Premier Banking Law News and Insights

The Financial Stability Oversight Council ("FSOC") finalized interpretive guidance on its authority to require the supervision and regulation of certain nonbank financial companies. In the final guidance, FSOC referred to Dodd-Frank Section 113, which permits FSOC to place a nonbank financial company under the supervision of the Federal Reserve Board...

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On January 18, the CFPB filed a proposed final judgment against an Illinois-based third-party payment processor and its founder (collectively, "defendants"), which ceased operations almost three years ago, settling claims that the defendants facilitated payments for telemarketing fraudsters targeting seniors. As a third-party payment processor, the company processed over $70 million in remotely created...

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Most financial institutions we have represented over the years make a fine-line distinction between loan officers and asset recovery officers. In many instances, this distinction makes sense. If a loan officer considers too openly the risk for failure of a new loan, he or she may attract less new lending...

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