Jeffrey Werthan

Jeffrey Werthan

Katten Muchin Rosenman LLP

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Latest Publications


Comptroller Revises Credit Card Lending; Announces Rescissions

The Office of the Comptroller of the Currency (OCC) issued the “Credit Card Lending” booklet of the Comptroller’s Handbook on November 4. The revised booklet “replaces the ‘Credit Card Lending’ booklet issued in October 1996....more

11/19/2015 - CARD Act Credit Cards Financial Services Industry OCC Rescission

Agencies Issue Guidance on Capital Deduction Methodology

The Office of the Comptroller of the Currency (OCC), along with the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation, on November 6 issued interagency guidance to banking...more

11/18/2015 - Banking Sector Covered Funds Interagency Guidance Volcker Rule

Agencies Find Weaknesses in Shared National Credits

Credit risk in the Shared National Credit (SNC) portfolio remained at a high level, according to an annual review of large shared credits released November 5 by federal banking agencies. The SNC review has been conducted...more

11/18/2015 - Banking Sector Commodities Leveraged Lending Prudential Regulation Authority Shared National Credit (SNC)

FDIC Issues Advisory on Effective Risk Management Practices for Purchased Loans and Purchased Loan Participations

The Federal Deposit Insurance Corporation (FDIC) on November 6 issued an Advisory to update information contained in the FDIC Advisory on Effective Credit Risk Management Practices for Purchased Loan Participations...more

11/18/2015 - Banking Sector FDIC Leveraged Loans Risk Management

FFIEC Issues New IT Management Booklet

The Federal Financial Institutions Examination Council (FFIEC) members on November 10 issued a revised Management booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook). The Management...more

11/18/2015 - Corporate Governance FFIEC Financial Institutions Information Technology

Corporate and Financial Weekly Digest - Volume X, Issue 44

BROKER-DEALER - FINRA Issues Investor Alert Regarding IRS Phone Scam - The Financial Industry Regulatory Authority issued an Investor Alert warning investors about a phone scam involving phone calls allegedly...more

11/16/2015 - CPOs EU FFIEC FINRA Form PQR Internal Investigations Major Swap Participants MiFID II Risk Management Tax Scams UK Volcker Rule

Federal Reserve Issues Guidance on Waiving of Examinations Prior to Membership or Merger Into a State Member Bank

On October 13, the Board of Governors of the Federal Reserve System (Board) issued guidance that applies to insured depository institutions that are seeking to become state chartered member banks of the Federal Reserve System...more

11/4/2015 - Banking Examinations Banking Sector Depository Institutions Federal Contractors New Guidance

Corporate and Financial Weekly Digest - Volume X, Issue 42

SEC/CORPORATE - ISS Releases 2016 Draft Voting Policy Changes for Comment - On October 26, Institutional Shareholder Services (ISS), a leading proxy advisory firm, released for comment draft voting policy changes...more

11/2/2015 - Banking Examinations Board of Directors CFTC Clearing Agencies Derivatives Clearing Organizations Directors Federal Reserve Financial Conduct Authority (FCA) HMRC ISS Publicly-Traded Companies Registration Requirement Rule 14a-8 SEC Senior Managers Insurers Regime (SMIR) Shareholder Proposals Shareholders

FDIC Board Votes To Increase DIF to 1.35 Percent of Insured Deposits

On October 22, The board of directors of the Federal Deposit Insurance Corporation (FDIC) adopted a proposal to increase the Deposit Insurance Fund (DIF) to the statutorily required minimum level of 1.35 percent. Congress,...more

10/28/2015 - Banks Deposit Insurance Dodd-Frank FDIC Proposed Regulation

Corporate and Financial Weekly Digest - Volume X, Issue 41

SEC/CORPORATE - SEC To Hold Forum on Small Business Capital Formation in November - On October 21, the Securities and Exchange Commission announced that it will hold its annual Government - Business Forum on Small...more

10/26/2015 - AML/CFT Banks Capital Formation Deposit Insurance ESMA EU European Banking Authority FDIC JOBS Act Margin Requirements Regulation Technical Standards (RTS) SEC Small Business Startups Uncleared Swaps

OCC Rescinds Capital Guidance

On October 14, the Office of the Comptroller of Currency (OCC) formally rescinded capital guidance that it had previously issued. The guidance became outdated or superseded, according to the OCC, due to the issuance of the...more

10/21/2015 - Capital Rules Guidance Update OCC

Corporate and Financial Weekly Digest - Volume X, Issue 40

BROKER-DEALER - FINRA Requests Comment on Revised Price Disclosure Information Standards for Corporate and Agency Debt Securities - The Financial Industry Regulatory Authority issued a regulatory notice...more

10/19/2015 - AIFM AIFMD Broker-Dealer CFTC Commodities Exchange Act Debt Securities Disclosure Requirements Dividends EU European Commission Financial Regulatory Reform FINRA Investment Funds NFA No-Action Relief OCC Proposed Regulation Swaps Withholding Tax

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 (FCA) Financial Institutions 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 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

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