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Articles by Rusty Melges
Bank Activity Fuels South Florida’s Economic Growth
After two years of economic uncertainty, record-setting inflation, increased regulatory scrutiny, and more, banks are finally experiencing some relief. In an article published by The Daily Business Review, Nelson Mullins attorneys Gary Itskovich and Rusty Melges discuss the state of the banking industry and its expected growth in 2024, specifically in South Florida.
Bank Activity Fuels South Florida’s Economic Growth
Decades-high inflation, economic uncertainty, increased funding costs, compressing margins, heightened regulatory scrutiny, bank failures and a general decline in bank stock valuations have taken their toll as 2022 and 2023 were turbulent years for banks. Since March 2022, the federal funds rate has increased by 525 basis points—the sharpest increase in more than 40 years.
CFPB Provides New Guidance on Discrimination in Algorithmic Credit Decisions
As we have repeatedly discussed this year in our Financial Services Perspectives blog, the current leadership of the CFPB has placed a significant emphasis upon fair lending. Seemingly once a month, or even more frequently at times, Director Rohit Chopra has announced a new initiative concerning fair lending and discrimination in the financial services industry.
Preparing for an On-the-Record (OTR) Interview: What Brokers Need to Know about FINRA Rule 8210
All registered brokerage firms and broker-dealers are subject to Financial Industry Regulatory Authority (FINRA) Rules. While these rules govern firms’ and brokers’ customer-related activities, they also impose requirements for dealing with FINRA. This includes requirements related to the disclosure of records and information during FINRA’s enforcement investigations. One of the most important Rules in this area is FINRA Rule 8210.
CFPB’s Administrative Changes to Enforcement Raise Industry Concerns | JD Supra
Under the Dodd-Frank Act, the CFPB has the option of initiating administrative proceedings before an in-house judge, who ultimately recommends a decision that the CFPB Director then accepts or modifies in a final decision. While administrative proceedings are supposed to be run fairly and impartially, they have long been understood to provide their host agencies with certain advantages over going to court, including relaxed evidentiary standards, limited discovery, and compressed timelines.
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