Financial Institutions

News & Analysis as of

CFPB Evaluates Use of Alternative Data and Modeling Techniques in the Consumer Lending Credit Process

On February 16, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a Request for Information (RFI) regarding use of alternative data and modeling techniques in the consumer lending “credit process.” The...more

FinCEN Issues Advisory on Jurisdictions with AML/CFT Deficiencies

The Financial Crimes Enforcement Network (“FinCEN”), an agency within the U.S. Treasury Department, has put forth an Advisory on the FATFIdentified Jurisdictions with AML/CFT (Anti-Money Laundering/Combating the Financing of...more

Final DFS Cybersecurity Regulation Issued

New York’s Department of Financial Services issued its final Cybersecurity Regulation last night with an effective date of March 1, 2017. ...more

New York Pay Card Regulations Revoked, March 7, 2017 Implementation Halted

New regulations governing the use of payroll debit cards (also known as “pay cards”) in New York will not go into effect as planned on March 7, 2017. Yesterday, the New York Industrial Board of Appeals granted the petition of...more

CFPB Monthly Report Spotlights Mortgage Products

The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more

New CFPB webinar available on 2015 HMDA final rule

On October 15, 2015, the CFPB released a final rule amending Regulation C, which implements the Home Mortgage Disclosure Act (HMDA), requiring certain data on mortgage applications and loans to be collected beginning in 2017...more

House GOP Chairman Outlines New Dodd-Frank Reforms - Revised Replacement Bill Forthcoming

A newly leaked memo from U.S. House of Representatives Financial Services Committee Chairman Jeb Hensarling (R-TX) to the Committee’s leadership team has provided stakeholders in the banking industry with a preview of major...more

Morgan Lewis Urges NYDFS to Modify Its Re-Proposed Cybersecurity Rules

Morgan Lewis submits second comment letter on the proposed rules. The New York State Department of Financial Services (DFS) is expected soon to issue “first-in-the-nation” cybersecurity regulations that will apply to...more

Cybersecurity and Data Privacy: Bond Public Comments on Department of Financial Services Proposed Cybersecurity Regulations Seek...

On September 13, 2016, the New York State Department of Financial Services (DFS) issued proposed cybersecurity regulations (Proposed Regulations) that would impose significant new obligations on all organizations covered by...more

Real Property & Title Insurance Update: Week Ending February 10, 2017

REAL PROPERTY UPDATE - Foreclosure: where foreclosing bank, who purchased debt from original mortgagee, failed to establish standing to enforce lost note “through evidence of a valid assignment, proof of purchase of the...more

New Iran Designations: OFAC Adds 25 Persons to the SDN List in Response to Iran’s Ballistic Missile Test

On February 3, 2017, the U.S. Office of Foreign Assets Control (OFAC) added 25 persons to its List of Specially Designated Nationals and Blocked Persons (the SDN List, and every person thereon, an SDN) as a result of their...more

Securities Crowdfunding in the U.S.

On February 28, 2017, the SEC’s Division of Economic and Risk Analysis (DERA) and New York University’s Salomon Center for the Study of Financial Institutions will host a dialogue on Securities Crowdfunding in the U.S. The...more

IP in the mix: M&A Year in Review - 2016

Around the globe and across a wide variety of industry sectors, our IP practice collaborated with our corporate and other practice areas of our firm to provide integrated legal services for our clients and friends on...more

The Western Union DPA and the Need to Investigate One’s Own

The Western Union Company (“Western Union”) entered into a deferred prosecution agreement (“DPA”) on January 19th with the Department of Justice, based on alleged willful failures to maintain an effective AML program and the...more

German Federal Financial Supervisory Authority (BaFin) Releases Online Whistleblowing System

On January 1 2017, the German Federal Financial Supervisory Authority (“BaFin”) set up an online whistleblowing system allowing anyone to anonymously report alleged violations of supervisory law. BaFin is the national...more

French Financial Regulators Join Forces to Attract Banking and Financial Institutions to France Post-Brexit

The French financial regulators, the AMF and the ACPR, are joining forces to make the French market more attractive to UK-based financial firms after Brexit. In case of a ‘hard Brexit’, banks, investment firms, asset...more

2016 Year in Review: Money Laundering (Part Two)

In part two of our review of the 2016 developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues, we discuss four additional key...more

2016 Year End Review: Banking Regulators Try to Ease Concerns Over Aggressive AML/BSA Enforcement

On August 30, 2016, the U.S. Department of the Treasury and four U.S. federal banking regulators sought to correct a problem—at least in part one of their own creation—by issuing a “Joint Fact Sheet on Foreign Correspondent...more

President Trump issues an executive order on core principles for regulating the financial system

On February 3, 2017, the President issued an Executive Order titled “Core Principles for Regulating the United States Financial System.”  The Executive Order is a high-level policy statement consisting of a series of Core...more

2016 Year End Review: Money Laundering Opinions of Note

The federal courts continued in 2016 to produce a stream of cases pertaining to money laundering. We focus on three below because they involve analysis of basic issues that frequently arise in money laundering litigation....more

New Missouri law legalizes prize-based savings promotion programs

Late last year, a new Missouri law went into effect that allows banks and credit unions to sponsor certain savings promotion programs for their customers. Under these programs, by opening a new savings account or depositing a...more

Key Issues for Derivative Transactions under the BRRD

In this article, we outline the main resolution tools available to a resolution authority and consider the broad powers of resolution authorities that may impact existing derivative transactions in the event of a bail-in....more

2016 Year in Review: Money Laundering (Part One)

2016 was a busy year for developments in Anti-Money Laundering (AML), the Bank Secrecy Act (BSA), the criminal money laundering statutes, forfeiture, and related issues. In part one of our year-in-review, we discuss six key...more

Incident Response Plans: A Comparison of US Law, EU Law and Soon-To-Be EU Law

The best way to handle any emergency is to be prepared. When it comes to data breaches, incident response plans are the first step organizations take to prepare....more

Financial Services Weekly News - February 2017

Editor's Note - President Trump Signs Executive Order to Reduce Regulation and Control Regulatory Costs. On January 30, President Trump signed an executive order (Executive Order) designed to reduce the regulatory...more

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