Finance & Banking Updates

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$1 Billion in Credit Assistance Now Available from EPA’s New Water Infrastructure Program

On January 10, 2017, the U.S. Environmental Protection Agency (EPA) announced the availability of $1 billion in credit assistance for water infrastructure projects under the new Water Infrastructure Finance and Innovation Act...more

Mexico 2017 Repatriation Tax Amnesty

A new amnesty program to incentivize the repatriation of funds kept abroad by Mexican taxpayers was launched. The program will be open until mid-2017 and participants would be obliged to comply with specific requirements,...more

Employee Benefits Legislation Proposed (But Not Passed) by the Obama Administration

In February of 2015, the Department of Treasury issued a reported entitled “General Explanation of the Administration’s Fiscal Year 2016 Revenue Proposals” (the “General Explanation”). The General Explanation is several...more

What Do You Need To Know About New York And Cybersecurity

On March 1, New York will go live with cybersecurity rules for financial service providers such as banks, insurance companies and others subject to the Department of Financial Services’ jurisdiction. At its core, the rules...more

Post-Inauguration Outlook: ACA, Fiduciary Rule and Retirement-Related Tax Provisions

President Donald Trump took the oath of office on Jan. 20, 2017, officially ushering in Republican control of the executive and legislative branches of government. With Republican control of both houses of Congress, and a new...more

Connecticut Town Struck by Cyber Fraud

On January 17, 2017, officials in Farmington, Connecticut disclosed that the town was recently the victim of a multi-million dollar theft likely perpetrated by sophisticated cybercriminals operating in China. The thieves...more

UK Prudential Regulator Confirms Increase in Deposit Protection Limit

The Prudential Regulation Authority published a Policy Statement and final rules on raising the deposit protection limit. The Policy Statement follows the consultation paper published by the PRA in November 2016. It is...more

Corporate and Financial Weekly Digest - Volume XII, Issue 3

FINRA Issues Report on Implications of Blockchain - Broker-Dealer - On January 18, the Financial Industry Regulatory Authority, responding to increased industry interest in distributed ledger technology (DLT) known...more

SEC Settles Another Action Involving Whistleblowers

The SEC has brought a series of actions concerning whistleblowers. A number of those cases center on provisions in severance agreements which either directly preclude being a whistleblower required the departing employee to...more

ABA highlights error in cost of credit calculation method used in CFPB’s proposed payday loan rule

At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter...more

Why Luxembourg remains a jurisdiction of choice for private equity

1. Framework for an exit from an SARL - Prior to 23 August 2016, any transfer of shares to non-shareholders of an SARL was subject to the prior approval of the shareholders holding not less than 75% of the SARL's share...more

UK Regulators Consult on the Management Expenses Levy Limit for 2017/18

The Prudential Regulation Authority and the Financial Conduct Authority published a joint consultation paper on the management expenses levy limit for the Financial Services Compensation Scheme in 2017/2018. The MELL proposed...more

CFPB Continues to Expand Its Meaningful Involvement Requirements for Debt Collection Law Firms

The CFPB recently issued its third consent order involving a debt collection law firm and appears to be expanding its interpretation of “meaningful involvement”. The order, which was entered against two related debt...more

Curing Default in Chapter 11 Bankruptcy May Require Debtors to Pay Default Interest to Secured Creditors.

The Ninth Circuit Court of Appeals recently took up the issue of a Chapter 11 Debtor’s requirements to cure a loan default through its Chapter 11 plan. The result was a ruling that overturned previous law that entitled...more

CFPB and Two States File Suit Against Student Loan Company Navient

The CFPB announced on Wednesday that it had filed a lawsuit against Navient Corporation, formerly part of Sallie Mae, and two of its subsidiaries for alleged “systematic” failures in student loan servicing. The complaint...more

European Securities and Markets Authority Opines on the Scope of Product Intervention Powers

The European Securities and Market Authority published an Opinion on the scope of the product intervention powers under the Markets in Financial Instruments Regulation. The Opinion focuses on the impact of the exclusion for...more

DOJ Files Lawsuit Against National Bank Alleging Mortgage Discrimination

On January 18, 2017, the U.S. Attorney’s Office for the Southern District of New York (USAO) filed a lawsuit against a national bank, alleging that the bank had engaged in a years-long practice of racial discrimination in...more

What Will The Proposed New York Cybersecurity Requirements For Financial Institutions Really Make Companies Do?

In early September 2016, the New York Department of Financial Services (“DFS”) proposed a set of data security regulations (the “Proposal”) that would govern financial institutions, banks, and insurance companies subject to...more

CFPB Files Lawsuit Against Largest U.S. Student Loan Servicer Over Deceptive Practices

On January 18, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court for the Middle District of Pennsylvania against a servicer of private and federal student...more

Trump Administration issues regulatory freeze; application to CFPB uncertain

On Inauguration Day, Reince Priebus, Assistant to the President and Chief of Staff, issued a “Memorandum for the Heads of Executive Departments and Agencies” with the subject line “Regulatory Freeze Pending Review” that...more

Details of Trump’s Regulatory Freeze

Reince Priebus, President Trump’s Chief of Staff, issued a memo ordering an immediate regulatory freeze. The memo was addressed to heads of executive departments and agencies. According to the memo...more

Description of the Small Business Investment Company Program Participation by Unleveraged Funds

A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

Important Banking Development From California Courts

Courts in California delivered some important banking developments in two recent decisions, with a federal court finding a charge for failing to replenish an overdrawn account constituted interest while the state's highest...more

SC Public Policy Update - January 2017 #2

What's New - SENATE - The Senate spent the week working at the committee level in an effort to move bills to the floor for debate. Members will return to meeting in regular session on Tuesday, January 24th....more

Student Loans: Departments of Treasury and Education Move to Simplify Income Driven Repayment Plans

Much of the regulatory focus for student lending has been directed toward Income Driven Repayment (IDR) plans in recent months. The first student loan related move in 2017 by the Departments of Education and Treasury is no...more

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