News & Analysis as of

NYS Cyber Crack Down Looms: What Every Financial Institution, Insurer and Their Board Must Know

With the public comment period closing in a few days, the New York Department of Financial Services (DFS) “first in the nation” cybersecurity regulation is one step closer to becoming law. The regulation – which covers a...more

Reduce Potential ADA Liability by Making ATMs and Websites Accessible

Banks and credit unions are among the most recent targets of a wave of demand letters and lawsuits alleging violation of the Americans With Disabilities Act of 1990 (the “ADA”). The most common allegations concern...more

Your Daily Dose of Financial News

Meanwhile, some banking officials—including a BOE representative speaking in NYC yesterday—contend that the legal expenses related to financial misconduct enforcement actions and litigation (roughly $275 billion for global...more

Abandoning Bolam: a new standard for advising on investment risk

There has been a change in how the court will assess whether a financial advisor has used reasonable care and skill when giving investment advice. Following Supreme Court case law in the medical negligence field, Kerr J...more

Your Daily Dose of Financial News

Federal regulators unveiled a proposal yesterday that would push the country’s biggest banks and other “critical financial companies” to shore up cybersecurity protocols, to prevent hacks, and to have a recovery plan at the...more

District Court Upholds Indictment of Turkish/Iranian Billionaire Charged with Evading US Economic Sanctions against Iran

U.S. District Court Judge Richard M. Berman denied a motion to dismiss the indictment in the closely followed criminal prosecution of Reza Zarrab, a Turkish/Iranian businessman charged with conspiring to evade U.S. economic...more

Cybersecurity Requirements Proposed for New York Financial Companies

The New York Department of Financial Services has proposed new cybersecurity regulations “designed to promote the protection of customer information as well as the information technology systems of regulated entities...more

Feds Propose Enhanced Cyber Standards for Nation’s Largest Banks and Their Boards

Bank regulators are continuing to demand more accountability from corporate leaders when it comes to compliance with cybersecurity safeguards. In an advance notice of proposed rulemaking issued yesterday, federal...more

Real Property & Title Insurance Update: Week Ending October 14, 2016

REAL PROPERTY UPDATE - Foreclosure/Standing: foreclosing bank did not establish standing where it failed to submit evidence it was in possession of original note with blank endorsement at time of filing of foreclosure...more

Your Daily Dose of Financial News

China’s expected to announce Q3 economic growth of 6.7 percent this week—a number envied by any other country in the world but the sign of major slowdown there. Dealbook looks at what, exactly, a less-gangbusters Chinese...more

Gold and Silver price fixing suits may be expensive for banks

The Southern District of New York recently denied motions to dismiss filed by several banks that allegedly conspired to manipulate the price of gold and silver. Only defendant UBS was successful in convincing the court that...more

DOJ Criminal Prosecution of Wells Fargo: What to Expect?

Compliance and enforcement headlines have focused on the Wells Fargo scandal. And for good reason. On September 8, 2016, the Consumer Financial Protection Bureau, the Comptroller of the Currency and the Los Angeles...more

CFPB: The Quarterly Review, Q3 2016

White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial...more

What Will Be the Final Fallout from Wells Fargo?

Crimson flames tied through my ears... Rollin’ high and mighty traps... Pounced with fire on flaming roads... Using ideas as my maps... “We’ll meet on edges, soon,” said I... Proud ‘neath heated...more

The New York State Department of Financial Services Proposes Robust Cybersecurity Rules

On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic...more

Your Daily Dose of Financial News

Some thoughts—from Chair Yellen, herself—about why, despite pretty strong economic indicators for a pretty long time now, the Fed hasn’t begun to raise rates again....more

Digital Currencies and Blockchain Technology Threaten to Disrupt Traditional Banking Services

To most people, the concept of digital currencies is synonymous with the name Bitcoin. However, hundreds of digital currencies exist. In fact, tracks 445 currencies, and tracks 732....more

Bank Websites Targeted for Title III ADA Violations – 12 Ways to Comply

An increasing number of companies in the banking industry are reporting receiving demand letters from law firms alleging website violations under Title III of the Americans with Disabilities Act (Title III). These letters...more

CFPB enters into consent order with credit union

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

After Circling the Wagons: Wells Fargo’s CEO Finally Falls

The Wells Fargo scandal represents a textbook case of compliance and culture failures. Recently, the scandal and Wells Fargo’s defensive crisis management strategy resulted in CEO Stumpf’s resignation. Stumpf’s demise was...more

New York's New Cybersecurity Rules: What Is Required?

The new cybersecurity rules proposed by the New York State Department of Financial Services require financial services institutions to have extensive cybersecurity protections in place; including cybersecurity programs,...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

Your Daily Dose of Financial News

Holding companies appear to be an important new feature of the “living will” revisions the big banks have been making in an effort to appease the Fed and FDIC’s efforts to stamp out “too big to fail” entities. The idea is for...more

California Updates Unclaimed Property Law to Recognize Electronic Recurring Bank Account Activity

On September 22, California Governor Jerry Brown signed AB 2258 into law, which revises California’s Unclaimed Property Law (UPL) to expressly recognize that certain electronic recurring transactions constitute...more

The Senior Managers Regime – should GCs be worried?

In March this year the PRA and the FCA introduced the Senior Managers Regime (‘SMR’) for individuals associated with banks and PRA regulated investment firms (from 2018 the SMR will apply to all UK authorised firms). The...more

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