Banking & Finance Trending Topics

Consider writing about:

Final regulations involving the U.S. Department of the Treasury’s Outbound Investment Security Program; types of investments. technologies, investors, and/or investment partners covered by the program; practical guidance on complying with the final regulations; their effective date; potential penalties for failure to comply.

Related information:

https://home.treasury.gov/news/press-releases/jy2690

https://home.treasury.gov/policy-issues/international/outbound-investment-program

Consider writing about:

Your choice of three or more noteworthy trends or developments from 2024 involving the finance sector; reasons for your choices; immediate or longer-term implications or potential impacts as we head into 2025; and any related practical guidance for those affected. Consider whether to go wide-angle in your choice of topics, or whether to focus on a particular country, region, entity, issue, trend (litigation, regulations, enforcement, etc.) or subset of the finance sector.

Consider writing about:

A final rule announced by the Federal Trade Commission on Dec. 17 regarding potentially misleading pricing practices in the live-event ticketing and short-term lodging industries; types of pricing mechanisms prohibited under the new rule; new rights or obligations that consumers or businesses should be aware of; the rule’s effective date.

Related information:

https://www.ftc.gov/news-events/news/press-releases/2024/12/federal-trade-commission-announces-bipartisan-rule-banning-junk-ticket-hotel-fees

Consider writing about:

The status of the Corporate Transparency Act in the wake of an injunction issued by a Texas court on Dec. 3; why the court issued the injunction; where the injunction leaves the Act’s current and potential future status; federal offices’ response to the injunction; reporting obligations that may or may not apply now, in view of the injunction; how affected entities should proceed at this point (perhaps depending partly on what they may have previously done, or not done, to comply with the Corporate Transparency Act); prospects for an alternative measure or replacement reporting regime of some kind taking the Corporate Transparency Act’s place.

Consider writing about:

Your choice of recent or otherwise noteworthy developments (globally or in a specific region) regarding suspected money laundering; related enforcement actions, penalties, or other repercussions that have surfaced for individuals or financial entities in the hot seat; lessons the financial services industry should draw from these cases, as regards prevention, anti-money laundering controls, mitigation, self-disclosure, cooperation with authorities, or other points.

Consider writing about:

Trends involving memecoins; what distinguishes these crypto assets from other types; how memecoins are regulated; lawsuits by investors or others over the launch or promotion of particular memecoins.

Consider writing about:

This month’s warning by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) regarding suspected fraud attempts that use generative AI tools and deepfakes to circumvent security controls; what financial institutions should be on the lookout for; what the Nov. 13 FinCEN alert illustrates regarding the evolving nature of financial fraud and associated challenges in combating it; related obligations on the part of financial institutions or their clients; best practices for individuals or businesses whose financial assets or personal information may be targeted by bad actors.

Related information:

https://www.fincen.gov/news/news-releases/fincen-issues-alert-fraud-schemes-involving-deepfake-media-targeting-financial

https://www.fincen.gov/sites/default/files/shared/FinCEN-Alert-DeepFakes-Alert508FINAL.pdf

Consider writing about:

What Donald Trump’s return to the Oval Office could mean for the cryptocurrency sector; actions, proposals, or tea leaves worth knowing about or watching for; how a second Trump administration’s approach to crypto might compare to that of the Biden administration; potential roadblocks for crypto, even in the face of a potential surge in enthusiasm in high places; possible conflicts of interest stemming from involvement by Trump or members of his inner circle in crypto-related enterprises.

Related information:

https://www.cnn.com/2024/11/20/business/commerce-secretary-trump-crypto/index.html

https://www.benzinga.com/markets/cryptocurrency/24/11/42098407/donald-trump-reportedly-eyeing-the-first-crypto-focused-role-in-the-white-house

Consider writing about:

How the Consumer Financial Protection Bureau might fare under a second Trump administration, in terms of leadership, priorities, enforcement actions, rulemaking, powers, and perhaps its very existence; how soon the current director might be replaced and by what means; how the political landscape has shifted for the CFPB since Donald Trump’s first term in office; who might pick up the enforcement slack (on the federal or state level) if the CFPB is weakened over the next two to four years.

Consider writing about:

An “open banking” rule recently released by the Consumer Financial Protection Bureau; what is meant by “open banking;” main intent of the new rule and whom it will most affect and how; compliance obligations, implementation deadlines, and other key points that the financial sector, consumers, or others should know about.

Related information:

https://www.consumerfinance.gov/about-us/newsroom/cfpb-finalizes-personal-financial-data-rights-rule-to-boost-competition-protect-privacy-and-give-families-more-choice-in-financial-services

https://www.consumerfinance.gov/rules-policy/final-rules/required-rulemaking-on-personal-financial-data-rights

Consider writing about:

JPMorgan Chase’s $151 million settlement over five enforcement actions by the U.S. Securities and Exchange Commission; what to know about the alleged violations; related trends involving SEC enforcement activities; what other financial institutions may be able to learn from the JPMorgan case as regards self-reporting or other ways to potentially mitigate penalties.

