dust off those Unfair or Deceptive Acts or Practices Act (“UDAAP”) policies and risk assessments and put them to good use! In March the Consumer Financial Protection Bureau (“CFPB”) published  a notice in the Federal Register that it is rescinding the previous administration’s statement of policy regarding the principles the CFPB … Read More

Authored by Robert Moreiro SEC and FINRA Continue to Focus on AML Deficiencies This Legal Insight summaries recent Anti-Money Laundering (“AML”) developments regarding *broker-dealers. The Legal Insights provides insights on the recent U.S. Securities and Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”) Examination Priorities; the Anti-Money Laundering Act of 2020; SEC Division of Examinations Risk Alert Reminding … Read More

FINRA Examination Priorities for 2021 Authored by Robert Moreiro & Ethan Corey On February 1, 2021, the Financial Industry Regulatory Authority (“FINRA”) published its 2021 priorities (the “FINRA Report”).  The FINRA Report furnishes FINRA member firms with a non-exhaustive list of areas that FINRA plans to prioritize in 2021 as part of its examinations.  The FINRA Report replaces two of FINRA’s … Read More

SEC’s Division of Examinations Announces 2021 Examination Priorities Authored by Financial Services Attorneys, Ken Earley and Karen Aspinall On March 3, 2021, the SEC’s Division of Examinations (formerly the Office of Compliance Inspections and Examinations) published its 2021 examination priorities.1  The Division’s examination priorities include certain practices, products and services that, in the Division’s view, may magnify risks to investors … Read More

Why not give yourself the gift of tax savings this tax season? You have until May 17, 2021 to file your taxes. The following are some benefits of these strategies: 1. Max out your IRA if you’re not retired. Whether you have a 401(k) or 403(b), saving the maximum allowed by the IRS not only sets you up for greater financial security in … Read More

Medicaid Fraud Control Units Performed Poorly During the Pandemic: Expect MFCU Oversight to Increase OIG just published its annual survey of how well or poor MFCUs across the country performed in 2020, during the ongoing COVID pandemic. Each State has its own Medicaid Fraud Control Unit (“MFCU”) to prosecute criminal and civil fraud in its respective State. I promise you, you … Read More