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News & Analysis as of

PCI-DSS 3.0's Focus on the Data Security Practices of Service Providers

Preventing the unauthorized access to and fraudulent use of credit and debit cards has been a high priority of the payment card industry for years. As the threat environment evolves, so too do the applicable data security...more

Focus: Loans To Enterprises By Insurance Companiesa: Amendments To Regulation 36/2011 Approved By IVASS

Law Decree no. 91 of 2014 added the following provision to paragraph 2 of article 114 of Legislative Decree no. 385 of 1 September 1993 (Consolidated Law on Banking or TUB): “2-bis. Italian insurance companies and Sace shall...more

Changes to Mortgage Servicing Rules - Blog: Consumer Financial Protection Bureau

Armed with some background on what the Consumer Financial Protection Bureau (“CFPB”) is and does (from my 11-11-14 blog entry), let’s dive directly into the issue of rules. For starters, let’s look into the CFPB’s new rules...more

NCUA Sues National Bank

On November 10, the NCUA announced the filing of a complaint against a large national bank for its alleged failure to fulfill its duties as a trustee for 121 residential mortgage-backed securities trusts. The NCUA claimed...more

How New Litigation May Change "Dark Pool" Trading

Last spring popular author Michael Lewis described the world of high-frequency stock trades and dark pools in his book, Flash Boys. Between then and now, the New York Attorney General (“NYAG”), a group of public investors,...more

FCA Enforcement: The Landscape After FX

This briefing discusses the new approach of the UK’s regulator, the FCA, to regulatory enforcement of wholesale markets, as revealed by the recent settlements between the agency and five banks relating to FX manipulation....more

FCC Accepting Comments on ABA Petition to Exempt Data Breach Notification Requirements from the TCPA

On November 6, 2014, the Federal Communications Commission (“FCC”) issued a Public Notice requesting comments on a petition by the American Bankers Association (“ABA”) to exempt informational calls and texts to mobile devices...more

New Requirements Regarding Flood Insurance in Massachusetts

On July 23, 2014 , Governor Deval Patrick signed into law “An Act Further Regulating Flood Insurance”, effective November 20, 2014. Links to the Act and to “Frequently Asked Questions” prepared by the Massachusetts Division...more

Beware of Unintended Beneficiary Designations

Beneficiary designations are commonly used to name the individuals or entities who are to receive the proceeds of life insurance policies or retirement plans after the death of the owner. An increasing number of financial...more

Operation Chokepoint and the Brave New World of Criminal Liability - November 2014

The U.S. Department of Justice and banking regulators have stepped up the pace of criminal, civil and administrative actions against banks, payment processors, money transmitters, and other financial institutions, for...more

Financial Regulatory Developments Focus - November 2014 #3

In this issue: - G20 Leaders Summit - Bank Prudential Regulation & Regulatory Capital - Bank Structure - Derivatives - Enforcement - Financial Market Infrastructure -...more

CFPB Issues Broader Than Expected Prepaid Card Proposal and Model Forms

On November 13, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited proposal with respect to prepaid cards. This proposal, which consisted of 870 pages, covers traditional prepaid cards as well as mobile...more

Maximum Cybersecurity: FFIEC Releases Cybersecurity Assessment

On November 3, 2014, the Federal Financial Institutions Examination Council (“FFIEC”), an interagency body that prescribes principles and standards for the federal examination of financial institutions, released a set of...more

Federal Banking Agencies Sharpen Scrutiny of Leveraged Lending

Following a slide in lending standards and an increase in leveraged loan volume, new guidance from the federal banking agencies suggests a tightening of credit standards for leveraged loans from regulated banking...more

EEOC Roundup: October 2014

Employment is heavily regulated in the U.S., where it is illegal to discriminate against a job applicant or an employee because of the person's race, color, religion, sex (including pregnancy), national origin, age (40 or...more

California FTB to Consider Revisions to Combination Regulations for Mixed Financial and Non-Financial Reporting Groups

The California Franchise Tax Board (FTB) has announced the scheduling of an Interested Parties Meeting (IPM) for December 4, 2014 on the topic of possible regulatory efforts regarding the proper treatment of mixed...more

Bridging the Week - November 2014 #3

Five Banks Penalized US $3.1 Billion by CFTC and UK FCA for Attempted Manipulation of FX Benchmark Rates; OCC Fines Two of the Banks and One More an Additional US $950 Million - The Commodity Futures Trading Commission...more

Department of Justice Continues to Ignore Wall Street Whistleblowers

Attorney General Eric Holder has spoken a lot about the need for help from whistleblowers who can provide evidence to the Department of Justice about the crimes committed on Wall Street from September 2008 and onward....more

Bank That Accepted Stolen and Forged Checks From Check-Cashing Company Had Duty of Care to Verify Endorsements

Addressing an issue of first impression, the California Fourth Appellate District has decided that a check cashing service is not a bank for purposes of the fraudulent indorsement provisions of Section 3405 of the California...more

Illinois Supreme Court Agrees to Decide Whether Trustee May Rescind Reverse Mortgage

During its September term, the Illinois Supreme Court agreed to decide an issue of importance to property and banking practitioners: is the statutory right to rescind a reverse mortgage limited to the original property owner?...more

Orrick's Financial Industry Week in Review

FSB Consults on Total Loss-Absorbing Capacity for G-SIBs - On November 10, the Financial Stability Board (FSB) published a consultation paper on proposals on the adequacy of total loss-absorbing capacity (TLAC) of...more

Nevada’s Business Judgment Rule: FDIC – 4; Management – 0

In recent weeks, the U.S. District Court has issued four separate rulings in cases brought by the Federal Deposit Insurance Corporation (FDIC) against former bank managers for breach of fiduciary duty. Here is a brief recap...more

Can Undue Concentration in Financial Companies Threaten Market Stability? New Federal Reserve Merger and Acquisition Regulation...

The new year will bring new restrictions on banks and certain large financial institutions, as the Federal Reserve Board issued a final rule prohibiting financial companies from merging if the ratio of the resulting entity’s...more

Facts about fraud: Fact #1 - Collusion equals bigger frauds

International Fraud Awareness Week - November 16 - 22, 2014 - #fraudhurtsbad - Facts About Fraud - This week is International Fraud Awareness Week. We're cicking things off and spreading the word on the fight...more

Prudential Regulators and CFTC Re-Propose Margin Requirement Rules for Uncleared Swaps

The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Farm Credit Administration, and the Federal Housing Finance Agency...more

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