Financial Institutions

News & Analysis as of

New PBOC Circular potentially raises the overseas borrowing ceiling for borrowers in China: but is it a game changer?

On 11 January 2017, the People's Bank of China ("PBOC"), China's central bank, issued the People's Bank of China Circular on Matters relating to the Full Bore Macroprudential Administration of Cross-Border Financings ("New...more

UK Government Publishes Red Tape Review of UK Anti-Money Laundering and Counter Financing of Terrorism Regime 

The UK Government has published a review of the UK's Anti-Money Laundering and Counter Financing of Terrorism regime. The document summarizes the views and evidence submitted by businesses to the UK Government's Cutting Red...more

Basel Committee on Banking Supervision Consults on Guidelines for the Identification and Management of Step-in Risk

The Basel Committee on Banking Supervision has published draft Guidelines on the identification and management of step-in risk. The draft Guidelines follow a previous Basel Committee consultation that was launched in December...more

Pursuing non-performing loans in the Middle East A key issue checklist for financial institutions

With liquidity again becoming a serious concern in the region, we are witnessing a sharp uptick in the number of instructions from regional and international lenders relating to (i) regional borrowers failing to repay a loan;...more

Stemming Human Trafficking with AML/CFT Controls

Banks stand to advance the fight against human trafficking and modern slavery by reporting suspicious transactions and other financial activity that raise red flags, according to a report on March 15, 2017. Published by the...more

Market Solutions, Volume 26, No. 1

Sanctions: Will the Trump Administration Stay the Course? President Trump made many statements during the campaign regarding actions he plans to take to reverse Obama administration sanctions policies. These included...more

Home Depot Settles with Financial Institutions

A federal judge has preliminarily approved a proposed settlement of $25 million between Home Depot and financial institutions that issued payment cards that were affected by the Home Depot data breach in 2014. This proposed...more

Financial Services Report - Spring 2017

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

At Last, the Final DFS Cybersecurity Regulations….

We wanted to keep you informed on the progress of the DFS cybersecurity regulations, as they complete their journey through the approval process. DFS has been working on the regulations since its 2013-2014 studies on...more

New CSBS Tool for BSA/AML Aims to Enhance Risk Assessment

As financial institutions face increased scrutiny on assessing Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk, there is now another tool to help document that risk. The Conference of State Bank Supervisors (CSBS),...more

Next off the block - AEOI

You might have thought you have enough on your plate getting to grips with anti-money laundering rules closely followed by FATCA – but it's not over yet! Next off the block is the Automatic Exchange of Financial Account...more

Court Affirms Conviction In Case Involving $126 Million Loan For Shopping Mall Transaction, Rejecting Argument That Sentence...

In a summary order on March 8, 2017, the Second Circuit (Katzmann, C.J. and Pooler and Lynch, J.) affirmed the conviction and sentence for wire fraud in United States v. Frenkel. The case attracted some public attention...more

South Carolina Consumer Finance Division Issues Guidance on Attorney/Insurance Agent Preference Requirements

On February 27, 2017, the South Carolina Board of Financial Institutions, Consumer Finance Division issued guidance on the attorney and insurance agent borrower preference requirements, which require a creditor to ascertain...more

Insolvency - proof liquidation netting strengthened and broadened in Germany

A decision of the German Federal Court of Justice (“Bundesgerichtshof” - BGH) in June 2016 regarding the validity of liquidation netting agreements sparked widespread fear of a new banking crisis. It led to immediate action...more

Department of Labor Adopts Temporary Non-Enforcement Policy for Fiduciary Rule

On March 10, 2017, the U.S. Department of Labor (the “DOL”) issued Field Assistance Bulletin No. 2017-01, announcing a temporary non-enforcement policy for non-compliance with its fiduciary rule. The non-enforcement policy...more

DOL Issues Temporary Enforcement Guidance on Fiduciary Rule

On March 10th, in connection with the DOL’s recent proposal to delay the applicability of the fiduciary rule, the DOL issued temporary guidance (Field Assistance Bulletin No. 2017-01) regarding how it will enforce the rule in...more

Home Depot Settles with Financial Institutions for Over $25 Million in Data Breach Case

New filings in the consolidated Home Depot data breach litigation, which we have previously covered on this blog, indicate that Home Depot and the remaining financial institution plaintiffs have reached a...more

Proposed Federal Cybersecurity Regulations for Financial Institutions Face an Uncertain Future

Last year’s proposed comprehensive framework for cybersecurity rules for large financial institutions is suddenly facing an uncertain future. With the comment period having closed as of February 2017, the framework was facing...more

Cybersecurity And Financial Institutions: How New York’s “First-In-The-Nation” Data Security Regulations May Impact You

March 1, 2017 marked the implementation of New York’s cybersecurity regulations, subjecting covered financial institutions to arguably the most burdensome cybersecurity regime yet. The regulations, promulgated by the New...more

NYDFS Cybersecurity Regulations Compliance Guide: Applicability, Exemptions and Penalties

As discussed in our March 1, 2017 update,1 the New York Department of Financial Services ("NYDFS") issued final regulations that require New York banks and insurance companies, as well as other financial services companies...more

European Parliament: The U.S. is a Haven for Tax Cheats and Money Launderers

Earlier this week, we blogged about how the United States recently declared the Philippines to be a “major money laundering country.” On the same day of our post, March 7, the European Parliament (EP) issued a Report which...more

New York's New Cybersecurity Rules: Will DFS Rule the Financial Services Cyberworld?

This month, the long-gestating regulation from the New York Department of Financial Services (DFS) mandating that extensive cybersecurity measures be taken by New York-licensed insurance companies and banks, as well as other...more

New York Department of Financial Services Intensifies AML Enforcement Under New Superintendent

Superintendent of New York State Department of Financial Services (“NYDFS”), Maria T. Vullo, has focused the Department’s efforts on enforcement of New York’s Anti-Money Laundering (“AML”) laws. Since her confirmation on June...more

Proposed Delay of the DOL Fiduciary Rule - What Should Financial Institutions Do?

On March 2, 2017, the Department of Labor’s (“DOL”) proposal to delay its change to the definition of the term “fiduciary” (the “Fiduciary Rule”) was published in the Federal Register. Against expectations, the proposed delay...more

The Empire (State) Strikes Back: Six Highlights of New York’s New Cybersecurity Regulations for Financial Institutions

The New York Department of Financial Services (NYDFS)’s finalized Cybersecurity Requirements for Financial Services Companies (“regulations”), went into effect on March 1, 2017. NYDFS has provided a 6 month safe harbor to...more

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Cybersecurity

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