Banks

News & Analysis as of

ABA seeks removal of mortgage rate calculator from CFPB website

The American Bankers Association has sent a letter to the CFPB urging it to take down from its website its new mortgage interest rate calculator tool. The CFPB launched the new tool earlier this month, in conjunction with its...more

Newly Passed Bill May Impact Dodd-Frank Act

The House of Representatives passed legislation that could loosen some of the restrictions imposed by Dodd-Frank on big banks. The bill, Promoting Job Creation and Reducing Small Businesses Burden Act, passed by a margin of...more

Commission Calls for Overhaul of Chapter 11 Bankruptcy Code

On Monday, December 8, 2014, the American Bankruptcy Institute’s Chapter 11 Reform Commission, which is tasked with recommending reforms to the nearly 40-year-old bankruptcy regime, released a report which found that the...more

CFPB issues compliance bulletin on treatment of confidential supervisory information

In a new compliance bulletin (2015-01), the CFPB reminds supervised financial institutions, including nonbanks, of their obligations regarding the disclosure of confidential supervisory information (CSI)....more

Courts Address the Level of Security Banks Must Provide to Business Accounts

Big or small, all bank accounts are susceptible to hijacking and fraudulent wire transfers. Banks ordinarily bear the risk of loss for unauthorized wire transfers. Two independent frameworks exist to govern these transfers:...more

OCC No Longer Issuing Anti-Money Laundering Recommendations

Office of the Comptroller of the Currency (“OCC”) examiners stated on Monday that they will no longer make recommendations on how banks can better comply with anti-money laundering (“AML”) regulations. Rather, the policy...more

"Lawmakers and Regulators Continue Focus on Strategies for Resolving SIFIs"

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 contains two sets of provisions for managing the insolvency of financial institutions. First, the legislation creates an Orderly Liquidation Authority...more

Bitcoin – The Ever “Curiouser and Curiouser” Bitcoin Wonderland – Part Eleven

“Virtual currencies” in general, and bitcoin in particular, continue to attract media attention as well as intense public and regulatory scrutiny. In the United States, the recent establishment of the Digital Currency...more

Banks Take A Risk In Freezing A Debtor’s Account During Chapter 7 Proceeding

Introduction - What is a bank to do when an individual depositor files a chapter 7 bankruptcy petition? Do the turnover requirements of the US Bankruptcy Code allow the bank to put a freeze on the debtor’s account, at...more

SEC Files Prime Bank Fraud and Offering Fraud Actions as Administrative Proceedings

The trend of selecting administrative proceedings rather than Federal court by the SEC appears to be continuing. Since last September, for example, the SEC has filed at least seven insider trading cases as administrative...more

Financial Institutions in Poland Under Great Pressure of the Antitrust Authorities - Is There Help Available?

Commercial banks in Poland fell under detailed scrutiny of Polish antitrust authority after some of them refused to cut interest rates on mortgage loans in Swiss francs, despite the currency’s rapid appreciation. Seeking to...more

The Financial Report - Volume 4, No. 2 • January 2015 (Global)

Discussion and Analysis - Last week, several of the world’s largest banks and brokerage firms lost hundreds of millions of dollars when the Swiss franc surged suddenly and surprisingly against the euro. It is eerily...more

Have a Seat, Please!!

Now that the California Supreme Court crippled California employers covered under IWC Wage Order 4 (the catch-all Wage Order), in Mendiola v. CPS Security Solutions, Inc. by making them retroactively liable for all on-call...more

A Municipal Ordinance Requiring Registration and Maintenance of Vacant or Foreclosed Properties Preempted under Chapter 21E

A municipal ordinance imposing registration and maintenance obligations upon owners and secured lenders of buildings that are vacant or undergoing foreclosure was preempted by the Massachusetts remediation and clean-up...more

CFPB Issues Request For Information on Proposed “Safe Student Account Score Card”

On January 14, the CFPB issued a press release seeking public comments on its “Safe Student Account Scorecard.” The scorecard is a tool for colleges and universities to solicit information on the fees and features of...more

Supreme Court Revives LIBOR Antitrust Appeal in Gelboim et al. v. Bank of America Corp. et al.

On January 21, 2015, the Supreme Court of the United States issued a highly anticipated decision in a LIBOR-based antitrust class action suit allowing a plaintiff to immediately take a direct appeal from an order dismissing...more

“You might be a deposit broker!”

I recently read the brokered deposits FAQ from the FDIC and was a wee bit surprised to find out that I might be a deposit broker. In fact, there were several categories of persons that might surprise you as well. You...more

Supreme Court Clarifies Timing of Appeals in MDL Cases

On January 21, 2015, the U.S. Supreme Court announced the definitive rule governing the timing of appeals from a multidistrict litigation proceeding (MDL). The Court held that plaintiffs in actions centralized in an MDL whose...more

Banking & Finance Litigation Update - Issue 82 (Global)

We wish to establish a dialogue with our readers.... The Banking & Finance Litigation Update is published monthly and covers current developments affecting the Group's area of practice and its clients during the preceding...more

A Cautionary Tale – The Need for Bank Oversight on Collateral Releases

Beware!! The story brought to us today courtesy of the Second Circuit Court of Appeals (In re: Motor Liquidation Co., 13-2187) is one that should strike fear into the hearts of all bankers and lawyers. It is a cautionary tale...more

Bank Regulators Release Public Sections of “Living Wills”

On January 15, the Federal Reserve and the FDIC issued a joint press release making available the public sections of resolution plans of firms with less than $100 billion in qualifying nonbank assets. The Dodd-Frank Act...more

Trade-Based Money Laundering: What You Don’t Know Can Hurt You

Lauren Connell, Managing Associate at The Volkov Law Group, joins us again with a posting on AML trends. They say that when one door closes another will open. Unfortunately, that appears to hold true for criminal money...more

Supreme Court Rules on “Tacking” and District Court Distinguishes Dish Network from Aereo

Hana Financial, Inc. v. Hana Bank – What You Need to Know - Yesterday, the U.S. Supreme Court held that whether two trademarks may be tacked for purposes of determining priority is a question for the jury, because...more

Supreme Court Decides Gelboim v. Bank of America Corp.

On January 21, 2015, the Supreme Court of the United States decided Gelboim v. Bank of America Corp., No. 13-1174, holding that, because cases consolidated for multidistrict pretrial proceedings ordinarily retain their...more

Financial Regulatory Developments Focus - January 2015 #2

In this issue: - European Banking Authority’s Second Report on Impact of Liquidity Coverage Ratio - Delegated Regulations under CRD IV Published in Official Journal of the European Union - Prudential...more

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