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News & Analysis as of

Protecting financial institutions in cyberspace—U.S. financial regulators come up with a new tool kit to stem cyberthreats

The Federal Financial Institutions Examination Council (FFIEC) has recently developed a new tool to help U.S. financial institutions combat the increasing volume and sophistication of cyber attacks. To blunt threats to a...more

Senator Shelby's Push for Financial Regulatory Reform

Why it matters - Five years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, efforts on Capitol Hill seek to continue to turn back many of its regulatory restrictions. Sen. Richard...more

Insights & Trends: Regulating Faster Electronic Payments – More Complexity or Improved Consistency?

In January of this year, the Federal Reserve System issued a white paper titled “Strategies for Improving the U.S. Payments System.” The white paper notes that current technological developments (including the widespread...more

FinCrimes Update - July 2015 Summary Volume 2, Issue 7

AML/BSA & OFAC: OFAC PROVIDES GUIDANCE TO FINANCIAL INSTITUTIONS TO HELP COMPLY WITH CRIMEA SANCTIONS REGULATIONS - On July 30, OFAC issued a “Crimea Sanctions Advisory,” highlighting certain actions that have been...more

The Financial Report - Volume 4, No. 14 • July 2015 (Global)

US lawmakers seek push out details. US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more

Federal Reserve Orders Chinese Bank to Overhaul its BSA/AML Compliance Program

On July 21, a leading China-based bank agreed to address deficiencies in connection with the BSA/AML risk management and compliance program of its New York branch office. The Agreement, entered into with the Federal Reserve...more

D.C. Circuit Rules Small Bank has Standing to Challenge the Constitutionality of Consumer Financial Protection Bureau

Last week, the D.C. Circuit Court of Appeals reversed a D.C. District Court decision dismissing a bank’s complaint challenging the constitutionality of the CFPB based on lack of standing. The district court had concluded that...more

Federal Reserve Issues Final Rule Requiring GSIBs to Bolster Capital

The Federal Reserve Board on July 20 approved a final rule requiring the largest, most systemically important US bank holding companies to further strengthen their capital positions. Under the rule, a firm that is identified...more

CFPB Inserts Consumer Protection Issues into Faster Payment System Developments

The Consumer Financial Protection Bureau recently issued a series of Consumer Protection Principles to be considered as new, faster payment systems are being developed. The Rapidly Changing Regulatory Landscape for Faster...more

The Restructuring Mid-Summer Review: Europe and the Emerging Markets

For those focused on the debt restructuring market, the Greek sovereign crisis (covered extensively in our recent updates) has drowned out news of other debt restructuring matters this year. Our Alert below addresses key...more

The Federal Reserve Finalizes Capital Surcharge for Global Systemically Important Banks

Today, the eve of the fifth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Reserve Board approved a final rule (“Final Rule”) establishing an additional risk-based capital surcharge...more

Agencies Provide Guidance On Seeding Period for Volcker Rule

The staffs of the agencies responsible for administering the Volcker Rule have again updated the Volcker Rule FAQs. A new FAQ notes that the rule implementing the Volcker Rule and the accompanying preamble make clear that a...more

CFPB Recommends Consumer Protection Principles for Faster Payment Networks

On July 9, the CFPB issued a set of guiding principles aimed to help private industry better protect consumers as new, faster electronic payment systems continue to emerge. “While American consumers benefit from and make use...more

The CFPB and the Business of Insurance: An Analysis of the Scope of CFPB’s Authority Over Insurance Sales

In 2014, the Bureau of Consumer financial Protection (CFPB) issued an enforcement order against a bank and its service provider for allegedly misleading sales of insurance. That order was based on the CFPB’s power to prohibit...more

Federal Reserve Orders Bank Holding Company to Strengthen its Firmwide Risk Management, Cites Capital Planning and Liquidity Risk...

On July 7, the Board of Governors announced the execution of an enforcement action against a Boston-based bank holding company over deficiencies identified by the Federal Reserve Bank of Boston concerning the company’s...more

Federal Banking Agencies Reveal Location For Latest EGRPRA Outreach Meeting Highlighting Rural Banking Issues

On July 6, federal banking agencies – the Board of Governors, FDIC, and OCC – announced the date and location of the latest outreach meeting under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA). ...more

Agencies Finalize Revisions to Advanced Approaches Risk-Based Capital Rule Applicable to Large International Banking Organizations

On June 16, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency finalized revisions to the regulatory capital rules adopted in June 2013 that apply to...more

Financial Services Weekly News Roundup - June 2015 #2

Regulatory Developments: SEC Chair Highlights Recent Accomplishments - In a June 4, 2015 speech, SEC Chair Mary Jo White highlighted recent activities of the SEC and identified work to be done in the near future....more

Federal Reserve Orders Two Financial Institutions to Improve BSA/AML Compliance Programs

On June 1, a Boston-based international financial services holding company and its banking subsidiary agreed to address deficiencies in how they manage compliance risks with respect to their BSA/AML compliance program. The...more

LCR – The Fed Takes Tentative Step to Expand HQLAs

When the Office of the Comptroller of the Currency (the “OCC”), the Board of Governors of the Federal Reserve System (the “Board”) and the Federal Deposit Insurance Corporation (the “FDIC”) finalized the Liquidity Coverage...more

Senator Shelby Moves Forward with Major Dodd-Frank Reforms

On May 12, 2015, U.S. Senator Richard Shelby (R-Ala.), Chairman of the United States Senate Committee on Banking, Housing, and Urban Affairs, released the text of draft legislation intended to reform the regulatory framework...more

OCC, FRB, and FDIC Push Ahead on Reducing Regulation of Community Banks

On May 4, 2015, Comptroller of the Currency Thomas Curry, Federal Reserve Board (FRB) Governor Daniel Tarullo, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg held the third in a series of outreach...more

Orrick's Financial Industry Week in Review

CFTC Issues Guidance for Swap Execution Facilities on the Calculation of Projected Operating Costs - On April 23, the CFTC issued guidance regarding the calculation of projected operating costs or expenses for the...more

Federal Reserve Board Expands Small Bank Holding Company Policy Statement

On April 9, the Board of Governors of the Federal Reserve (Board) issued a final rule to expand the applicability of its Small Bank Holding Company Policy Statement and also apply it to certain savings and loan holding...more

Locke Lord QuickStudy: Federal Reserve Issues Final Rule to Expand the Small BHC Policy Statement

On April 9, 2015, the Federal Reserve Board issued a final rule to implement statutory changes to the Small Bank Holding Company Policy Statement (Small BHC Policy Statement) which will: (1) increase the asset threshold of...more

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