The Bank Watch report from the Woods Rogers Financial Services Practice Group is a quarterly review of regulatory and technology news affecting the financial services industry. In this issue: Banking the Cannabis Business in Virginia FDIC, OCC Warn of Heightened… Read more
On January 9, proposed changes to the Community Reinvestment Act (CRA) regulations by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation were published in the Federal Register. The proposed changes seek to modernize… Read more
Because the possession and sale of marijuana, or cannabis, is generally illegal under the federal Controlled Substances Act, depository institutions have been reluctant to provide financial services to cannabis-related businesses, even in states where the activities of such businesses are… Read more
Considerations for Prevention and Recovery The U.S. Treasury’s Financial Crimes Enforcement Network (FinCen) reported on July 16, 2019, that Business Email Compromise (BEC) fraud has increased dramatically over the past couple of years. (Read the report.) What is BEC fraud?… Read more
Among the bills considered by the Virginia legislature this year were a number affecting financial services. The 2019 Virginia General Assembly concluded its “short” 47-day session on February 24, 2019. Here is a look at the more significant of these bills: Banking… Read more
The announcement last week by the Consumer Financial Protection Bureau (CFPB) that it is proposing to rescind the “ability-to-repay” requirement in the payday lending rule proposed during the Obama administration was welcome news to the small loan industry. This ability-to-repay… Read more
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