Financial Institutions

News & Analysis as of

The Digital Download - Alston & Bird’s Privacy & Data Security Newsletter – November 2016

Updates on the EU: German DPA Publishes First Privacy Shield Guidelines, Requires German-Law Contracts for Transfers. On June 7, 2016, the European Commission adopted the EU-U.S. Privacy Shield. One question that many...more

Le Societa Benefit

Law no. 208 of 28 December 2015 (the "Law of Stability 2016"), entered into force on 1 January 2016, has developed a new formula for the conduct of business: the company for profit that distribute profits, but pursue at the...more

New Rules of the Cyber Road: Federal Banking Regulators Seek Comment by January 17, 2017 on Proposed Cybersecurity Regulations

Continuing the trend of recent years, cybersecurity has remained at the top of the regulatory agenda for several federal and state agencies. For financial institutions, keeping track of the dizzying array of proposed...more

CFPB Issues Rigorous New Guidance to Financial Services Industry Regarding Sales Incentives

The compliance burdens being placed on institutions to monitor all aspects of product sales will require a substantial expansion of the types and scope of reporting that are done for product sales. On November 28, the...more

CFPB Steps Up Oversight of Companies’ Compensation Programs Following Wells Fargo Scandal

The Consumer Financial Protection Bureau (CFPB) will likely be weakened by the incoming Trump administration and its Republican allies in Congress. Exactly how, and how much, remains to be seen, however—and, in the meantime,...more

NY Financial Services Companies’ 2017 Resolution: Cybersecurity

The New York State Department of Financial Services (DFS) made headlines back in late September with a “first-in-the-nation” piece of legislation aimed at mandating specific cybersecurity protocols for banks, insurance...more

Cybersecurity Risk: Latest Guidance from Bank Examiners

The Office of the Comptroller of the Currency has indicated in a recent bulletin that its examiners will gradually incorporate a Cybersecurity Assessment Tool into its examinations of national banks and other institutions...more

New Uniform Power of Attorney Act, Effective January 1 (Bankers’ Edition)

Washington’s new Uniform Power of Attorney Act (UPAA) will repeal and replace the current Power of Attorney Act, effective January 1. While an existing power of attorney document (POA) that was valid when executed will remain...more

Outlook: Four key trends that will drive future fintech M&A

Fintech has matured. As it has evolved, so has the way in which financial institutions approach it from an M&A perspective. Financial institutions that initially viewed fintech startups as threatening competitors now...more

Ban Proposed on the Expiry of Rewards Points in Ontario

On October 20, 2016, an Ontario member of provincial parliament introduced Bill 47, Protecting Rewards Points Act (Consumer Protection Amendment), 2016 (Bill). The Bill’s purpose is primarily to prohibit the expiry of rewards...more

CFPB submits proposal to expand consumer complaint feedback for OMB approval

The CFPB has taken another step towards implementing its proposal to add a survey to its current complaint intake form that a consumer could choose to complete to provide feedback on the company’s response to his or her...more

Real Property & Title Insurance Update: Weeks Ending November 18 & 25, 2016

REAL PROPERTY UPDATE - Settlement/Waiver: borrowers permitted to raise affirmative defenses and counterclaims against lender where subject Loan Modification Agreement failed to include waiver of claims, affirmative...more

The Post-Election FinTech World: Are Happy Days (for Bankers) Here Again?

In the days following the U.S. federal elections that resulted in the election of Donald Trump as President and Republican control of the 115th Congress, FinTech companies, banks, and other financial institutions are...more

CFPB Fall 2016 rulemaking agenda published

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

[Webinar] Meritas Capability Webinar - Latest Developments in Financial Services Law - December 14th, 1:00pm CST

This webinar will provide information on recent developments in financial services law over the past year....more

CFPB Issues Bulletin Warning About Excessive Employee Incentive Programs

On November 28, 2016, the Consumer Financial Protection Bureau announced that it issued a compliance bulletin warning regulated financial companies about the use of employee incentive programs in providing their financial...more

A First of its Kind—QFC Judgement Successfully Enforced by the Qatar Central Bank

On 4 August 2016, the Civil and Commercial Court of the Qatar Financial Centre First Instance Court (QFC Court) issued a judgment, which was subsequently enforced by the Qatar Central Bank (QCB), without the need for court...more

CFPB Outlines Expectations on Incentive Compensation

The CFPB issued a bulletin warning supervised financial companies that creating incentives for employees and service providers to meet sales and other business goals can lead to consumer harm if not properly managed....more

Financial Services Weekly News - November 2016 #4

Editor's Note - Potential CFPB Reform in the Wake of the Election. The November 16 edition of the Roundup indicated that the Financial CHOICE Act (Act) may be a blueprint for legal changes affecting the financial...more

The New Future of US Banking and Financial Services Regulation

The presidential election has opened the possibility of significant changes to the Dodd-Frank Act regime that has been implemented over the last six years. It remains to be seen what plans the incoming administration will...more

GAO report highlights gap in SCRA oversight for private student loans; encourages CFPB to seek additional statutory authority

On November 18, the GAO released a report examining issues related to implementation of the Servicemembers Civil Relief Act (SCRA) interest rate cap for student loans. The Senate Committee on Homeland Security and...more

FDIC Releases Final Rule on Deposit Account Recordkeeping

On November 15, 2016, the Federal Deposit Insurance Corporation (FDIC) released its final rule regarding deposit account recordkeeping (Final Rule) to help insure prompt access to funds in the event of a bank failure,...more

SEC Holds Forum to Discuss Fintech in the Financial Services Industry

On November 14, 2016, the Securities and Exchange Commission (SEC) held its first public forum to discuss financial technology (“Fintech”) innovation in the financial services industry. The Fintech Forum was divided into four...more

International AML Enforcement in 2017 Expected to Target Consumer-Due-Diligence Programs, Gaming Entities, Prepaid Cards, Digital...

Over the past two years, financial regulatory bodies in the United States and Europe have increasingly emphasized consumer due diligence (“CDD”) by financial institutions as a means to combat money laundering and terrorist...more

IRS on the Hunt for Bitcoin Users

Bitcoin is the most popular of the virtual currencies. In Notice 2014-21, the IRS advised that such currencies are not money, but property, for tax purposes. Two implications of this are that persons who use Bitcoins to...more

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