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Federal Reserve Board Announces Penalty Against State Bank for Alleged Violation of the National Flood Insurance Act

by Goodwin on

?On September 14, the Board of Governors of the Federal Reserve System announced the execution of a settlement with a state bank concerning alleged violations of the National Flood Insurance Act (“NFIA”), 42 U.S.C. §...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

So much for the quiet off-ramping for SoFi’s Mike Cagney. The fintech company’s board announced on Friday that Cagney is out immediately as CEO, not at the end of the year as Cagney had announced earlier in the week....more

ERISA § 502(c)(1) Claim for Statutory Penalties is Barred by One-Year Statute of Limitations, Second Circuit Holds

Deciding an issue of first impression, the U.S. Court of Appeals for the Second Circuit recently held that a plaintiff’s claim under ERISA § 502(c)(1) was barred by Connecticut’s one-year statute of limitations for an action...more

New York Proposes Regulation to Amend Form A Process

by Locke Lord LLP on

Last month, the New York Department of Financial Services (“NYDFS”) proposed an amendment to 11 NYCRR 80-1.6 (the “Regulation”), which would augment the application process to acquire a domestic insurer by potentially...more

Regulation Round Up - August 2017

by Proskauer Rose LLP on

2 August - The UK Competition and Markets Authority announced a consultation on proposed revisions to its published guidance on penalty setting in Competition Act 1998 cases....more

How to Protect Yourself from Financial Disaster in the Wake of a Natural Disaster

In light of Hurricane Harvey and all the damage that it caused, as well as the potential damage that may be inflicted by Hurricane Irma, the Consumer Financial Protection Bureau (CFPB) has provided advice on measures to take...more

NAIC Cybersecurity Progress

by Locke Lord LLP on

On August 7, 2017, the NAIC’s Cybersecurity (EX) Working Group met in its continuing effort to develop a model cybersecurity law for the insurance industry. This effort, which commenced over a year ago, has taken a new...more

Asset Management Regulatory Roundup - September 2017 - Issue 5

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 the European Commission’s consultation on post-trade barriers, the responses received...more

Real Property & Title Insurance Update: Week Ending September 1, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure / Statute of Limitations: trial court improperly found that, because payments due under a note and mortgage were accelerated in a prior 2009 action, the second action filed over five...more

Don’t Judge an Insurance Policy by its Cover

by Davis Brown Law Firm on

Whether you are a developer, builder, design professional, subcontractor, or supplier, one of the most important aspects of risk management is ensuring both you, and any entities with whom you contract, have good insurance....more

ACCC v Medibank decision provides some comfort for health funds

by DLA Piper on

On 30 August 2017, the Federal Court delivered its decision in the Australian Competition and Consumer Commission's (ACCC's) case against Medibank Private Limited (Medibank), dismissing each of the ACCC's allegations against...more

Real Property & Title Insurance Update: Week Ending August 18 & 25, 2017

by Carlton Fields on

Foreclosure: general reservation of jurisdiction in a foreclosure judgment is very limited, and certainly does not give trial court jurisdiction to eliminate a lien more than three years after Final Judgment of Foreclosure...more

New York DFS Cyber Rules Go Live: Here’s Your Roadmap

by Orrick - Trust Anchor on

August 28, 2017 marks the end of the initial 180-day grace period for compliance under the New York Department of Financial Services’ “first-in-the-nation” cybersecurity regulations (the “Rules”). The initial regulations...more

Counter-Cyclical Thoughts About D&O Insurance

by Bryan Cave on

It can be a challenge, when economic times are relatively good, to take time away from thinking about new opportunities to discuss topics like D&O insurance. Even though I am biased, I’ll admit that, in those times,...more

Blockchain Technology: Inevitable Disruption or Inflated Hype?

by Carlton Fields on

The virtual currency Bitcoin has gained notoriety and intrigued entrepreneurs, finance magnates and governments. Lauded and criticized for its ability to offer relatively fast, inexpensive and nearly anonymous transactions,...more

NYDFS proposed regulation addresses financial disclosure requirements for directors and officers of private equity buyers of...

by Hogan Lovells on

On August 9, 2017, the New York Department of Financial Services (NYDFS) released for public comment proposed amendments to its regulations governing the approval process for the acquisition of control of insurance companies...more

The (Potentially) Long Arm of the SMCR

by Latham & Watkins LLP on

Firms will need to consider whether any individuals in group entities require approval as Senior Managers. Introduction - Much has already been written on the proposed extension of the Senior Managers & Certification...more

Deadline to Meet DFS Cyber Regulation Is Monday

Banks, insurance companies and other financial institutions have only a few days left to comply with the first wave of requirements under New York’s controversial new cybersecurity regulation....more

Corporate Insurance Newsletter – July 2017

by Hogan Lovells on

The Hogan Lovells’ Corporate Insurance Newsletter for July has been published. This provides a round-up of UK, EU and international regulatory developments relevant to UK based insurance market participants. Please see...more

Deadline to Comply with New York's Cybersecurity Regulation Is Approaching

by Jones Day on

For entities regulated by the New York Department of Financial Services, the deadline for complying with the new Cybersecurity Requirements for Financial Services Companies, 23 NYCRR Part 500, is Monday, August 28, 2017. To...more

Combating climate change: NYDFS calls on insurance industry to help

by Hogan Lovells on

On 26 July 2017, the New York Department of Financial Services (the “NYDFS”) issued Circular Letter No. 9 (2017) (the “Circular Letter”) and a corresponding press release, directed at all life, property/casualty, and health...more

DOL Fiduciary Rule Status Update for Fraternal Benefit Societies

by Stinson Leonard Street on

In papers filed as part of a lawsuit in the U.S. District Court for the District of Minnesota, the Department of Labor (DOL) has stated that they are considering a further delay of the effective date for full implementation...more

Real Property & Title Insurance Update: Week Ending August 11, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Short Sale/Statute of Limitations: Florida Statute section 95.11(5)(h)’s one year statute of limitations period does not apply to bar Bank’s cause of action for deficiency judgment arising...more

Interim Study Committees Set to Meet This Week

by Faegre Baker Daniels on

In the May 25 meeting of the Indiana Legislative Council, council leadership and members assigned topics to study in interim study committees. Those committees are set to start meeting this week. The committee meetings on the...more

Are You Ready for the New York August 28th Compliance Deadline?  

If you are one of the many businesses licensed by the New York Department of Financial Services (DFS), and cannot avail yourself of the (very) limited exemptions, you must be ready for the first compliance transition date for...more

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