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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

What Really Happened to the Swap Pushout Rule and Dodd-Frank Sleepers From Cromnibus

The swap pushout rule was originally embodied in Section 716 of the Dodd-Frank Act. Among other things, it prohibited “federal assistance” to any “swaps entity.” Insured depository institutions were subject to this...more

Employment and Immigration Issues Facing Banks

EMPLOYMENT ISSUES - 1. No compensation for compensable work - Many banks—including large, sophisticated banks—are facing class action lawsuits for not compensating non-exempt employees for compensable work....more

NY DFS Advises Banks On New Cybersecurity Examination Process

On December 10, NY DFS Superintendent Benjamin Lawsky issued a bulletin to all New York state-chartered or licensed banking institutions regarding an updated IT examination process. Effective immediately, cybersecurity...more

Deputy Treasury Secretary Discusses Cybersecurity Checklist for Banks

Deputy Treasury Secretary Sarah Raskin, who recently spoke at the Texas Bankers’ Association Executive Leadership Cybersecurity Conference, provided bank executives and boards some guidance on preventing, preparing for and...more

Policy Observer - December 2014

Giving and Receiving: Insuring Company-Sponsored Volunteerism: This is the time of year when we are reminded of the importance of giving. Many companies not only donate generously to nonprofits and community programs,...more

BCBS Issues Revisions to Basel Securitization Framework

The Basel Committee on Banking Supervision (“BCBS“) issued revisions to the Basel II securitization framework on December 11. The framework, which comes into effect in January 2018, forms part of the BCBS’s broader...more

Massachusetts Fines Bank for Data Breach

On December 8, a large bank settled with the state of Massachusetts for $825,000 over a data breach that exposed the personal information of at least 260,000 customers. In March 2012, the bank allegedly lost unencrypted...more

New York Establishes New Cyber Security Examination Process for Financial Institutions

New York’s Department of Financial Services released a letter on December 10, 2014, announcing the details of its plan to focus more attention on cyber security matters in conducting examinations. Directed at New...more

Comptroller: Retailers Must Be Held Accountable for Data Breaches

Why it matters - Reflecting continued regulatory focus on the issue of cybersecurity, Comptroller of the Currency Thomas Curry said in recent remarks, retailers must be held accountable for data breaches, urging...more

UK Financial Institutions: Proposals for New Senior Managers and Certification Regimes

With a mandate from Parliament, the UK regulators are working on a new regime governing individuals in banks. The UK Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published a joint...more

Financial Institutions’ Claims in Data Breach Litigation Survive Target’s Motion to Dismiss

In a much anticipated decision, a United States District Court in Minnesota denied Target’s attempt to dismiss financial institutions’ putative class action claims relating to losses they suffered as a result of last year’s...more

Financial Regulatory Developments Focus - December 2014 #3

In this issue: - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Credit Ratings - Derivatives - Enforcement - Financial Market Infrastructure - Funds...more

Lawmakers Query Banks About Data Security

Why it matters - Suffered a cyber attack over the last year? Members of Congress want to hear about it, and all financial institutions should be prepared to competently respond to government inquiries if they are a...more

Bridging the Week - December 2014 #3

US Judge Says Sentinel 2007 Transfers to BNY Mellon Cannot Be Reversed as Made in Good Faith - The Bank of New York Mellon Corporation (formerly Bank of New York) was absolved of having engaged in “egregious...more

New Cyprus decrees further relax banking restrictions

The Republic of Cyprus issued new decrees on 8 December 2014. The new decrees provide further relaxation to banking restrictions, notably: Payments and/or transfers of funds abroad up to €2.000.000 (previously...more

Corporate and Financial Weekly Digest - Volume IX, Issue 48

In this issue: - Recent Developments Relating to Rights to Exclude Shareholder Proposals from Proxy Statements - SEC Approves MSRB Best Execution Rule - SEC Sanctions Operator of Unregistered Virtual...more

Treasury Official Urges Banks to Consider Cyber Insurance, Assess Cybersecurity Readiness

On December 3, Deputy Secretary Raskin delivered remarks at the Texas Bankers’ Association Executive Leadership Cybersecurity Conference. During her prepared remarks, Raskin noted recent data security breaches across many...more

The Treasury Recommends Cyberinsurance For Banks

If you think you are being overly paranoid about the recent cyber attacks on Sony, JP Morgan, and Target, think again. You aren’t the only one that has been paying attention – hackers are also front-and-center on the minds...more

Claims Directed to a Mental Task Are Abstract, but Computerizing an Old Practice Is Not

Cambridge Assocs., LLC v. Capital Dynamics; PNC Bank et al. v. Secure Axcess - Addressing the issue of patent-eligible subject matter for covered business method (CBM) patents, the U.S. Patent and Trademark Office...more

Responding to Frivolous Notices

I love the internet and the convenience of quickly searching through my friend, Google. You have probably done this too. You are out with friends and someone questions who won the World Series in 2001. It is fun to be able to...more

Attention Retailers: Target Data Breach Ruling Finds Duty Owed to Issuer Banks

The Court hearing the Target data security breach litigation issued a ruling on December 2, 2014, largely denying Target’s motion to dismiss the Consolidated Amended Class Action Complaint in the Financial Institutions Cases....more

Federal Reserve Board Releases a Proposed Rule to Impose Risk-Based Capital Surcharges on GSIB U.S. Bank Holding Companies

On December 9, the Federal Reserve Board (the “Board”) released a proposed rule (the “Proposed Rule”) to establish risk-based capital surcharges for U.S. bank holding companies identified as “global systemically important...more

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