Banks

News & Analysis as of

New York Industrial Board of Appeals Rescinds Payroll Debit Card and Direct Deposit Regulations

Seyfarth Synopsis: Regulations that would have restricted New York employers’ ability to pay employees via payroll debit cards have been struck down by an administrative review tribunal within the State Department of Labor....more

Sony Cyber-Attackers Lurking at Financial Supervisor “Watering Hole” Target Banks and Others

Cybersecurity specialists at BAE Systems and Symantec announced last week new evidence suggesting that the criminals behind the notorious 2014 attack on Sony Corp. are also responsible for recent cyber-attacks involving 104...more

The New York Department of Financial Services Issues Its Final Cybersecurity Regulation

On February 16, 2017, the New York Department of Financial Services (“DFS”) issued the final version of its cybersecurity regulation. The regulation, which has seen several iterations since it was first proposed in September...more

OCC Establishes New Third-Party Risk Management Expectations, Including for Bank Relationships With Marketplace Lenders

The bulletin requires relationships between banks and marketplace lenders to be treated with the same rigor of due diligence and ongoing oversight as other relationships with third parties. On January 24, the Office of...more

Your Daily Dose of Financial News

Activist investor Carl Icahn has taken a sizeable stake in Bristol-Myers Squibb, a move that reportedly caught execs at the drugmaker unawares and sets the stage for a potential sale....more

Use of e-banking secured mailbox to provide information on durable medium

By a decision held on 25 January 2017 (C-375/15), the Court of Justice of the European Union (CJEU) clarified the question of information (in electronic format) that payment service providers (such as banks) convey to their...more

DFS Final Cyber Regulation: Accountability at the Top

Over the last few months, the New York Department of Financial Services (“DFS”) cybersecurity regulation has undergone multiple revisions. But late last week, DFS issued its final regulation, which will go into effect on...more

CSBS Releases BSA/AML Risk and Controls Self-Assessment Tool

The Conference of State Bank Supervisors (CSBS) has continued its efforts to promote improvements in Bank Secrecy Act/Anti-Money Laundering compliance with the release in January 2017 of a new BSA/AML Self-Assessment Tool for...more

Final DFS Cybersecurity Regulation Issued

New York’s Department of Financial Services issued its final Cybersecurity Regulation last night with an effective date of March 1, 2017. ...more

New York State Regulations Governing Payroll Debit Cards (Scheduled to Become Effective March 7) Held Invalid and Revoked

The NYSDOL issued final regulations in September 2016, significantly restricting the use of payroll debit cards and imposing disclosure and consent requirements for direct deposit. The regulations were to become effective on...more

Is a pan-European asset management company a panacea to Europe's growing NPL problem?

On 30 January 2017, the Chairman of the European Banking Authority ("EBA") Andrea Enria outlined his proposal for tackling the large number of non-performing loans ("NPLs") that have increasingly troubled European banks and...more

Greenfield Projects Spell Red Ink for Financiers

Originally published in The Australian - February 17th, 2017. The federal government has announced that the Western Sydney Airport at Badgerys Creek is going ahead. That’s great — it’s needed and will benefit a whole...more

Plaintiffs in another case challenging CFPB’s constitutionality move to intervene in PHH case

The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew have filed a “Motion To Intervene In Any En Banc Proceeding That May Be Granted” in the PHH case. The motion follows the D.C. federal district court’s...more

Your Daily Dose of Financial News

We had a pretty good inkling this was coming. Yahoo and Verizon are reportedly nearing a new deal, with Y! knocking something close to $300 million off of the sale price to ensure that Verizon will still go through with the...more

All Financial Regulation in the U.S. Now Subject to Review under February 3, 2017 Executive Order Issued by the President

Seyfarth Synopsis: Hours after the inauguration of President Trump, the White House issued a memorandum which imposed a 90-day delay on regulations which had not yet taken effect. As far as existing financial services law and...more

Southern District of New York holds that intercreditor agreement allows for payment of subordinated lender’s post-petition...

On January 27, 2017, the United States District Court for the Southern District of New York ruled that the subordinated creditor was entitled to payment of post-petition interest prior to repayment of the senior lender’s...more

Is breach mitigation the next wave of cybersecurity regulation?

More and more, regulators are focusing their rulemaking power not just on how a company responds (or doesn’t respond) to a data breach, but the steps it took far in advance to prevent or mitigate such a breach. Two...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

German Federal Financial Supervisory Authority (BaFin) Releases Online Whistleblowing System

On January 1 2017, the German Federal Financial Supervisory Authority (“BaFin”) set up an online whistleblowing system allowing anyone to anonymously report alleged violations of supervisory law. BaFin is the national...more

2016 Year in Review: Money Laundering (Part Two)

In part two of our review of the 2016 developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues, we discuss four additional key...more

2016 Year End Review: Banking Regulators Try to Ease Concerns Over Aggressive AML/BSA Enforcement

On August 30, 2016, the U.S. Department of the Treasury and four U.S. federal banking regulators sought to correct a problem—at least in part one of their own creation—by issuing a “Joint Fact Sheet on Foreign Correspondent...more

President Trump issues an executive order on core principles for regulating the financial system

On February 3, 2017, the President issued an Executive Order titled “Core Principles for Regulating the United States Financial System.”  The Executive Order is a high-level policy statement consisting of a series of Core...more

2016 Year End Review: Money Laundering Opinions of Note

The federal courts continued in 2016 to produce a stream of cases pertaining to money laundering. We focus on three below because they involve analysis of basic issues that frequently arise in money laundering litigation....more

New Missouri law legalizes prize-based savings promotion programs

Late last year, a new Missouri law went into effect that allows banks and credit unions to sponsor certain savings promotion programs for their customers. Under these programs, by opening a new savings account or depositing a...more

Prohibition on 'right of first refusal' clauses in financing transactions

In May 2015 the Financial Conduct Authority (FCA) launched a market study to assess, among other matters, the effects of cross-selling and cross-subsidising of investment and corporate banking services in the UK by investment...more

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