Financial Institutions

News & Analysis as of

Your Cyber Minute: Harriet Pearson and Greg Lisa on the Proposed NYDFS Cyber Security Regulation [Video]

Hogan Lovells partners Harriet Pearson and Greg Lisa discuss the proposed cyber security regulation from the New York State Department of Financial Services (NYDFS), which will go into effect in March 2017. Lisa explains why...more

Algorithms and bias: What lenders need to know

The algorithms that power fintech may discriminate in ways that can be difficult to anticipate—and financial institutions can be held accountable even when alleged discrimination is clearly unintentional....more

Obama Administration Issues a Fintech Policy Whitepaper

On January 13, 2017, the National Economic Council published a whitepaper that articulates the Obama Administration’s perspective on and vision for FinTech. The whitepaper builds upon the June 2016 White House FinTech Summit,...more

SEC’s Office of Compliance Inspections and Examinations Sets Top Examination Priorities for 2017

Action Item: On January 12, 2017, SEC’s Office of Compliance Inspections and Examinations (“OCIE”) revealed where it plans to focus its attention throughout this year. By broadening its scope, OCIE will address a wide array...more

Real Property & Title Insurance Update: Week Ending January 13, 2017

REAL PROPERTY UPDATE - Foreclosure: where a valid mortgage properly encumbers the subject property, an incorrect deed and a reformation of deed count are not fatal to a foreclosure action - Heartwood 2, LLC v. Dori, Case...more

Year in Review: Legislation and Guidance for Financial Institutions in 2016

The regulation of federally regulated financial institutions (FRFIs) continued intensifying in 2016 with a new wave of legislative and regulatory initiatives impacting mortgage lending, the bank resolution regime, the life...more

Federal district court certifies interlocutory appeal in CFPB lawsuit against CashCall

The California federal district court judge who is presiding over the CFPB’s lawsuit against CashCall and several related companies that funded, purchased, serviced, and collected online installment loans has granted the...more

The Obama Administration Eases Sanctions Against Sudan

On January 13, 2017, the White House, the U.S. Department of Treasury ’s Office of Foreign Assets Control (OFAC) , and the U.S. Department of Commerce ’s Bureau of Industry and Security (BIS) announced a host of policy...more

Hogan Lovells Global Payments Newsletter l January 2017

Welcome to the Hogan Lovells Global Payments Newsletter. In this monthly publication we provide an overview of the most recent payments, regulatory and market developments from major jurisdictions around the world as well as...more

Banking Problems for a Whole Industry

About half of the States have legalized marijuana for either or both medical and recreational use. Despite being legal under various state laws, businesses operating in the marijuana industry continue to encounter federal...more

NY DFS’s Revised Cybersecurity Rules Are More Flexible, Still Mandatory For Banks And Financial Institutions

On December 28, 2016, the New York Department of Financial Services (“DFS”) issued a revised version of its proposed cybersecurity rule for banks, insurers, money service businesses, and regulated virtual currency operators...more

Chair White’s Remarks

On January 17, Chair White delivered a speech at The Economic Club of New York, which was titled “The SEC after the Financial Crisis: Protecting Investors, Preserving Markets.” Chair White commented on the Securities and...more

The Intersection of Bankruptcy, Debt Collection and the Supreme Court

For years the interplay between the Bankruptcy Code and the Fair Debt Collection Practices Act (FDCPA) has vexed creditors and courts alike, leading to a split among the circuits as to whether the Bankruptcy Code preempts the...more

Germany’s Financial Regulator Implements New Electronic System Guaranteeing Whistleblowers Absolute Anonymity and Non-traceability

As we reported last summer, Germany’s Financial Supervisory Authority (BaFin) set up a centralized platform for receiving whistleblower complaints of alleged violations of supervisory provisions within the financial...more

NY DFS Proposed Cybersecurity Regulations Revised and Implementation Delayed

We previously reported on the New York Department of Financial Services’ proposed cybersecurity regulations. During the public comment period, the DFS received over 150 comments. In response, the DFS announced on December 28,...more

European Supervisory Authorities Consult on the Use of Big Data by Financial Institutions

The Joint Committee of the European Supervisory Authorities launched a consultation paper on the use of big data by financial institutions. The ESAs are the European Banking Authority, the European Securities and Markets...more

European Supervisory Authorities Finalize Guidelines for the Prudential Assessment of Acquisitions and Qualifying Holdings

The Joint Committee of the European Supervisory Authorities published a report outlining final joint Guidelines for the prudential assessment of acquisitions and increases of qualifying holdings in the financial sector. The...more

Paying for the Wall: Will President Trump’s Administration Scrutinize, Tax, or Seize Remittances?

One of the most significant post-election questions for the financial-services industry—particularly global financial institutions that move money across borders—is what is the status of President-elect Trump’s proposal to...more

2017 Resolutions for Community Banks: A Focus on Cybersecurity

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

New York Department of Financial Services Revises Proposed Cybersecurity Rule

The New York Department of Financial Services (NYDFS) recently issued a revised proposed regulation seeking to add its own mandate of cybersecurity requirements to those already in existence for banks, insurance companies and...more

Kentucky Issues Guidance Requiring Licensing of Master Servicers and Sub Servicers by March 1, 2017

In December, the Kentucky Department of Financial Institutions issued a memorandum interpreting the Mortgage Licensing and Regulation Act (Ky. Rev. Stat. Ch. 286.8) as requiring master servicers and sub...more

New York State Division of Tax Appeals Issues Determination Rejecting Department’s “Other Business Receipts” Position for...

The New York State Division of Tax Appeals has issued a determination regarding the proper methodology for sourcing electronic service receipts under Article 9-A of the pre-reform Tax Law. The taxpayer prevailed in overcoming...more

Cybersecurity Still Top FINRA Operational Risk

On January 4, the Financial Industry Regulatory Authority (FINRA) published its annual Regulatory and Examination Priorities Letter providing firms with information about areas FINRA plans to review in 2017 as well as...more

Prohibition on Dealing or Investing in Industrial or Commercial Metals

On January 3, 2017, the Office of the Comptroller of the Currency (the “OCC“) finalized a rule that prohibits national banks and federal savings associations from dealing or investing in industrial or commercial metals. An...more

DIFC to Launch FinTech Hive

The Dubai International Financial Center (DIFC) is set to launch the FinTech Hive—an accelerator program for developing financial technology (fintech) start-ups and entrepreneurs—in the first quarter of 2017. The FinTech Hive...more

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