Banks

News & Analysis as of

Data Privacy and Security Insider Update - April 2015

Target Corp. announced yesterday that it has settled the claims of MasterCard International Inc. (MasterCard) against it to reimburse MasterCard and its card issuers for the losses it sustained in issuing new credit and debit...more

Foreign Banks and Bankers Face New Risks From Swiss Bank Amnesty

The first non-prosecution agreement signals expanded US tax enforcement opportunities at home and abroad. The US Department of Justice (DOJ) has announced the first non-prosecution agreement (NPA) with BSI, SA, (BSI)...more

New York Department Of Financial Services Says Banks’ Security Oversight Of Vendors Is Inadequate

On April 9, 2015, the New York Department of Financial Services (“NYDFS”) issued a report entitled Update on Data Security in the Banking Sector: Third Party Service Providers (the “Report”). The Report details findings of a...more

Federal Banking Regulators Issue FAQs on the Regulatory Capital Rule

On April 6, three prudential banking regulators – the Federal Reserve, OCC, and FDIC – issued interagency guidance to clarify and answer questions from regulated financial institutions with respect to the regulatory capital...more

NYDFS Cyber Security Report Shows Vulnerabilities in Banks’ Third-Party Vendors

On April 9, the NYDFS released a report finding potential cyber security vulnerabilities with banks’ third-party vendors, based on a survey of 40 banking organizations regarding the cyber security standards in place for their...more

New York Agency’s Report Focuses on Data Vulnerability of Banks’ Third-Party Vendors

The New York State Department of Financial Services (NYDFS) recently issued a report identifying common cybersecurity issues and concerns caused by the failure of some banks to sufficiently manage vulnerabilities posed by...more

Late Fees More Feasible After The Full Federal Court Overturns Decision On Penalties

On 8 April 2015 the Full Federal Court of Australia has found that certain bank fees were not penalties or otherwise unconscionable, unjust or unfair under statute reversing the first instance decision of Gordon J. This brief...more

EBA’s Recommendations to Non-EU and Review of EU Supervisory Authorities

The European Banking Authority has published a recommendation setting out its opinion on the confidentiality regime of several non-EU supervisory authorities to facilitate their participation in supervisory colleges...more

Massachusetts AG Launches Webpage for Homeowners Trying to Clear Property Titles

On March 31, the office of Massachusetts AG Maura Healey launched a new webpage designed to help eligible homeowners clear property titles in order to refinance or sell their properties. The webpage follows a $2.7 million...more

DOJ's Pursuit Of Admissions — And The Risks Of Settling

On March 19, 2015, the U.S. Attorney’s Office for the Southern District of New York announced a proposed settlement of a civil fraud lawsuit against a large financial institution (bank). As with many of the U.S. Department of...more

Bank of America Settles RMBS Suit

On April 2, 2015, plaintiffs BNP Paribas Mortgage Corporation and BNP Paribas and defendant Bank of America filed a Joint Stipulation of Dismissal with Prejudice stating that both parties had reached an agreement to settle...more

How Will Banks Deal with Millennials and Their Money?

Fair Isaac shared some eye-popping statistics on the financial preferences and habits of the so-called “millennial” generation, born in the early 1980s or 90s. Also called Generation Y, 75+ million millennials have a much...more

Full And Frank Disclosure Obligation Breached But Injunction Upheld

In JSC Mezhdunarodniy Promyshlenniy Bank & anr v Sergei Viktorovich Pugachev [2014] EWHC 4336 (Ch), 19 December 2014, Mann J refused to discharge a GBP 1.2 billion worldwide freezing injunction despite finding, inter alia,...more

Comptroller Curry Remarks on OCC Assistance to Mutual Savings Associations and Community Banks

On March 23, OCC Comptroller Curry delivered remarks at the ABA Mutual Community Bank Conference regarding the agency’s supervision of mutual savings associations and community banks. Curry focused on the agency’s ongoing...more

CJEU Rules On Jurisdiction In Prospectus Liability Claim

The Court of Justice of the European Union (Fourth Chamber) has ruled on jurisdiction in a prospectus liability claim, concerning index certificates issued by a UK bank, and purchased by an Austrian investor (consumer) via a...more

Mrs. Yellen, What in the World Are You Doing?

Is the Federal Reserve overreaching by broadening the scope of its policies? If extremism in the defense of liberty is (reportedly) no vice, unremitting, continuous undisciplined chatter for the sake of transparency...more

Third State jurisdiction clause respected – Owusu considered

To what extent, if at all, does the English court have discretion to decline jurisdiction over proceedings commenced on the basis of domicile of the defendant, if the appropriate forum is a third state court? In particular,...more

BSI Is First Bank to Reach Resolution in DOJ’s Program for Swiss Banks

BSI of Lugano, Switzerland, became the first bank to earn a non-prosecution agreement under the U.S. DOJ’s Program for Swiss Banks, paying a penalty of $211 million. First announced on August 29, 2013, the program offered...more

RBS Motion to Dismiss RMBS Fraud Claim Granted in Part

On March 20, U.S. District Judge Paul G. Gardephe of the Southern District of New York granted in part and denied in part Defendants’ motion to dismiss a complaint filed by several HSH Nordbank affiliates against several RBS...more

Financial Regulatory Developments Focus - March 2015 #4

In this issue: - Bank Prudential Regulation & Regulatory Capital - Regulations on Methodology for Calculation of Fixed Costs by Investment Firms - UK Bank of England Announces Details of 2015 Stress...more

Operation Chokepoint Yields Deals With Two California Banks

Why it matters - A pair of settlements between the Department of Justice (DOJ) and two California banks recently demonstrated that Operation Chokepoint is alive and well. CommerceWest Bank agreed to pay $4.9 million to...more

First bank resolution announced by DOJ: US taxpayers advised that time is running out to come forward

On March 30, 2015, the US Department of Justice announced the first non-prosecution agreement entered into by a Swiss bank pursuant to the Swiss Bank Program and advised US taxpayers with secret offshore bank accounts that...more

Ex-Credit Suisse Bankers Sentenced to Probation in Exchange for Cooperation

On March 27, 2015, a judge in the Eastern District of Virginia sentenced former Credit Suisse bankers Josef Doerig and Andreas Bachmann to five years of probation. Their sentences were the result of their cooperation with the...more

DOJ Announces First Swiss Bank to Reach Resolution Under Swiss Bank Program

Today the Justice Department announced that BSI SA of Lugano, Switzerland, one of the 10 largest private banks in Switzerland, is the first bank to reach a resolution under the Department of Justice’s Swiss Bank Program....more

Fed and OCC Assert Bank Examination Privilege in Mortgage-Backed Securities Class Action

On March 23, the Federal Reserve and the Office of the Comptroller of the Currency – both non-parties in the suit – filed briefs requesting that a district court reject a motion to compel discovery of over 30,000 documents...more

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