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Structured Thoughts: News for the financial services community, Volume 5, Issue 9

In This Issue: - What to Expect in 2015 - EU Regulatory Agenda: Into 2015 - FINRA Issues Report Relating to its Communication Rules - Structured Product Offerings and RIAs - The SEC, Investment Funds and...more

Community Banks Adding Prepaid Products Face New Imperatives

It has been well-known in banking compliance law that the Consumer Financial Protection Bureau (“CFPB”) has been planning to issue substantial consumer protection rules with respect to prepaid products. That time has now...more

Swap Push-Out Rule Narrowed

The so-called “Push-Out Rule” relating to swap activity conducted by banks has been significantly narrowed in scope by a provision in the Consolidated and Further Continuing Appropriations Act, 2015 (Spending Bill), which was...more

Federal Reserve Acts to Extend Conformance Period Under Volcker Rule for Legacy Covered Funds Until July 2017

On December 18, the Federal Reserve Board announced that it has acted under Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Volcker Rule, to give banking entities until July...more

New Law Limits the Swaps Pushout Requirement to Apply Only to Certain ABS Swaps

On December 16, 2014, President Barack Obama limited the scope of swaps and security-based swaps subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act’s (“Dodd-Frank Act’s”) pushout requirement to certain...more

Banking industry trade groups comment on Defense Department’s proposed amended MLA regulations

The American Bankers Association, Consumers Bankers Association, Independent Community Bankers of America, National Association of Federal Credit Unions, and Association of Military Banks of America have submitted a 59-page...more

Guarantors of a Construction Loan were Exonerated From Liability by a Bank's Misconduct Under the Loan Agreement, Notwithstanding...

California Bank & Trust's predecessor bank ("Bank") granted a $22.5 million construction loan to Five Corners Rialto, LLC ("Five Corners") to develop a 70-unit townhome project in two phases. Two principals of Five Corners...more

Agencies Amend Regulatory Capital and Liquidity Coverage Ratio Rules

In general, banking organizations are currently permitted to calculate their exposure with respect to derivatives transactions on a net basis under relevant regulatory capital and liquidity coverage ratio rules if such...more

The Fed Extends Volcker Rule Conformance for Private Funds

The Federal Reserve Board has announced that it has extended the Volcker Rule’s conformance period for compliance with the private fund provisions for investments in, and relationships with, “legacy” covered funds....more

Under New Law, a Big Win for Small Community Banks

Under a law enacted this month, a small bank exemption to acquisition debt limits will cover a far broader group of banks. The measure, signed into law by President Obama Dec. 18, would extend the applicability of the Federal...more

U.S. Financial Stability Oversight Council Requests Comments on Financial Stability Implications of Asset Management Activities

The Financial Stability Oversight Council (“FSOC”) has taken the next step in its consideration of the asset management industry, by issuing a notice requesting public comment on whether asset management products and...more

New York Department of Financial Services Unveils “New Cyber Security Examination Process”: Five Key Takeaways

On December 10, 2014, Superintendent Benjamin Lawsky of the New York Department of Financial Services (the “DFS”) announced a “New Cyber Security Examination Process” (the “New Examination Process”) for New York-chartered and...more

Volker Rule Compliance for Private Equity and Hedge Funds Extended

The Federal Reserve Board has acted under section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Volcker Rule, to give banking entities until July 21, 2016, to conform investments...more

Corporate & Tax E-Note - December 2014

In this issue: - SEC Crowdfunding Rules Delayed Until October 2015 - Mega M&A Experiencing One of Biggest Booms in History - Some Small Business Owners Say Tax Break Extension Not Enough - 2014...more

Banking and Financial Services E- Note - December 2014

In This Issue: - Congress Move to Roll Back Bank 'Push-Out' Regulation Meets Anger - NCUA Calls for Retailers to Cover Data Breach Costs - Regulators Propose 8 Biggest Banks Increase Capital...more

Corporate and Financial Weekly Digest - Volume IX, Issue 49

In this issue: - Delaware Chancery Court Declines to Dismiss Fraud Claims Against Private Equity Fund and Directors - Agencies Amend Regulatory Capital and Liquidity Coverage Ratio Rules - FINRA Proposes...more

Before Adjourning, US Congress Adopts Budget With Dodd-Frank Amendments; Fails To Pass Terrorism Risk Insurance Legislation

Before the 113th Congress adjourned on December 16, Congress adopted the Consolidated and Further Continuing Appropriations Act of 2015, which ensures the federal government operates with budget certainty until September...more

Financial Services Report - Winter 2014

In This Issue: - Beltway Report - Bureau Report - Mobile & Emerging Payments Report - Mortgage & Fair Lending Report - Operations Report - Preemption Report - Privacy...more

Community Banking Excellence - Issue 4, 2014

In This Issue: - Another Perspective - From the Editor - Executive Compensation: It May be Limiting Your Choices - Community Banks Adding Prepaid Products Face New Imperatives - Discharge, Debt Buyers and...more

Banking trade groups comment on CFPB’s proposed no-action letter policy

The American Bankers Association, American Bankers Insurance Association and Consumers Banking Association have submitted a joint comment letter on the CFPB’s proposed policy on issuing “no-action” letters for innovative...more

Federal Reserve Board Grants One-year Extension on Volcker Rule Conformance for Certain Covered Funds

The Federal Reserve today extended the Volcker Rule conformance period for legacy covered funds from July 21, 2015 to July 21, 2016, and also granted a further one year extension until July 21, 2017. At 3 pm today...more

FINRA Sanctions 10 Banks for Conflicts-Of-Interest Violations

On December 11, FINRA fined 10 financial firms a total of $43.5 million dollars for allegedly violating the industry-regulator’s conflict of interest rules. According to FINRA, in pitch meetings, the firms’ equity research...more

Basel Publishes Assessment Reports for the European Union and United States

On December 5, the Basel Committee on Banking Supervision (Committee) published separate reports assessing the implementation of the Basel III capital framework in the United States and the European Union. The Committee...more

New York DFS Targets Third-Party Relationships in Letters to Banks

Why it matters - Continuing the regulatory focus on third-party relationships, New York’s Department of Financial Services (DFS) has sent multiple letters to banks across the country to address the issue of data...more

Conference of State Bank Supervisors Releases Policy Statement and Draft Model Regulatory Framework for Virtual Currency

Yesterday, December 16, 2014, the Conference of State Bank Supervisors (“CSBS”) released a Policy Statement on state virtual currency regulation, and a Draft Model Regulatory Framework (“Draft Framework”) to support its...more

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