Jeffrey Werthan

Jeffrey Werthan

Katten Muchin Rosenman LLP

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CFPB Finalizes Rule to Ease Rules for Small Creditors

On September 21, the Consumer Financial Protection Bureau (CFPB) finalized several changes to its mortgage rules to increase the number of financial institutions able to offer certain types of mortgages in rural and...more

10/8/2015 - Ability-to-Repay CFPB Consumer Lenders Financial Institutions Mortgage Lenders Small Credit Institutions

OCC Announces Update to Accounting Interpretations On TDRs, OREO and Pushdown Accounting

On September 29, the Office of the Comptroller of the Currency (OCC) released an update to the Bank Accounting Advisory Series (BAAS). The BAAS covers a variety of topics and promotes consistent application of accounting...more

10/8/2015 - Accounting Standards Banking Sector Banks GAAP OCC

Banking Agencies Announce EGRPRA Meeting

On September 28, the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) (collectively, federal banking agencies) announced that they will hold an outreach...more

10/8/2015 - Banking Sector EGRPRA Federal Reserve FFIEC Public Meetings Regulatory Agencies Webcasts

Corporate and Financial Weekly Digest - Volume X, Issue 38

SEC/CORPORATE - ISS Publishes Results of 2015–2016 Annual Global Policy Survey - On September 28, Institutional Shareholder Services (ISS), a leading proxy advisory firm, published the results of its 2015–2016...more

10/5/2015 - Banks Broker-Dealer Bylaws CEOs CFPB CFTC Consumer Lenders Corporate Governance Derivatives Derivatives Clearing Organizations Director Compensation ESMA EU FFIEC FINRA GAAP Independent Boards ISS Liquidity Risk Management Rule Proxy Access Rule Proxy Season Regulation Technical Standards (RTS) SEC Swaps Trade Market Abuse

Federal Reserve To Require Same-Day ACH Service

On September 23, the Federal Reserve Board announced the approval of “enhancements” to the Federal Reserve Banks’ same-day automated clearing house (ACH) service. According to the Fed, “[t]he enhancements are intended to...more

10/1/2015 - ACH Payments Automated Clearing House (ACH) Banks Federal Reserve Financial Institutions NACHA

FFIEC and Member Agencies Propose Call Report Changes

On September 8, three member agencies of the Federal Financial Institutions Examination Council (FFIEC), the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal...more

9/17/2015 - Banking Sector FDIC Federal Reserve FFIEC Financial Institutions OCC Proposed Regulation Reporting Requirements

Corporate and Financial Weekly Digest - Volume X, Issue 35

SEC/CORPORATE - US District Court Orders SEC To Revise Resource Extraction Issuer Rule - On September 2, the US District Court for the District of Massachusetts ordered the SEC to file with the District Court in 30...more

9/14/2015 - Banking Sector Broker-Dealer C-Suite Executives CFTC Commodities Consultation Corporate Executive Boards Failure To Disclose FFIEC Financial Conduct Authority Financial Services Industry Investment Funds Major Swap Participants NFA NYSE Oxfam America Resource Extraction Rulemaking Process SEC Swaps Trade Market Abuse UCITS UK

Federal Reserve Issues Clarification of Debit Card Interchange Rule in Response to Court Action

On August 10, the Board of Governors of the Federal Reserve System (Board) clarified Regulation II (Debit Card Interchange Fees and Routing) regarding the inclusion of transaction-monitoring costs in the interchange fee...more

8/19/2015 - Debit Cards EFTA Federal Reserve Interchange Fees Transaction Fees

Corporate & Financial Weekly Digest - Volume X, Issue 31

SEC Division of Corporate Finance Issues New CD&Is Relating to General Solicitation and Regulation D - On August 6, the Staff of the Division of Corporate Finance of the Securities and Exchange Commission (Staff)...more

8/17/2015 - Banking Sector Broker-Dealer CD&I CFTC Derivatives EFTA EU Exemptive Relief Federal Reserve General Solicitation Issuers Major Swap Participants Regulation D SEC Shadow Banking Small Business Small Business Enterprise and Employment Act UK

Federal Reserve Issues Final Rule Requiring GSIBs to Bolster Capital

The Federal Reserve Board on July 20 approved a final rule requiring the largest, most systemically important US bank holding companies to further strengthen their capital positions. Under the rule, a firm that is identified...more

7/30/2015 - Bank Holding Company Banks Capital Requirements Federal Reserve Final Rules G-SIB

Federal Reserve Changes Name Check Process

As part of its responsibilities as the primary federal banking regulator for bank holding companies, savings and loan holding companies and state-chartered banks that are members of the Federal Reserve System (referred to as...more

7/30/2015 - Background Checks Bank Holding Company Banking Sector Board of Directors Credit Checks Federal Reserve Shareholders

Federal Reserve Proposes Changes to Capital Planning and Stress Testing Regulations

The Federal Reserve Board on July 19 proposed a rule to modify its capital planning and stress testing regulations. The proposed changes would take effect for the 2016 capital plan and stress testing cycles. For all banking...more

7/30/2015 - Bank Holding Company Comment Period Federal Reserve Proposed Regulation Stress Tests

