Financial Institutions

News & Analysis as of

OFAC Fines Foreign Bank For Violating 50 Percent Rule

The U.S. Department of Treasury's Office of Foreign Assets Control ("OFAC") continued Monday, February 8, 2016, to direct the weight of its enforcement power at foreign banks, this time entering into a $2,485,890 settlement...more

FDIC Releases Paper on Cybersecurity

On February 1, the Federal Deposit Insurance Corporation (FDIC) published “A Framework for Cybersecurity,” an article that appears in the Winter 2015 issue of Supervisory Insights. The article discusses the cyber threat...more

CFPB Issues Guidance, and a Warning, to Institutions Reporting to Specialty CRAs

On February 3, 2016, in conjunction with a Field Hearing held the same day concerning deposit accounts, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin on the duties of furnishers of information...more

First Step to Re-engagement: Canada Rolls Back Iranian Sanctions

In an abrupt reversal of the trend of increasing sanctions against Iran, which Canada has followed since 2011, the Government of Canada announced on February 5, 2016, that it would be implementing significantly less stringent...more

Poland: Wealth Tax on Bank and Insurance Assets Effective from 1 February 2016 - On 15 January 2016, the Polish parliament passed...

At the same time, the legislator decreed that this new wealth tax will not affect the terms and conditions governing the rendering of financial and insurance services under contracts concluded prior to 1 February 2016....more

CFPB Encourages Financial Institutions to Improve Checking Account Access

In remarks delivered yesterday at a field hearing in Louisville, Kentucky, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced three actions the CFPB is taking to encourage financial institutions to...more

FinCEN to Financial Institutions: Include Cyber Data in Suspicious Activity Reports (SARs)

As new legislation aimed at facilitating greater cybersecurity information sharing between private industry and government takes effect (i.e., Cybersecurity Information Sharing Act), FinCEN Director Jennifer Shasky Calvery...more

Tearing Down the Silos

AML and cybersecurity teams must discover what they have in common, identify mutual strengths and weaknesses, and move toward an effective fusion of functions, processes, and mindsets. ...more

Changes to the Annual Privacy Notice Delivery Requirement

As a result of recent changes to federal privacy laws, financial institutions—such as registered investment advisers, exempt reporting advisers, commodity trading advisers, registered broker-dealers and private funds—may no...more

FinCEN Issues Advisory on Jurisdictions with AML/CFT Deficiencies

On January 20, 2016, the Financial Crimes Enforcement Network (FinCEN) issued an advisory to financial institutions about an updated list of jurisdictions with strategic anti-money laundering/counter-terrorist financing...more

US Loan Market Adapts to European Bail-In Directive

LSTA publishes model provisions for use in US law-governed credit agreements to assist in adopting new EU bail-in rules. European Economic Area (EEA) financial institutions are now subject to a new set of regulatory...more

Are the Patent Trolls Vulnerable to Antitrust Claims?

We previously wrote about the nascent efforts of legislators, regulators, and representa­tives of technology-dependent industries to use the antitrust laws, such as Section 2 of the Sherman Act or Section 7 of the Clayton...more

Congress Eliminates Annual Privacy Notice Requirement for Certain Financial Institutions

President Obama signed into law on December 4, 2015 a bill that amended Section 503 in Title V of the Gramm-Leach-Bliley Act (G-L-B Act), with the result that financial institutions – including investment companies and...more

Amendments to FRCP 26(b) Put Significant Emphasis on Proportionality

Revisions to several key provisions of the Federal Rules of Civil Procedure took effect on December 1, 2015, and will have a significant impact on discovery procedure and practice in federal court. The aim of these revisions...more

Bail out the sea of paper in your in-box – understanding Article 55 bail-in clauses

From 1 January 2016, European Economic Area (EEA) member states are required to implement Article 55 of the European Union Bank Recovery and Resolution Directive (2014/59) (BRRD)....more

Regulators Caution Banks About CRE Lending

Why it matters - In a statement expressing concern about the growth of commercial real estate (CRE) lending, the federal banking agencies stressed the need to utilize "prudent risk-management practices." The Board of the...more

CFPB Seeks Applications for Advisory Board and Advisory Councils

On January 15, the CFPB announced that it is accepting applications for membership on its Consumer Advisory Board (Board) and two other advisory groups, the Community Bank Advisory Council, and the Credit Union Advisory...more

Surprises in OCC's Examination Priorities for 2016? Careful Innovation, Cybersecurity, Criminal Avoidance, Nonbank FI Lending

Why it matters - Comptroller Thomas J. Curry underscored key 2016 supervisory concerns for his agency in a mid-December industry call discussing the OCC's latest Semiannual Risk Perspective report. His list includes the...more

Beneficial Ownership: Sanctions and FCPA Compliance

Financial institutions have been pushing back hard on FinCEN’s proposal to require banks, investment banks and other financial institutions to identify beneficial owners of account holders. As time goes on the impact of...more

How the Current Regulatory and Legal Landscapes Can Lead to Fair Lending Violations

The CFPB's website states, "Other regulators focus on the safety and soundness of the financial institutions first. The CFPB is the first to focus primarily on the American consumer." The CFPB's actions, however, may have the...more

FinCEN Updates FATF AML/CFT Deficient Jurisdictions List

On January 19, FinCEN issued an advisory, FIN-2016-A001, to provide financial institutions with guidance on reviewing their obligations and risk-based approaches with respect to certain jurisdictions. According to the...more

FHFA Issues Final Rule Amending Regulations Governing Eligibility for FHLBank Membership

On January 12, the FHFA issued a final rule amending membership eligibility in the Federal Home Loan Bank (FHLBank) system. The final rule, which follows the FHFA’s September 2014 proposal to revise the requirements for...more

"Iran Sanctions Changes Will Impact Foreign Financial Institutions in 2016"

Editor’s note: This article includes news developments through January 18, 2016. The historic agreement that the P5+1 (the United States, the United Kingdom, France, China, Russia and Germany) and the European Union...more

"US Enforcement Authorities Tighten Post-Settlement Scrutiny of Financial Institutions"

Last year, financial institutions continued to settle in record numbers with federal and state criminal and civil authorities in areas including benchmark interest rate manipulation, economic sanctions and anti-money...more

Financial Services Weekly News - January 2016 #3

Regulatory Developments - FinCEN Issues Advisory on Update to List of FATF Identified Jurisdictions - FinCEN has issued an advisory to financial institutions summarizing updates made by the FATF to the list of...more

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