News & Analysis as of

Federal Deposit Insurance Corporation FinCEN

The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain... more +
The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s.  The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships.  less -

May, June and July Developments

by Sullivan & Worcester on

With a straight face, President Trump has issued an executive order on June 20th that would expand Apprenticeship opportunities in the US in order to expand jobs. The CFTC has adopted some final rules on records...more

Trends in Anti-Money Laundering Enforcement and Compliance

by Baker Donelson on

For years banks and other financial institutions have dealt with the anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA). Governmental agencies, both regulatory and law enforcement, have placed particular...more

Treatment of Bitcoin Under U.S. Property Law

by Perkins Coie on

In this white paper, we analyze the treatment of bitcoin under applicable U.S. property law. We conclude that property interests should exist in bitcoin under such law, and that multiple sources of persuasive authority...more

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

by Carlton Fields on

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

Financial Services Weekly News - October 2016 #3

by Goodwin on

Editor's Note - Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more

Financial Services Report, Fall 2016

by Morrison & Foerster LLP on

Editor’s Note - So much for summer! The weather is cooling, the kids are back to school, and we better not see you wearing white so long after Labor Day! For those of you having a little trouble getting back in the...more

Financial Services Weekly News - August 2016

by Goodwin on

Regulatory Developments - FDIC Seeks Comments on Third-Party Lending Guidance - On July 29, the FDIC announced that it is seeking comments on proposed Guidance for Third-Party Lending addressing steps...more

Civil Fines Jump Across Agencies Under Inflation Adjustment Act

by WilmerHale on

Civil fines across federal agencies have recently been increased dramatically under the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (2015 Act) (Sec. 701 of Public Law 114-74), with some more than...more

Financial Services Weekly News - May 2016 #4

by Goodwin on

Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

Financial Services Weekly News - May 2016 #2

by Goodwin on

Regulatory Developments - Client Alert: CFPB Proposes Rules Prohibiting Class-Action Waivers in Arbitration Agreements - On May 5, the CFPB issued long-expected proposed rules that will drastically limit the use of...more

Orrick's Financial Industry Week in Review

Senators Introduce SAFE Lending Act - On April 7, 2016, several Democratic Senators introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, SAFE 2016, which is designed to change the manner in which...more

Financial Services Weekly News - April 2016

by Goodwin on

Regulatory Developments - DOL Issues Final Fiduciary Rule - On April 6, the Department of Labor (DOL) unveiled its pre-publication final version of the long-awaited fiduciary rule (the Final Rule). Some of the more...more

Financial Services Weekly News - March 2016

by Goodwin on

Regulatory Developments - CFPB Now Accepting Complaints on Online Marketplace Lenders - On March 7, the Consumer Financial Protection Bureau (CFPB) announced two initiatives: it will now accept complaints from...more

Financial Services Weekly News - December 2015 #4

by Goodwin on

Regulatory Developments - FDIC Rule Amends Filing Requirements and Processing Procedures for Changes in Control - On Dec. 16 the FDIC announced the adoption of a final rule amending the FDIC's filing requirements...more

BSA, AML Failures by West Virginia Bank Yield FDIC, FinCEN, DOJ Actions

Why it matters - In a coordinated effort, the U.S. government identified another “poster child” to demonstrate its continued vigilance and earnestness in pursuing lax BSA/AML procedures and oversight and violations of...more

West Virginia’s Bank of Mingo Pays $4.5 Million for BSA/AML Compliance Program Deficiencies, Showing that Small and Midsize...

A series of recent federal enforcement actions targeting weaknesses in financial institutions’ Bank Secrecy Act/anti–money laundering (BSA/AML) compliance programs continued on June 15, when the Department of Justice (DOJ),...more

Small Local Bank Agrees to $4.5 Million Penalty for Ineffective Anti-Money Laundering Program and Structured Transactions

by Reed Smith on

On June 15, multiple federal agencies issued a $4.5 million penalty against a local bank that admitted to failing to maintain an effective anti-money laundering program. The coordinated enforcement action by multiple agencies...more

Financial Services Weekly News Roundup - June 2015 #3

by Goodwin on

Regulatory Developments - CFTC Provides No-Action Relief from Introducing Broker and Commodity Trading Advisor Registration to Non-U.S. Persons Who Advise on or Facilitate Swaps Transactions for Certain International...more

Financial Services Weekly News Roundup - February 2015 #4

by Goodwin on

FDIC Study Shows Branch Banking Has Staying Power: Has your smartphone displaced your bank? According to an FDIC study released on February 19, traditional brick-and-mortar offices are maintaining their primacy, despite...more

Financial Services Weekly News Roundup - January 2015 #2

by Goodwin on

Editor’s Note - Rich Matheny Comments on New Format of OFAC Sanctions List: On January 5, OFAC announced the release of a new format of its Specially Designated Nationals and Blocked Persons (SDN) List. With the new...more

FFIEC Releases Revised BSA/AML Examination Manual

by Katten Muchin Rosenman LLP on

On November 26, the Federal Financial Institutions Examination Council (FFIEC) released the revised Bank Secrecy Act/Anti-Money Laundering (BSA/AML) Examination Manual. ...more

Financial Services Weekly News Roundup - November 2014 #2

by Goodwin on

The SEC first proposed a study of the fiduciary obligations of brokers and investment advisers as required by the Dodd-Frank Act in July 2010. The SEC still has not made a decision about the shape of a fiduciary rule for...more

Individual Liability: What’s Behind The Headlines?

by Morrison & Foerster LLP on

It’s been open season on financial institutions since the 2008-2009 financial crisis (“Financial Crisis”). State and federal prosecutors and regulators are competing with each other for press coverage of their latest consent...more

Corporate and Financial Weekly Digest - Volume VIII, Issue 48

by Katten Muchin Rosenman LLP on

In this issue: - SEC Proposes Rules for “Regulation A+” Offerings - NFA Notifies Members of FinCEN Advisory - SEC Announces Enforcement Results for 2013 - Delaware Chancery Reviews Privilege for...more

Financial Services Law -- Nov 08, 2013

FDIC Cautions Financial Institutions About D&O Insurance - Noting a rise in the use of exclusions in insurance policies for executives at financial institutions, the Federal Deposit Insurance Corporation urged banks to...more

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Cybersecurity

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