Corporate & Financial Weekly Digest - Volume X, Issue 28

CFTC Extends Designation of DTCC-SWIFT as Provider of Legal Entity Identifiers - On July 20, the Commodity Futures Trading Commission issued an order extending the designation of the Depository Trust and Clearing...more

7/27/2015 - AIFMD AML/CFT Banking Sector CFTC Chief Compliance Officers EU FATF Federal Reserve FinCEN G-SIB Illegal Tipping Insider Trading SEC Securities Fraud

CFPB Postpones “Know Before You Owe” Mortgage Rule Until October 3

On June 24, the Consumer Financial Protection Bureau (CFPB) issued a proposed amendment to the “Know Before You Owe” mortgage disclosure rule, which proposes to move the rule’s effective date to October 3. The rule, also...more

7/17/2015 - CFPB Hold Harmless Mortgage Lenders Proposed Amendments TILA-RESPA Integrated Disclosure Rule (TRID)

Corporate & Financial Weekly Digest - Volume X, Issue 26

In this issue: - SEC Seeks Comment on Possible Enhancement of Audit Committee Disclosures - SEC Proposes Rule Requiring Executive Compensation Clawbacks - FINRA Requests Comment on Revised Discretionary...more

7/13/2015 - Audit Committee CFTC Clawbacks Cross-Border Enforcement Actions ESMA FINRA Futures Greece Hong Kong Margin Requirements MiFID II SEC Swaps

OCC Revises Residential Real Estate Lending Guidance in Comptroller’s Handbook

On June 15, the Office of the Comptroller of the Currency (OCC) issued the “Residential Real Estate Lending” booklet of the Comptroller’s Handbook. This revised booklet replaces the “Real Estate Loans” booklet issued in March...more

6/25/2015 - Banking Sector Federal Savings Associations Mortgage Lenders Mortgages OCC

FDIC Proposes New Premium Assessment System for Small Banks

On June 16, the Federal Deposit Insurance Corporation (FDIC) released a proposal to amend 12 CFR part 327 to refine the deposit insurance assessment system for small banks that have been federally insured for at least five...more

6/24/2015 - American Bankers Association Banking Sector Community Banks Deposit Insurance FDIC Proposed Amendments Risk Assessment

Corporate & Financial Weekly Digest - Volume X, Issue 24

In This Issue: - SEC Denies Motion to Stay Regulation A+ - SEC Requests Public Comment on ETPs - CFTC Further Extends Valuation Data Reporting Relief for SDs and MSPs - Eleventh Circuit Upholds...more

6/22/2015 - Alternative Investment Funds AMF Banking Sector Broker-Dealer Brokers CFTC Commodities Corporate Governance Exchange-Traded Products FDIC Food Commodities Insider Trading Mortgage Lenders Mortgages OCC Regulation A SEC Wire Fraud

Six Federal Regulators Issue Final Interagency Policy Statement on Diversity Policies and Practices of Regulated Entities

On June 9, the Federal Reserve Board, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency and Securities and Exchange...more

6/19/2015 - Administrative Procedure Act Banking Sector Diversity Dodd-Frank EEOC Employer Mandates Employment Policies FDIC Federal Reserve Financial Institutions Hiring & Firing OCC OMWI SEC

OCC Issues Final Rule to Integrate Licensing Rules for National Banks and Federal Savings Institutions

On May 18, the Office of the Comptroller of the Currency (OCC) adopted a final rule to (1) integrate its rules relating to policies and procedures for corporate activities and transactions involving national banks and federal...more

5/29/2015 - American Bankers Association Dodd-Frank Federal Savings Associations Fiduciary Duty Financial Institutions OCC OTS Title III

Corporate & Financial Weekly Digest - Volume X, Issue 20

In this issue: - Section 16(b) Decision Provides Important Guidance - FINRA Requests Comment on Proposed Amendments to Rules Governing Communications With the Public - Form BE-10 Filing Deadline...more

5/26/2015 - 16(b) Attorney's Fees Banking Sector CFTC FINRA Insider Trading OCC

Revised Interagency Examination Procedures for Consumer Compliance

As of May 1, the Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council developed interagency examination procedures for: - Truth in Lending Act (TILA), implemented by Regulation Z;...more

5/21/2015 - OCC Regulation X Regulation Z RESPA Task Force TILA TILA-RESPA Integrated Disclosure Rule (TRID)

Corporate & Financial Weekly Digest - Volume X, Issue 19

In This Issue: - FINRA's NAC Strengthens Sanction Guidelines Related to Fraud and Suitability - CFTC Revises Interpretation on Forward Contracts with Embedded Volumetric Optionality - CFTC Requests Public...more

5/18/2015 - Banking Sector Broker-Dealer CFTC Class Action CME DOJ Financial Institutions FINRA Virtual Currency

OCC Issues New Handbook on Deposit-Related Consumer Credit

In March, the Office of the Comptroller of the Currency (OCC) issued the “Deposit-Related Credit” booklet of the Comptroller’s Handbook. This booklet replaces and clarifies the “Deposit-Related Consumer Credit” booklet issued...more

4/23/2015 - Banking Sector Depository Institutions Handbooks OCC

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