Highlights
The Anti-Money Laundering Act of 2020 (AMLA 2020) is the most consequential anti-money laundering legislation passed by Congress in decades.
Among its many provisions, AMLA 2020 provides for 1) expanded whistleblower rewards and protections, 2) the establishment of a beneficial ownership registration database that will be implemented by the Financial Crimes Enforcement Network (FinCEN), 3) new Bank Secrecy Act (BSA) violations and enhanced BSA penalties for repeat and egregious violators and 4) expanded subpoena power.
In addition, AMLA 2020 amended the law to mandate that the Secretary of the Treasury shall pay an award to whistleblowers whose information leads to successful enforcement of anti-money laundering laws, but the statute does not provide a reward floor, meaning whistleblowers may walk away with only a nominal award.
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As LenderLaw Watch previously reported, the Office of the Comptroller of the Currency (OCC) issued its final rule on the True Lender doctrine in October 2020, addressing ambiguity in federal law and establishing that a national bank is the “true lender” of a loan when, as of the date of origination, (1) the bank is named as the lender to the loan agreement or (2) the bank funds the loan. This final “True Lender” rule, otherwise known as the
Madden fix, encourages lending partnerships between banks and non-banks, including FinTechs. The rule went into effect in December 2020.
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Pacific Premier Bancorp, Inc. Announces Approval of New Stock Repurchase Program
January 12, 2021 GMT
IRVINE, Calif. (BUSINESS WIRE) Jan 12, 2021
Pacific Premier Bancorp, Inc. (Nasdaq: PPBI) (the “Company”), the holding company of Pacific Premier Bank, announced that its Board of Directors (the “Board”) has approved a new stock repurchase program (the “Program”), which authorizes the Company to repurchase up to 4,725,000 shares of its common stock, representing approximately 5% of the Company’s issued and outstanding shares or approximately $150 million. The Program replaces and supersedes the previous $100 million stock repurchase program approved by the Board in December 2019. The Company had not repurchased any shares of common stock under the previous stock repurchase program.
Pacific Premier Bancorp, Inc. , the holding company of Pacific Premier Bank, announced that its Board of Directors has approved a new stock repurchase program , which authorizes the Company to. | January 16, 2021