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Your Daily Dose of Financial News

It’s been far from a smooth ride for Uber over the past few weeks. And Friday’s revelation that the ride-sharing company’s been using a tool called “Greyball” to mine and use app data to “deceive the authorities in markets...more

Update: Prudential Regulators Delay Compliance Deadline for New Swap Margin Rules

If you have been following our alerts on the pending deadlines (and the delays of these deadlines by certain regulators) of the new swap variation margin rules (New Swap Margin Rules) that were due to go into effect on March...more

Swap Dealer Banks Win Six Month Phase-In for Variation Margin Requirements for Most Counterparties

U.S. swap dealer banks received much needed breathing room, but not complete relief from the March 1, 2017 variation margin (VM) deadline for swaps and security-based swaps. On February 23, 2017, the Federal Reserve Board...more

Your Daily Dose of Financial News

A review of the Fed minutes released yesterday shows the willingness of some Fed Governors to start rate raising again sooner rather than later....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

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

"The Trump Impact: Key Issues in Financial Services Reform for 2017"

The Trump administration has provided few specifics regarding its plans for financial regulatory reform. But Republican control of the executive and legislative branches of the federal government should create a favorable...more

Your Daily Dose of Financial News

Unfortunately enough for Deutsche Bank, 2017 isn’t starting off much better than the previous year. The German banking giant has agreed to pay a $425 million fine to NY state authorities (and another $204 million to the UK’s...more

NYDFS, American Bankers Association Weigh In On OCC Fintech Charter Proposal

The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more

Rock and a Hard Place: Banks In Search of Compliance Amid Diverging Regulatory Regimes

Last year was the first that national banks and federal savings associations subject to supervision by the Office of the Comptroller of the Currency (“OCC”) were armed with a sense of the agency’s regulatory expectations when...more

Fed to hold Feb. 2 consumer compliance webinar

On February 2, 2017 at 2 p.m. ET, the Federal Reserve will host a free webinar for bankers to provide a consumer compliance regulatory update. ...more

Emerging Trends Newsletter - Q4

The Volcker Rule Under the Trump Administration - The so-called Volcker Rule—named after Paul Volcker, a former chairman of the Federal Reserve Board—was part of the Dodd-Frank Wall Street Reform and Consumer Protection...more

2017 Resolutions for Community Banks: A Focus on Cybersecurity

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more

Regulators’ Christmas Gift to Banks: 18-Month Examination Cycle

Earlier this month, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued final interagency rules which will reduce regulatory...more

US Board of Governors of the Federal Reserve System Announces Annual Indexing of 2017 Reserve Requirement Exemption Amount and of...

The US Board of Governors of the FRS announced the annual indexing of reserve requirement exemption amount and low reserve tranche, two amounts used in determining reserve requirements of depository institutions under...more

Banks to Broaden Reporting of Suspicious Cyber Activity; Regulators Propose “Enhanced” Cybersecurity Standards

The fourth quarter of 2016 has seen an uptick in regulatory activity respecting the financial services sector in the cybersecurity space, both at the state level as previously discussed (here) and on the federal level....more

JPMorgan Sons and Daughters FCPA Enforcement Action, Part III-St. Mark’s Revealed

This week I am exploring the JP Morgan Chase (JPM) and its subsidiary, JPMorgan Securities (Asia Pacific) Limited (JPM-APAC), (collectively ‘the company’) Foreign Corrupt Practices Act (FCPA) enforcement action which...more

Lessons Learned From FCPA Enforcement Against JP Morgan for Sons and Daughters Referral Program

Last week, the Justice Department and the SEC finally brought to a close the Sons and Daughters or Princelings investigation. Pending investigations against four other companies still remain to be resolved....more

JPMorgan Sons and Daughters FCPA Enforcement Action, Part II

Today I will consider the superior result achieved by JPM in its FCPA resolution. Not only did it receive a 25% discount off the bottom of the US Sentencing Guidelines fine range but it received a NPA and not even a Deferred...more

JPMorgan Sons and Daughters FCPA Enforcement Action: Part I – Venice and Fog

JP Morgan Chase (JPM) and its subsidiary, JPMorgan Securities (Asia Pacific) Limited (JPM-APAC) resolved its Foreign Corrupt Practices Act (FCPA) matter last week, obtaining a Non-Prosecution Agreement (NPA) from the...more

Federal Regulators Unveil Proposed Cybersecurity Standards for Large Financial Firms

On October 19, 2016, federal regulators issued an Advance Notice of Proposed Rulemaking titled “Enhanced Cyber Risk Management Standards.” The draft standards, jointly released by the Federal Reserve, the Federal Deposit...more

New York and Feds Leading the Charge on Financial Institution Cybersecurity Regulations

Both federal and state officials recently proposed new regulations aimed at the financial sector in an effort to promote protection against high-impact technology failures and cyberattacks...more

Your Daily Dose of Financial News

The bond market seems to have a pretty good guess of things to come, at least. The bond market lost more than $1 trillion in value last week, and 30-year US bond yields rose the most since January 2009—all in anticipation of...more

Trump Election May Dramatically Change Landscape for Financial Institutions

Republicans retain the House and Senate and Donald Trump wins the presidential election, providing a Republican sweep of all the elected branches of the federal government. At this moment, it is unclear and uncertain what the...more

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Cybersecurity

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