Related information:

https://www.bankingdive.com/news/jpmorgan-sec-5-orders-151-million-misleading-disclosure-investments/731764

Consider writing about:

Guidance issued on Oct. 9 by the U.S. Department of Commerce’s Bureau of Industry and Security regarding financial institutions’ compliance with Export Administration Regulations; significance of this guidance; top takeaways from this BIS release; practical implications for financial institutions’ operations and policies.

Related information:

https://www.bis.gov/media/documents/guidance-financial-institutions-best-practices-compliance-export-administration

Consider writing about:

A guilty plea by TD Bank involving violations of the Bank Secrecy Act (BSA) and money laundering; factors contributing to the record-setting $1.3 billion penalty against the bank; what other financial institutions may be able to learn from this case regarding lack of internal controls and other compliance failures, and their potential effects and consequences.

Related information:

https://www.justice.gov/opa/pr/td-bank-pleads-guilty-bank-secrecy-act-and-money-laundering-conspiracy-violations-18b

https://www.fincen.gov/news/news-releases/fincen-assesses-record-13-billion-penalty-against-td-bank

Consider writing about:

Criminal charges brought against financial services firms for alleged market manipulation and “wash trading” in the cryptocurrency industry; how this constitutes a groundbreaking case; what “wash trades” consist of; how investors can protect themselves from scams similar to those allegedly perpetrated in this case.

Related information:

https://www.reuters.com/legal/us-charges-18-people-companies-cryptocurrency-fraud-2024-10-09

https://www.justice.gov/usao-ma/pr/eighteen-individuals-and-entities-charged-international-operation-targeting-widespread

Consider writing about:

A federal appeals court’s overturning of a $564 million jury verdict against a Bank of Montreal subsidiary; what to know about the underlying case; top takeaways from the 8th Circuit’s decision.

Related information:

https://www.reuters.com/legal/us-appeals-court-voids-564-million-verdict-against-bank-montreal-ponzi-case-2024-09-12

Consider writing about:

A new requirement imposed on Wells Fargo by the Office of the Comptroller of the Currency; reasons for the OCC’s action; related enforcement trends involving money laundering and sanctions compliance; practical implications for other financial entities.

Related information:

https://www.occ.gov/news-issuances/news-releases/2024/nr-occ-2024-99.html

Consider writing about:

Groundbreaking action recently taken by the United Kingdom’s Financial Conduct Authority regarding crypto ATMs; how prevalent unauthorized crypto ATMs are believed to in the UK; how the crypto sector is regulated in the United Kingdom; what else individuals or businesses interested in crypto assets should know about related risks and best practices.

Related information:

https://www.fca.org.uk/news/press-releases/fca-charges-first-individual-running-network-illegal-crypto-atms

Consider writing about:

A multimillion-dollar settlement announced on Aug. 14 by the U.S. Securities and Exchange Commission involving a failure by multiple entities and individuals to preserve electronic communications; applicable recordkeeping obligations under federal securities laws; related compliance weaknesses that firms should be on the lookout for; how this latest settlement compares to prior SEC actions involving off-channel communications; how firms can reduce penalties against them through self-reporting or other actions.

Related information:

https://www.sec.gov/newsroom/press-releases/2024-98

Consider writing about:

The Digital Operational Resilience Act; intent and status of this European Union law; how DORA stands to affect the financial services sector; how DORA will be enforced; how banks and affiliated entities should be preparing for this new law.

Consider writing about:

A $62.4 million penalty facing financial services company USAA; key allegations made against USAA; what to know about the Civil Relief Act, Military Lending Act and Truth in Lending Act, and associated obligations on the part of financial institutions; related enforcement trends.

Related information:

https://www.reuters.com/legal/usaa-pay-624-million-resolve-military-fee-lawsuit-2024-08-05

Consider writing about:

The proposed merger between Capital One Financial Corp. and Discover Financial Services; the potential implications, whether for consumers or the financial industry, or a merger of this magnitude; objections being raised against the merger, whether on Capitol Hill, in legal filings, or otherwise; current status of the proposed merger’s mechanics and regulatory approval; what related trends – whether involving M&A activity in the financial services industry or involving antitrust developments on a broader scale – could indicate regarding the outlook for a Discover-Capital One merger.

Consider writing about:

Financing options for a small business when a bank loan fails to come through; pros and cons of alternative sources of funding; risks of borrowing from nontraditional lenders and how to mitigate them.