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Basel Committee Issues Final Rules on Measuring and Controlling Large Exposures

On April 15, 2013, the Basel Committee on Banking Supervision (the “Basel Committee”) issued final rules (the “Final Rules”) concerning the supervisory framework for measuring and controlling large exposures, setting tighter...more

Delaware Case Continues High Scrutiny of Investment Bankers in Mergers and Acquisitions

In a decision on March 7, 2014, the Delaware Court of Chancery found RBC Capital Markets, LLC liable for aiding and abetting breaches of fiduciary duty by the Board of Directors of Rural/Metro Corporation in connection with...more

Financial Regulatory Developments Focus - April 2014

In this issue: - Regulatory Capital - Financial Services - Recovery & Resolution - Financial Market Infrastructure - Consumer Protection - People - Excerpt from Regulatory...more

Federal Reserve Extends Compliance Period under Volcker Rule for Collateralized Loan Obligations

While collateralized loan obligation vehicles (CLOs) may ultimately have to be divested by “banking entities” subject to the Volcker Rule, the Federal Reserve Board (the Board) recently extended the compliance period for...more

CFPB Proposes Remittance Rule Amendments

On April 15, the CFPB issued a proposed rule and request for comment to extend a temporary exception to Regulation E’s requirement that remittance transfer providers disclose certain fees and exchange rates to consumers. ...more

Bad People Can’t Buy Failed Banks

The Federal Deposit Insurance Corporation, or FDIC, has adopted a final rule to implement section 210(r) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Under that section, individuals or entities that have,...more

House Committee Members Express Concerns About Operation Choke Point

On April 8 the House Financial Services Committee held a hearing with the general counsels of the federal banking agencies regarding, among other things, Operation Choke Point, the federal enforcement operation reportedly...more

CFPB proposes extension of remittance transfer rule depository institution exception and other revisions

The CFPB has issued a proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances. The...more

Federal Reserve Board Announces Volcker CLO Conformance Period Extension

On April 7, the Federal Reserve Board issued a statement that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in, and sponsorship of,...more

OFCCPs New Veteran/Disability Regulations Are Now in Effect. Are You Ready?  [Video]

Two new groundbreaking regulations implementing Section 503 of the Rehabilitation Act of 1973 and the Vietnam Era Veterans Readjustment Assistance Act went into effect on March 24. They require federal government contractors...more

BankinBits First Quarter Recap

The BankinBits blog, which discusses recent developments in the banking industry, has within the first quarter of 2014 addressed a diverse range of topics including banking services for the marijuana industry, the shuttering...more

FRB, FDIC and OCC Issue Final Rule Regarding Leverage Ratios for Largest Top-Tier Bank Holding Companies

On April 8, 2014, the FRB, FDIC and OCC (collectively, the “Agencies”) released a final rule (the “Final Rule”) concerning the leverage ratio standards for large, interconnected U.S. banking organizations. The Final Rule...more

Bill introduced to limit CFPB smaller bank supervisory authority

A bill introduced by Republican Senator Dan Coats would further limit the CFPB’s supervisory authority as to insured depository institutions and credit unions with total assets of $10 billion or less....more

Banking Agencies Adopt Enhanced Supplementary Leverage Ratio Final Rule

On April 8, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, Agencies) adopted a final rule to strengthen the leverage ratio...more

FDIC Reissues Technology Outsourcing Resources, Urges Use Of Cyber Resources

On April 7, the FDIC reissued, as attachments to FIL-13-2014, three technology outsourcing resources. The documents, which the FDIC describes as containing “practical ideas for banks to consider when they engage in technology...more

Pew Checking Accounts Report Makes Troubling Recommendations

The Pew Charitable Trusts has released another report evaluating the checking account disclosure practices of the nation’s largest banks. Despite finding that disclosure practices have improved, Pew again urges the Consumer...more

FDIC regional offices issue UDAP guidance on continuous overdraft fees

Based on the CFPB’s rulemaking agenda issued in December 2013, we continue to expect overdraft programs to be the subject of another CFPB white paper and/or an advance notice of proposed rulemaking this year. (In June 2013,...more

Massachusetts Division of Banks Sets Cap on Returned Check Fees Allowable for State-Chartered Banks

The Massachusetts Division of Banks established the maximum fee that state-chartered banks and credit unions are permitted to assess consumer accounts in connection with processing a dishonored check. ...more

Federal Reserve Extends Compliance Deadline for CLOs

On April 7, the Federal Reserve Board (Board) announced that it intends to exercise its authority to give banking entities two additional one-year extensions to conform their ownership interests in, and sponsorship of,...more

The Deal Video: Pepper Hamilton's Ed Dartley Talks Valuations [Video]

Right now, private equity firms are sitting on a cash glut that represents an all-time high for the industry, nearly $1 trillion. Perhaps unsurprisingly, says Pepper Hamilton securities lawyer Ed Dartley, we're also seeing...more

Mitigating Bribery Risks With Financial Controls

Anti-corruption compliance is not as hard as it looks. In fact, by taking a step back, compliance professionals can gain insights. At the direction of compliance professionals, companies like to develop and adopt...more

Global Systemically Important Banks – Public Disclosure Requirements

The Office of the Superintendent of Financial Institutions Canada (OSFI) has issued an Advisory, “Global systemically important banks – Public disclosure requirements”, which clarifies the implementation in Canada of the...more

Texas Department of Banking Issues Guidance on Virtual Currency

The Texas Department of Banking issued a supervisory memorandum clarifying the applicability of the Texas Money Services Act to various activities involving virtual currencies. The Department of Banking determined that...more

Top Ten Steps to Fast Tracking Your Bank’s Political Activity Compliance Plan

In today’s political climate, smart banks take a proactive approach to educating officers, employees and board members about political activity compliance. Just as a bank’s code of conduct addresses sexual harassment, privacy...more

Section 1 Claims Dismissed in LIBOR, TIBOR Class Action

On March 28, 2014, Judge Daniels of the Southern District of New York dismissed antitrust and unjust enrichment claims against over 20 banks accused of manipulating prices in the Euroyen interbank lending market by submitting...more

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