Financial Institutions

News & Analysis as of

Legal Advice Privilege In The Context Of A Regulatory Investigation

In this case report, we consider the decision of the High Court in Property Alliance Group Ltd v The Royal Bank of Scotland plc [2015] EWHC 3187 (Ch) (5 November 2015). In the latest in a series of procedural decisions in...more

CFPB issues eighth Semi-Annual Report

The CFPB has issued its eighth Semi-Annual Report to the President and Congress covering the period from April 1, 2015 through September 30, 2015. The 190-page report recycles information from previously-issued CFPB reports...more

NY DFS Proposes New Cybersecurity Regulations for Financial Institutions

The New York Department of Financial Services (NYDFS) has distributed a letter to various federal and state regulatory agencies and associations proposing the development of new cybersecurity regulations for financial...more

FDIC Issues Letter to Financial Institutions Regarding Applicability of Payday Lending Rules

On November 16, the FDIC issued FIL-52-2015 to advise financial institutions that it revised its 2005 guidance on payday lending, which established the FDIC’s expectations for prudent risk-management practices in the payday...more

UK and US carry out cyber-testing exercise

The UK and US Governments have carried out a joint exercise with leading global financial firms to enhance cooperation...more

U.S. Department of the Treasury Senior Staff Deliver Remarks Regarding Enforcement Efforts

On November 16, FinCEN Director Jennifer Calvery and Treasury’s Acting Under Secretary Adam Szubin delivered remarks at the American Bankers Association and American Bar Association Money Laundering Enforcement Conference on...more

Executive Orders Subject Banks to New Requirements as Federal Contractors

President Obama has recently issued a number of executive orders imposing new requirements on federal contractors in the area of labor and employment. Some of these executive orders, which are regulated and enforced by the...more

Recognizing the Role and Importance of the CISO

In July of this year, we reported on the Cybersecurity Assessment Tool published by the Federal Financial Institutions Examination Council. The FFIEC is an interagency organization that establishes the examination standards...more

FDIC Seeks Comment on Brokered Deposit FAQs

On November 13, 2015, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter 51-2015 (FIL-51-2015), FDIC Seeking Comment on Frequently Asked Questions Regarding Identifying, Accepting and...more

Expect New Cybersecurity Regs from New York DFS

DFS identified several areas that would be the subject of specific requirements in the potential regulations. These include requirements for (i) cyber security policies and procedures, (ii) third-party service provider...more

FFIEC Releases Revised Management Booklet with Emphasis on Sound IT Governance

On November 10, the FFIEC issued a revised Management booklet, which outlines the principles of overall sound governance and, more specifically, IT governance. The booklet is one of 11 that makes up the FFIEC’s Information...more

OCC Issues Bulletin on TRID Examinations

On November 6, 2015, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2015-42 to provide guidance on initial examinations of OCC-supervised institutions with the new Truth-in-Lending and Real Estate...more

FSB reports on compensation practices

FSB has published its fourth annual progress report on implementing its Principles for Sound Compensation Practices and their implementation standards. The report finds that: - almost all FSB jurisdictions have now fully...more

NY DFS Signals a Detailed Framework for Cybersecurity Compliance

On November 9, 2015, the New York State Department of Financial Services (“DFS”) sent a letter to a number of state and federal financial regulators signaling that DFS may issue comprehensive cybersecurity regulations for...more

Council agrees bridge finance for single resolution fund

The Council has debated the following issues during its meeting on economic and financial affairs: - welcoming the Commission’s proposals for a CMU...more

DOJ Unseals Indictment Against Individuals for Alleged Involvement in Hacks Against Various U.S. Institutions

On November 10, the DOJ unsealed an indictment against three individuals, Gery Shalon, Joshua Samuel Aaron and Ziv Orenstein, for allegedly orchestrating and committing computer hacking crimes against U.S. financial...more

EBA consults on qualifying holdings information exchange

EBA has launched a consultation on its draft Implementing Technical Standards (ITS) on the procedures, forms and templates that competent authorities in the EU should use when consulting each other on acquisitions and...more

ESAs define risk weights for credit ratings

The ESAs have published the final two draft ITS on the mapping of credit assessments by external credit assessment institutions (ECAIs) under the Capital Requirements Regulation (CRR). The ESAs intend that only credit ratings...more

FFIEC Issues New IT Management Booklet

The Federal Financial Institutions Examination Council (FFIEC) members on November 10 issued a revised Management booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook). The Management...more

New York Considers Cybersecurity Regulations for Financial Institutions

On Monday, November 9, 2015, the New York Department of Financial Services (NYDFS) sent a letter to federal and state regulators announcing that it is considering new cybersecurity regulations for financial institutions. ...more

Cybersecurity and Data Privacy: Potential New Cybersecurity Regulations for Financial Institutions and Insurance Companies (11/15)

On the heels of recent high profile cyber-attacks against financial institutions and insurance companies, the New York State Department of Financial Services released a letter on November 9, 2015 that outlines proposed...more

CFPB Director Delivers Remarks on Financial Literacy at Annual ABA Convention

On November 10, CFPB Director Richard Cordray delivered remarks at the annual American Bankers Association convention. Cordray addressed efforts by the CFPB and financial institutions to collaborate in strengthening financial...more

ECB consults on harmonising Union law options and discretions

ECB is consulting on harmonising how Member States exercise options and discretions available under EU law not to apply certain provisions or to choose from alternative treatment options. The paper aims to establish a policy...more

BoE responds to SONIA reform consultation

BoE has published the revised arrangements for its new sterling money market data collection. This reflects feedback received on BoE’s consultation (see FReD 7 August). Respondents expressed broad support for BoE’s plans to...more

Blog: ILS Provisions Added To The Bank Of England & Financial Services Bill, As It Makes Its Way Through The House Of Lords

The UK government has proposed amendments to the Bank of England and Financial Services Bill (the Bill), which if enacted, would pave the way for Insurance Linked Securities (ILS) and collateralised reinsurance business...more

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