Banking & Financial Services E-Note - December 19, 2013

In This Issue:

- Several Swiss Regional Banks to Cooperate with U.S. Tax Rules

- Volcker Rule Approved by Federal Regulators

- Treasury Secretary Sets Goal of Foreign Bank Reform in 2014

- Largest Mortgage Servicers Pass Most Compliance Benchmarks

- Small Banks Could Curb Mortgage Lending Amid New Rules

- CFPB to Regulate Largest Student-Loan Servicers

- Lawmakers Introduce Bill of Rights for Student Loan Borrowers

- New York Cracks Down on Payday Lenders, Subpoenas Websites

- Officials Make Strides in Protecting Banks Against Cyberattacks

- Excerpt from Several Swiss Regional Banks to Cooperate with U.S. Tax Rules:

Several Swiss regional banks said they would cooperate with U.S. officials to avoid prosecution in a crackdown on Swiss lenders suspected of helping wealthy Americans evade taxes through offshore accounts. About a dozen banks have now come forward to say they are participating in the scheme brokered by the Swiss and U.S. governments this summer to allow banks to make amends for aiding tax evasion by paying fines and disclosing information.

Please see full E-Note below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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