The Financial Stability Board (the “FSB”), a group of representatives from central banks, finance ministries and financial supervisors from the Group of 20 leading economies, Hong Kong, the Netherlands, Singapore, Spain and...more
We recently notified you of the FDIC’s Financial Institution Letter 47-2013 , which urges directors and officers of financial institutions to examine their institutions’ directors and officers (D&O) insurance coverage to...more
A recent SDNY ruling strengthens the Department of Justice’s expanding application the Financial Institutions Reform, Recovery and Enforcement Act of 1989.
UPDATE On October 23, a jury returned the first FIRREA...more
- FDIC filing more suits against officers and directors of failed financial institutions
- Third Circuit upholds 12-year prison sentence for former BigLaw associate
- Health care executives...more
On September 24, a firm that handles due-diligence matters for financial institutions filed its opposition to a motion filed by the U.S. Attorney’s Office for the District of Connecticut, on behalf of the federal-state RMBS...more
Long before taxpayer-sponsored bailouts or state-sponsored “resolutions” of financial institutions came to occupy such a prominent place in our collective consciousness, financial institutions relied on hybrid capital...more
On May 13, 2013, Vermont Governor Peter Shumlin signed H.513 into law. The new law includes an amendment to Vermont’s Security Breach Notice Act, 9 V.S.A. § 2435. Previously, under § 2435, Vermont-regulated financial...more
The Board of Governors of the Federal Reserve System (“Board”) in December 2012 issued a proposed rule under the Dodd-Frank Act (“DFA”) for the enhanced supervision of foreign banking organizations (“FBOs”) and any foreign...more
Although today’s lending economy continues to follow a fairly steady path toward stability, the recent economic downturn has given rise to an increasing number of lawsuits by the Federal Deposit Insurance Corporation (“FDIC”)...more
Last fall, I wrote an article for Carolina Banker magazine excitingly titled “Bank Liability to Non-Customers in a Ponzi Scheme.” The crux of it concerns the potential liability to banks in Ponzi schemes and the precautions...more
Compliance programs depend on accurate and timely information. AML compliance centers on sifting through thousands of transactions and matching them against risk profiles. ...more
In a story released last night, Carter Dougherty at Bloomberg reports that the CFPB has warned “at least four banks” that it may take enforcement action against them under ECOA, alleging that a “policy” of “allowing” dealers...more
In This Issue:
- Assured Wins $90 Million in Damages in RMBS Breach of Contract Trial
- DOJ Brings Civil Fraud Action Against S&P
- S&P Seeks Declaration That Credit Ratings Are Immune...more
Organizations using social media are confronted with an ever increasing challenge of social media risk management. To help financial institutions identify, measure, monitor, and control such risks, the Federal Financial...more
Originally published in Law360, New York on January 29, 2013.
Banks, broker/dealers and other financial institutions often are the subject of claims by noncustomer investors, businesses, and estate and trust...more
The morning news reports flashes a report that your customer was actually a Ponzi scheme and defrauded numerous people. Of course, this is terrible news for the innocent victims, but, you ask yourself, could my bank be...more
We reported in July on a First Circuit Court of Appeals decision finding that a bank failed to implement commercially reasonable security methods to prevent unauthorized transfers by a criminal that gained the online banking...more
This Wall Street Journal Article features Bernstein Shur Attorney Dan Mitchell.
Banks typically are responsible for losses when personal accounts are hacked. But commercial clients that fall victim to cyber theft have...more
This BDN Maine article features Bernstein Shur Attorney Dan Mitchell.
SANFORD, Maine — A recent court ruling involving a Sanford construction company and its bank could have nationwide implications as attorneys and...more
The Federal Financial Institution Examination Council (FFIEC), an interagency body that advises a number of federal agencies on appropriate standards for the regulation of financial institutions, recently released a statement...more