News & Analysis as of

Financial Institutions

Eleventh Circuit to Weigh in on ‘Business Email Compromise’ Coverage Under Fidelity Bond

by Carlton Fields on

Banks have historically been at the forefront of technological advances in commerce. So it should be no surprise that they and other financial institutions were also among the first to suffer losses related to computer fraud...more

Hawaii Revises Mortgage Loan Origination Licensing Requirements

by Ballard Spahr LLP on

Hawaii revised the following mortgage loan origination provisions of the Secure and Fair Enforcement for Mortgage Licensing Act, including, but not limited to...more

Six Ways to Improve Cybersecurity Policies and Procedures

The SEC has declared cybersecurity to be an examination priority for financial institutions (i.e., broker-dealers, investment advisers, and registered investment companies) in each of the past four years. While the SEC’s...more

Record-Setting Prosecutions in the Money Transmitting Business: Ways to Avoid Compliance Violations

by Blank Rome LLP on

In the first several months of 2017, we have seen significant anti-money laundering settlements and penalties in the money transmitting business arising from lax compliance programs, including the record-setting Western Union...more

FDIC adopts revised guidelines for appeals of material supervisory determinations

by Ballard Spahr LLP on

Effective July 18, 2017, the FDIC has adopted amendments to its Guidelines for Appeals of Material Supervisory Determinations.  The FDIC proposed the amendments last August and received only two comment letters, one from a...more

CFPB Adopts TRID Rule Amendments and Proposes to Address Black Hole Issue

by Ballard Spahr LLP on

As we reported previously, the Consumer Financial Protection Bureau (CFPB) recently issued long-awaited amendments to the Truth in Lending Act (TILA)/Real Estate Settlement Procedures Act (RESPA) Integrated Disclosure (TRID)...more

Cayman Islands FATCA/CRS Deadlines Extended Further

by Foley Hoag LLP on

On July 19, 2017, the Cayman Islands announced another extension of the filing deadline for 2016 FATCA and Common Reporting Standard (CRS) reports to August 31, 2017. The deadline for notification (registration) remains...more

Federal Banking Agencies Explore Raising Threshold for Appraisals in Commercial Real Estate Transactions to $400,000

by Stinson Leonard Street on

Federal regulators earlier this week issued a notice of proposed rulemaking to raise the threshold for commercial real estate transactions requiring an appraisal from the current level of $250,000 to $400,000. The agencies...more

CFPB Proposes Changes to Home Mortgage Disclosure Act (HMDA) Reporting Threshold for Community Banks and Credit Unions

On July 14, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule on HMDA reporting requirements for banks and credit unions that issue home-equity lines of credit (HELOCs). Under rules scheduled to...more

Cannabis Industry FAQ

by Pepper Hamilton LLP on

Can marijuana businesses receive federal copyright protection? Yes. The requirements for registration with the U.S. Copyright Office are that the work is original, creative and fixed in some form of expression. These...more

NYDFS Updates FAQs to Clarify Cybersecurity Regulations

by Ballard Spahr LLP on

The New York Department of Financial Services (NYDFS) recently updated frequently asked questions (FAQs) about its cybersecurity regulations, 23 NYCRR 500, to address four new issues. NYDFS published its initial set of FAQs...more

Dabbling in Distress: U.S. Supreme Court to Hear Two Important Bankruptcy Issues Next Term

by Hogan Lovells on

Despite a modest uptick in recent years, it is still a relatively rare occasion for the Supreme Court of the United States to tackle issues involving bankruptcy. This term, however, the Supreme Court has granted certiorari in...more

Law Enforcement can Follow the Money thanks to the Fifth Pillar of the Final CDD Rule

by Foodman CPAs & Advisors on

Under the Bank Secrecy Act (BSA), the Financial Crimes Enforcement Network (FinCEN) issued a “Fifth Pillar” of the Final Customer Due Diligence (CDD) Rule on May 2016. The covered financial institutions (Banks; Brokers or...more

Financial institutions M&A: Consumer credit

by White & Case LLP on

Consumer credit markets differ substantially across Europe. This section focuses on the UK given significant levels of M&A driven by regulatory change and the resulting investor behaviour....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Vanguard CEO William McNabb announced plans yesterday to step down, a big announcement for the mutual fund giant that finds itself “in the middle of one of the biggest growth spurts ever experienced by a large asset...more

DFS Cyber Compliance Nightmare? Detailed survey results indicate compliance is far from reach

New York’s powerful Department of Financial Services (DFS) upended cybersecurity regulation with its new and sweeping “Cybersecurity Requirements for Financial Services Companies,” which took effect on March 1, 2017. But is...more

Director Cordray responds to Acting Comptroller’s arbitration rule letter raising safety and soundness concerns

by Ballard Spahr LLP on

Director Corday has sent a letter to Keith Noreika, the Acting Comptroller of the Currency, responding to Mr. Noreika’s July 10 letter in which he stated that OCC staff had expressed safety and soundness concerns arising from...more

Financial institutions M&A: Insurance

by White & Case LLP on

Current market: - Upward - Favourable environment for insurance M&A including ongoing consolidation in the life insurance sector...more

The Marijuana Industry and the Securities Laws

by Ballard Spahr LLP on

Part Three of a Three-Part Series - In the third and final part of this series on marijuana-related businesses (“MRBs”), we explore how the Securities and Exchange Commission (“SEC”) and the Department of Justice (“DOJ”)...more

CFPB Releases Final Rule Banning Certain Pre-Dispute Arbitration Agreements

by WilmerHale on

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB or the Bureau) announced its long-anticipated final rule to prohibit the use of pre-dispute arbitration agreements to block consumer class actions in contracts...more

CFPB Issues New Arbitration Rule – Are the Flood Gates Opening for Consumer Class Actions against Financial Institutions?

by Sedgwick LLP on

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a rule, which prohibits many financial institutions from including mandatory arbitration provisions that limit their customers’ ability to join class...more

White House nominee for next FDIC chair bows out

by Ballard Spahr LLP on

Politico has reported that James Clinger, President Trump’s nominee to be the next FDIC Chairperson, has asked the White House to withdraw his nomination, citing family issues....more

Financial institutions M&A: Asset management

by White & Case LLP on

Current market: - Upward, significant - Increasing competition, pressure on costs and changes in investor behaviour have already led to some consolidation in the industry. Much more is on the horizon...more

Why Energy Companies Will Be Major Users of Blockchain Technology

by Steptoe & Johnson PLLC on

Dan Nossa recently attended a conference at Rice University focused on blockchain technology. It was a first of its kind for the city and one of the things the attorney at Steptoe & Johnson PLLC’s Houston office noted was the...more

DFS Issues Additional Guidance for Cyber Regulation Compliance

New York’s Department of Financial Services (DFS) has issued additional guidance for compliance with the state’s sweeping cybersecurity regulation that went into effect earlier this year. Companies covered by the regulation...more

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Cybersecurity

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