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Law360 (March 18, 2021, 4:44 PM EDT) -- On Feb. 26, the board of governors of the Federal Reserve System published supervisory guidance[1] regarding the effectiveness of boards of directors at large financial institutions.[2] The guidance, which finalizes proposed guidance from 2017,[3] sets forth five "principles-based" attributes of an effective board.
On March 9, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued an interpretive rule clarifying that the Equal Opportunity Credit Act (“ECOA”) and its implementing regulation, Regulation B, prohibit discrimination based on sexual orientation and gender identity.
On December 10, the Financial Crimes Enforcement Network (FinCEN) issued new guidance interpreting section 314(b) of the USA PATRIOT Act and rescinding FinCEN’s previous guidance. Section 314(b) is intended to establish a safe harbor for financial institutions that voluntarily share (in accordance with the statute’s terms) information regarding possible terrorism and money laundering.
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