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Foreign Banking Organizations

Fenwick & West LLP

FDIC Proposes More Oversight on Custodial Deposit Accounts

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On September 17, the Federal Deposit Insurance Corporation (FDIC) proposed a new rule that would significantly impact the risk management and oversight requirements for bank-fintech arrangements. This proposal comes in...more

Venable LLP

Custody Battles: The FDIC's Latest Proposed Rule on FBO Accounts

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The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....more

Morrison & Foerster LLP

Federal Banking Agencies Adopt Climate-Related Financial Risks Guidance

On October 24, 2023, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (together, the “Agencies”) released their final Principles for Climate-Related...more

Morrison & Foerster LLP

10 Tips for Fintechs in Navigating Sponsor Bank Relationships through this Banking Crisis

The current banking crisis, which in significant part has been focused on regional banks catering to fintech companies, is likely to result in increasing regulatory focus on an industry already subject to regulatory scrutiny....more

Venable LLP

FBO Accounts: What Banks and Fintechs Need to Know

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One of the biggest challenges for fintechs is ensuring that their services comply with federal and state money transmission laws. For example, a fintech operating as a payment facilitator faces significant money transmission...more

White & Case LLP

Immigration Reform: The Federal Reserve should adopt the 2019 Volcker Rule revisions as the standard for how foreign banks can...

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The Board of Governors of the Federal Reserve (the "Federal Reserve") has over several decades defined when an activity engaged in by foreign banks subject to the Bank Holding Company Act of 1956 (the "BHCA"), which are thus...more

Wiley Rein LLP

The State of the Base: DoD Diagnoses Barriers to Competition, but Has No Cure

Wiley Rein LLP on

What happened? Just weeks before the real State of the Union Address to Congress, the Department of Defense (DoD or Department) published a report on the “State of Competition within the Defense Industrial Base” (DIB Report)....more

Mitchell, Williams, Selig, Gates & Woodyard,...

Joint Stormwater System Improvements: Federal District Court Addresses Fixed Base Operator/Airport Dispute

A United States District Court (Southern District – New York) (“Court”) addressed in a March 11th Opinion issues arising in a dispute between a County-owned airport and a fixed-based operator (“FBO”) regarding proposed...more

White & Case LLP

Financial Regulatory Observer - December 2019: Tailored enhanced prudential standards for non-US banks

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Since the 2008 financial crisis, a non-US bank seeking to establish or maintain a US presence has been required to comply with a set of stringent regulatory requirements, but a recently adopted rule (Final Rule) limits their...more

Morrison & Foerster LLP - Government...

August 2019 Bid Protest Roundup

This installment of our monthly bid protest Law360 spotlight takes a look at three protest decisions from August, highlighting the most noteworthy aspects of the decisions for companies competing for contracts and agencies...more

White & Case LLP

Financial Regulatory Observer – March 2019: Navigating uncertainty: Corporate governance for foreign banks in the US

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With the regulatory agenda for the US operations of foreign banks in a state of flux, Kevin Petrasic, Paul Saltzman, Glen Cuccinello, Will Giles and Alexander Abedine of global law firm White & Case provide a map to help...more

Morrison & Foerster LLP

Federal Reserve Board Revises FR Y-7 and Provides Guidance on Enhanced Prudential Standards for Foreign Banking Organizations

On January 18, 2018, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) announced the approval of proposed revisions to the Annual Report of Foreign Banking Organizations (“FR Y-7”). The...more

A&O Shearman

Federal Reserve Board Announces Elimination of SOSA Ranking and Proposes Changes to Payment System Risk Policy

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The US Federal Reserve Board announced that it is seeking comments regarding a proposed change to its Payment System Risk Policy. In a related action, the Federal Reserve Board has also announced that it is eliminating the...more

Morgan Lewis

Japan Releases Draft ‘Principles for Customer-Oriented Business Conduct’

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LawFlash February 17, 2017 Financial Services Agency of Japan proposes seven principles aimed at creating a customer-oriented financial services culture. On January 19, the Financial Services Agency of Japan (JFSA) released a...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

SEC Adopts Trade Acknowledgment and Verification Rules for Security-Based Swap Transactions - On June 8, 2016, the Securities and Exchange Commission publicized the implementation of "rules that will establish timely and...more

Orrick - Finance 20/20

Federal Reserve Updates Risk Management Supervisory Guidance for Smaller FBOs

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On June 8, 2016, the Federal Reserve updated its Supervisory Guidance that partially supersedes SR letter 95-51, “Rating the Adequacy of Risk Management and Internal Controls at State Member Banks and Bank Holding Companies.”...more

Orrick - Finance 20/20

Banking Agencies Permit “Reduced Content” Living Wills for Smaller FBOs

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On June 10, 2016, the Federal Reserve Board and Federal Deposit Insurance Corporation announced they are permitting 84 foreign banking organizations (not identified) with limited U.S. operations to file “reduced content”...more

Morrison & Foerster LLP

Federal Reserve Proposes Revisions to Form FR Y-7Q to Incorporate Capital Adequacy Standard Reporting Requirements for Foreign...

On Monday, April 4, 2016, the Board of Governors of the Federal Reserve System (“Federal Reserve”) proposed a revision to Form FR Y-7Q to incorporate the capital adequacy standard reporting requirements for foreign banking...more

Morrison & Foerster LLP

Too-big-to fail, RIP?

The latest set of prudential rules is the strongest sign yet that too-big-to-fail has seen its last days - Despite the comprehensive reforms put in place in the wake of the financial crisis by the landmark Dodd-Frank...more

Morrison & Foerster LLP

TLAC, and Then Some… A Preliminary Assessment of the Federal Reserve Board’s NPR

On Friday, October 30, 2015, the Federal Reserve Board (“Board”) reaffirmed its commitment to both the bank holding company model and single point of entry resolution. In a departure from historical views of the purpose and...more

Troutman Pepper

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

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1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

Franczek P.C.

Illinois Court Finds Special Property Tax Exemption Unconstitutional

Franczek P.C. on

A property tax exemption designed to benefit a single aviation company was recently found unconstitutional by the Illinois Appellate Court. The exemption was only for fixed base operators (FBOs) providing aeronautical...more

Skadden, Arps, Slate, Meagher & Flom LLP

"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

Ballard Spahr LLP

New FAQ on Volcker Rule CEO Attestation Requirement

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The five agencies that jointly issued the final Volcker Rule last December recently added to their existing list of “frequently asked questions” (FAQs) a new item addressing the attestation requirement applicable to CEOs of...more

Morrison & Foerster LLP

Federal Reserve Issues Guidance on Implementation Plans and Other Enhanced Prudential Standards for Foreign Banking Organizations

On June 26, 2014, the Federal Reserve Board (“Board”) published on its website responses to frequently asked questions (“FAQs”) relating to enhanced prudential standards under Section 165 of the Dodd-Frank Act and its...more

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