News & Analysis as of

Audits Office of the Comptroller of the Currency

Rivkin Radler LLP

N.Y. Sales Tax – Responsible Person Liability

Rivkin Radler LLP on

NY Needs the Revenue- A couple of weeks ago, the Tax Foundation released its latest “State Business Tax Climate Index,” which assesses a state’s tax system and compares it to that of other states. New York seems to be a...more

Orrick, Herrington & Sutcliffe LLP

OCC updates asset management handbook

On June 22, the OCC issued version 1.0 of the Asset Management booklet of the Comptroller’s Handbook. The booklet rescinds the booklet of the same title, issued in December 2000. Among other things, the booklet...more

Goodwin

OCC Releases Strategic Plan for Fiscal Years 2023-2027

Goodwin on

Regulatory Developments - OCC Releases Strategic Plan for Fiscal Years 2023-2027 - On September 6, the OCC released its strategic plan for the next five years, covering fiscal years 2023-2027 (the Plan)....more

Mitratech Holdings, Inc

Operational Resilience for Financial Institutions: Will You Be Ready?

The UK’s Operational Resilience Framework - Financial services regulators have been focusing on the robustness of their chartered institutions for many years. In 2020 the Federal Reserve highlighted the need for enhanced...more

Goodwin

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more

Mitchell, Williams, Selig, Gates & Woodyard,...

Back to Basics: Valuable Reminders from Capital One's Data Breach

In March 2019, Capital One experienced a significant hacking incident in which a former tech company software engineer for Amazon Web Services (AWS), Capital One’s cloud hosting company, exploited a misconfigured open-source...more

Pillsbury Winthrop Shaw Pittman LLP

National Banks Allowed to Provide Cryptocurrency Services

OCC grants national banks the authority to provide cryptocurrency custody services for customers. On July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter (the letter) granting...more

Foodman CPAs & Advisors

Cumplimiento OFAC de las Instituciones Financieras y las Agencias Reguladoras Bancarias

Mientras que la OFAC es responsable de promulgar, desarrollar y administrar sanciones para el Secretario del Tesoro de EE. UU., las agencias reguladoras bancarias cooperan para asegurar el cumplimiento de las instituciones...more

Foodman CPAs & Advisors

Financial Institution OFAC Compliance and Bank Regulatory Agencies

While OFAC is responsible for promulgating, developing, and administering sanctions for the U.S. Secretary of the Treasury, bank regulatory agencies cooperate in ensuring OFAC financial institution compliance.  ...more

Ballard Spahr LLP

OCC Releases Guidelines on 'Heightened Expectations' for Large National Banks and Savings Associations

Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) recently released proposed amendments to its Part 30 regulations, which reflect the agency's "heightened expectations" for large banks. That release, styled as an "Interim...more

Ballard Spahr LLP

OCC Releases Guidelines on ‘Heightened Expectations’ for Large National Banks and Savings Associations

Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) last week released proposed amendments to its Part 30 regulations, which reflect the agency’s “heightened expectations” for large banks. That release, styled as an “Interim...more

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