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Finance & Banking Updates

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

CFTC and European Commission Make Progress on Cross-Border Agreements

On October 13, 2017, the Commodity Futures Trading Commission (CFTC) announced two cross-border developments with the European Commission (EC) that take significant steps toward reconciling regulation of cross-border...more

CFTC Releases Primer on Virtual Currencies

by Reed Smith on

On October 17, 2017, the U.S. Commodity Futures Trading Commission’s (“CFTC”) LabCFTC released a primer on virtual currencies. The primer is an “education tool” that provides an overview of the virtual currency landscape and...more

Europe: Blockchain – The virtual currency Bitcoin

by Hogan Lovells on

Whoever thinks of blockchain also has inevitably bitcoins in mind. The Internet currency is largely based on the blockchain technology and it is therefore one of the most obvious fields of application for this technology, to...more

SoFi Withdraws U.S. Banking Application

We previously reported on Social Finance, Inc.’s application for an industrial loan company (ILC) charter. That is now over, at least for the time being. On Friday, October 13, the online lender announced it is withdrawing...more

Day 14 of One Month to More Effective Compliance for Business Ventures-Auditing Joint Ventures

by Thomas Fox on

Joint ventures provide many FCPA risks that other types of business relationships do not bring. For instance, the joint venture may interact with foreign government officials or employees of a state-owned enterprise; then...more

Across the Board-Episode 8, Linda Justice on Branding at the Board

by Thomas Fox on

In this episode, I visit with branding expert Linda Justice. We discuss the role of a Board of Directors in corporate branding. We discuss ‘what is branding?’ Perception of a company? The customer experience? The...more

No contractual recourse against issuer for investor in bearer notes

by Allen & Overy LLP on

Secure Capital SA v Credit Suisse AG [2015] EWHC 388 (Comm), 24 February 2015 and [2017] EWCA Civ 1486, 6 October 2017 - An investor in longevity notes had no right of recourse against the issuer for breach of contract as...more

Blog: Treasury Report Recommends Actions To Increase Access To Capital

by Cooley LLP on

The Treasury Department recently issued a new report, A Financial System That Creates Economic Opportunities—Capital Markets, that, in its recommendations, not surprisingly, echoed in many respects the House’s Financial...more

SEC Investor Advisory Committee Considers Blockchain Technology and Securities Markets

by Reed Smith on

On October 12, 2017, the U.S. Securities and Exchange Committee (“SEC”) held an Investor Advisory Committee (“IAC”) meeting to consider, among other things, blockchain technology and the implications for securities markets....more

WATCH: What lies ahead for blockchain

by Hogan Lovells on

Maya Zehavi from QED-it looks at what blockchain might come into production and whether it will be worth all the hype. ...more

Payday Debt Collector, Servicer Must Forgive $12M

Shortly before the Consumer Financial Protection Bureau (CFPB) issued its payday loan rule, the New York Department of Financial Services (DFS) announced a consent order with a payday loan servicer and debt collector totaling...more

Social Links: Russia’s threat to block Facebook; Google’s publisher-friendly move; a cease-and-desist letter worth emulating

As part of a new tracking system, the Department of Homeland Security will be keeping records of immigrants’ social media handles and search results. Russia to Facebook: Turn over user-information or risk being blocked....more

Banking agencies identify key HMDA data fields

by Ballard Spahr LLP on

The federal banking agencies have issued guidance to financial institutions on the key data fields under the revised Home Mortgage Disclosure Act (HMDA) rules that will be used to test and validate the accuracy and...more

The SEC Wants To Know What’s Next For Blockchain: Are You Keeping Up?

On October 12, 2017, the United States Securities and Exchange Commission’s Investor Advisory Committee met to discuss Blockchain technology and its impact on the securities industry....more

Real Property, Financial Services, & Title Insurance Update: Weeks Ending October 6 & 13, 2017

by Carlton Fields on

REAL PROPERTY UPDATE FINANCIAL SERVICES UPDATE - Ad Valorem Taxes: land lease holders are considered equitable owners of land for tax purposes if land lease renews automatically and is perpetual; owners of condominium...more

CFPB further updates HMDA Rule guidance materials

by Ballard Spahr LLP on

The CFPB recently posted on its website updated versions of guidance in connection with the revisions to the Home Mortgage Disclosure Act (HMDA) rules that become effective on January 1, 2018, and also posted a new guidance...more

Day 13 of One Month to More Effective Compliance for Business Ventures-Compliance Terms and Conditions in Joint Venture Agreements

by Thomas Fox on

Numerous US companies have come to FCPA grief for their overseas joint ventures and the continue to be a bane for many companies under the Act. There are some basic compliance terms and conditions which should be considered...more

Culture and conduct through the lens of the UK’s Senior Managers and Certification Regime

by WilmerHale on

Speaking on 20 September 2017, Jonathan Davidson—Director of Supervision for Retail and Authorisations at the Financial Conduct Authority (“FCA”)—addressed the issue of culture and conduct in financial services, in light of...more

CFPB Denied Restitutionary Relief in False Advertising Lawsuit Against Mortgage Services Company

by Dorsey & Whitney LLP on

In a Consumer Financial Protection Bureau (“CFPB”) action against a mortgage services company, its subsidiary, and its founder, a California district judged denied an award of $73.9 million in restitutionary relief, and...more

No Notice: How Unnotified Creditors Can Violate a Discharge Injunction

by Bryan Cave on

Here is the scenario: You are a creditor. You hold clear evidence of a debt that is not disputed by the borrower, an individual. That evidence of debt could be in the form of a note, credit agreement or simply an invoice. ...more

Capital Markets & Public Companies Quarterly: Capital Formation, Dividend Notice and Pay Ratio Q3 Updates

by McDermott Will & Emery on

During the previous quarter, the SEC confirmed that CEO pay ratio disclosure will go into effect as scheduled for the 2018 proxy season. They further announced a new policy permitting qualifying issuers to submit draft...more

CFPB provides update on HMDA platform

by Ballard Spahr LLP on

In August 2017, we reported that the CFPB had given the mortgage industry a first look at the Internet-based platform it is developing for industry members to use to submit data under the Home Mortgage Disclosure Act (HMDA)....more

NASDAQ Company Discusses Plan for Initial Coin Offering

Social Reality, Inc. (NASDAQ:SRAX) discussed its plans for an initial coin offering with analysts on October 17, 2017. Its stock closed up 70% on the news....more

Data Privacy + Cybersecurity Insider - October 2017 #2

by Robinson & Cole LLP on

FBI Issues Flash Alert on Apache Struts Vulnerability - The Apache Struts vulnerability has been mentioned frequently in the media over the past month, as it is believed to have been involved in one of the largest and most...more

Asset Management Regulatory Roundup - October 2017 - Issue 8

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on US-EU equivalence of certain OTC derivative rules; the FCA asset management...more

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