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Finance & Banking Updates

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

Service Breakdown Costs Prepaid Card Company, Processor $13M

The Consumer Financial Protection Bureau (CFPB) entered into a Consent Order on January 31 with UniRush, a prepaid debit card company, and its processor over a breakdown in October 2015 that left RushCard holders unable to...more

CFPB Fines Real Estate Entities Over RESPA Violations

Targeting violations of the Real Estate Settlement Procedures Act (RESPA) by a mortgage lender, two real estate brokers, and a mortgage servicer, the Consumer Financial Protection Bureau (CFPB) announced almost $4 million in...more

CFPB Claims National Bank Impeded Loss Mitigation for Distressed Mortgage Borrowers

In separate consent orders, one bank will pay $28.8 million to resolve claims by the Consumer Financial Protection Bureau (CFPB) that it gave its distressed mortgage borrowers the "run-around" during the loss mitigation...more

Amendments to Companies Act Aim to Transform Singapore into Debt Restructuring Hub

by Morgan Lewis on

Singapore’s firm trajectory towards becoming an international hub for debt restructuring received a boost with the Companies (Amendment) Act 2017 coming into force on 23 May 2017....more

Guilt by Association: Bitcoin and the WannaCry Ransomware Attack

by Perkins Coie on

The recent so-called “WannaCry” ransomware cyber-extortion attack has thrust bitcoin as a means of payment back into the debate surrounding illegal online activity. Much in the way that the internet, in its early days, was...more

Littler Global Guide - Portugal - Q1 2017

by Littler on

State Budget Law 42/2016 of December 28, 2017 - Enacted Legislation - Effective January 1, 2017, State Budget Law for 2017 introduced various modifications to the labor law landscape, which have had an immediate...more

GAO Agrees to Decide the Legality of the Leveraged Lending Guidance; Indicates Decision Will Take “at Least a Few Months”

On May 23, the Government Accountability Office (GAO), in a letter to Senator Patrick Toomey, R-Pa., agreed to determine whether the Guidance on Leveraged Lending jointly issued in 2013 by the Board of the Governors of the...more

CFPB’s Office of Servicemember Affairs Issues Annual Report

by Ballard Spahr LLP on

The CFPB’s Office of Servicemember Affairs (OSA) has issued its fifth annual report to Congress addressing issues raised and complaints submitted by servicemembers, veterans, and their families....more

The profound change in the end was good

by Ary Rosenbaum on

If you go and read through the marketplace news on 401khelpcenter.com, you see something recurring that was unfathomable 10-15 years ago,. You have an insurance company offering an open architecture platform....more

European Central Bank Finalizes Guide on Fitness and Propriety Assessments

by Shearman & Sterling LLP on

The European Central Bank has published a final Guide on fitness and propriety assessments for the suitability of members of the management body and key function holders in significant banks. The final Guide differs from the...more

Dubai: Memoranda of Understanding to Foster Institutional Real Estate Investment

by Morgan Lewis on

Memoranda of understanding recently entered into by the Dubai Land Department with the Dubai International Finance Centre Authority and Nasdaq Dubai, respectively, aim to facilitate institutional real estate investment in...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

So what happens when traders attempt to manipulate the index that’s meant to measure fear in the stock market itself? Well, we might just be finding out. Two UT Austin researchers think that we’re seeing efforts to mess with...more

E-commerce businesses: Valuation beyond the horizon

by Dentons on

E-commerce today has been defined as the buying and selling or provision of goods and services, or the transmitting of funds or data, over an electronic network. This article attempts to highlight the justification for the...more

Food for Thought, part 3

Below, a continuation of our bibliography of thought-provoking articles on issues related to right-sizing regulation, staying private versus going public, and related topics...more

New York & Colorado Propose “New” Cybersecurity Regulations for Broker-Dealers

by Wilson Elser on

In the wake of the promulgation of new cybersecurity regulations by New York State’s Department of Financial Services, Colorado has proposed cybersecurity regulations for broker-dealers, investment advisers and other fund...more

Application of the U.S. Risk Retention Rules to “Indenture-Style” Cellular Tower Securizations

by Latham & Watkins LLP on

17 C.F.R. Part 246, adopted jointly by the Securities and Exchange Commission (“SEC”) and five other federal agencies in October of 2014 (the “U.S. Risk Retention Rules”), requires a sponsor of asset- backed securities...more

Countdown to PSD2: Towards a level playing field

by White & Case LLP on

When the second Payment Services Directive (PSD2) is transposed into national law among European member states in 2018, it will reflect a revolution in the payments industry....more

UK Criminal Finances Act 2017: A Dechert "Dirty Money" Trilogy

by Dechert LLP on

Part One: "A Fistful of Tax Dollars" - A New Corporate Offence of Failure to Prevent the Facilitation of Tax Evasion.. The Criminal Finances Act 2017 represents a further significant development in the approach to the...more

European Banking Authority Publishes Final Guidelines for Implementation of an Expected Credit Loss Accounting Model by Banks

by Shearman & Sterling LLP on

The European Banking Authority has published final Guidelines on banks' credit risk management practices and accounting for expected credit losses. These final Guidelines are a result of a consultation that ended on October...more

FCA Publishes Two Papers on the Effectiveness of UK Primary Markets

by Jones Day on

In the FCA's 2016/2017 Business Plan, one of the FCA's main priorities was to carry out a review of the structure of the United Kingdom's primary markets in order to ensure that they continue to serve the needs of both...more

Circular on Pilot Tax Policies for Venture Capital Firms and Individual Angel Investors

In order to promote the sustainable and healthy development of venture capital investment, the Ministry of Finance and the State Administration of Taxation have jointly promulgated the Circular on Pilot Tax Policies for...more

Late Charges on Balloon Payments: How Big Can They Be?

Getting charged extra for a late payment is standard protocol in lending practices. Judges, lawmakers and regulators have long agreed there’s an administrative hassle lenders should be compensated for when having to recover...more

Prudential Regulation Authority Publishes Policy Statement on Strengthening Individual Accountability in Banking

by Shearman & Sterling LLP on

The Prudential Regulation Authority has published a Policy Statement on strengthening individual accountability in banking. The Policy Statement provides the PRA's final policy on a number of issues. Among other things, the...more

European Banking Authority Publishes Final Guidelines to Assess Information and Communication Technology Risk

by Shearman & Sterling LLP on

The European Banking Authority has published final Guidelines on the assessment of the Information and Communication Technology (ICT) risk in the context of the Supervisory Review and Evaluation Process (SREP). These final...more

CFTC Amends Whistleblower Rules to Strengthen Anti-Retaliation Protections and Encourage Whistleblower Tips

On May 22, 2017, the U.S. Commodity Futures Trading Commission (“CFTC” or the “Commission”) adopted several additions to its whistleblower rules. Among other things, the amendments expand the Commission’s power to pursue...more

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