Banks

News & Analysis as of

Appellate Court Confirms the Validity of Asymmetric Dispute Resolution Clauses

Dechert lawyers representing a major international bank in court proceedings in a number of regions in southern Russia with respect to claims to recover a total of about US$300 million in loan funds from the guarantors of a...more

Federal Court Practice Update for Insurance Matters

Recent changes in the Federal Court of Australia will streamline how insurance matters are managed and heard by the Court. Specific judges will be allocated to hear insurance related cases within the national Commercial &...more

Federal Reserve Board Proposes to Include Legal Entity Identifiers in Certain Banking Organization Reporting

One difficulty encountered by national banking authorities during the course of the 2008 global financial crisis was identifying the ultimate parent for the trades made by various subsidiaries of dealers. To assist in...more

CFPB Issues Compliance Bulletin On Confidentiality of Supervisory Information

On January 27, 2015, the Consumer Financial Protection Bureau (“CFPB”) issued a compliance bulletin reminding supervised financial institutions (including large depository institutions, credit unions and their affiliates,...more

Russian Legislation Update - 2 – 15 March 2015

In This Issue: - Civil Code Reform: contracts and obligations - New Development Bank BRICS - Employment/Foreign Citizens - Securities: bondholders; information disclosure - Excerpt from New Development Bank...more

DOJ Announces Two More ‘Operation Choke Point’ Settlements

With the recent announcement by the U.S. Department of Justice (DOJ) that it had settled separate lawsuits against two small banks charged with facilitating consumer fraud through their relationships with third-party payment...more

Ship on course but choppy waters abound! UK Budget 2015: 10 key measures impacting business

Before the Budget was announced, there was natural apprehension that, given the impending general election, the Chancellor would pander to the electorate and sail off course from this Government’s carefully navigated path...more

Investment Funds Update - Europe: Key legal and regulatory updates for the funds industry from the primary European asset...

Central Bank Publishes Enforcement Priorities for 2015 - The Central Bank of Ireland published its statement of enforcement priorities for 2015 on 9 February 2015. The Central Bank entered into 11 enforcement settlements...more

Cybersecurity: Mitigating the Legal Risks of On-Line Banking With Business Customers

On-line or electronic banking (“e-banking”) offers many well-known advantages to financial institutions engaged in banking and to their business customers. A significant risk of on-line bank accounts for both financial...more

Bank Pays $67 Million Civil Judgment for Aiding and Abetting Customer's Ponzi Scheme

A national bank discovered it doesn't always pay to keep certain clients happy after paying a $67 million civil judgment against it for its role in helping a customer operate a Ponzi scheme that defrauded investors of $1.2...more

DOJ Announces Settlement with California Bank Over BSA & FIRREA Violations

On March 10, the DOJ announced a $4.9 million civil and criminal settlement with a California-based bank. The bank admitted to the DOJ’s allegations that, from December 2011 through July 2013, it ignored warning signs...more

K&L Gates Represents London Borough of Barking and Dagenham in European Investment Bank Financing

What is the European Investment Bank? The European Investment Bank (EIB) provides finance for investment projects to further the policies of the European Union. Established in 1958, it is owned by and represents the interests...more

OCC Revises Guidance Regarding Consumer Protection Requirements to Overdraft Lines and Protection Services

As previously reported in our March 11 Special Alert Update, on March 6, 2015, the OCC issued its revised “Deposit-Related Credit” booklet (“DRC booklet”) of the Comptroller’s Handbook, which replaced the “Deposit-Related...more

Federal Bank Supervisory Agencies May Change Guidance Without Notice-and- Comment Rulemaking

New rulemakings to implement financial reforms leave banking organizations facing a host of uncertainties. Guidance or “interpretative rules” from the financial regulators on the intended scope and application of new rules...more

Supreme Court Ruling Makes Mortgage Loan Officers Eligible for Overtime Pay

Federal agencies now have the authority to interpret their own rules. On March 9, 2015, in Perez v. Mortgage Bankers Ass’n, No. 13-1041, slip op. (U.S. Mar. 9, 2015), the United States Supreme Court effectively gave...more

Commerzbank: Remediation Under the Government Hammer and Microscope (Part III of III)

The Commerzbank bank case provides a chilling story of a systemic breakdown in compliance, and the far-reaching consequences of such a breakdown. Even in the context of a systemic breakdown, there are valuable lessons to be...more

International IT Companies Face Continuing Headwinds in China

Our September 16, 2014 client alert, “Brave New World? Recent Challenges Facing Foreign IT Companies in China,” discussed efforts by the Chinese government to enforce heightened network security standards, with a particular...more

New York Proposes Tough New Anti-Money Laundering and Cybersecurity Measures on Financial Services Companies

Action Item: Benjamin Lawsky, the Superintendent of Financial Services for New York State, one of the country’s most aggressive regulators, is seeking to increase regulatory pressures on the financial services industry,...more

Commerzbank’s Compliance Catastrophe — Flouting Sanctions and BSA/AML Laws (Part II of III)

Sometimes a picture is very clear but legal words and concepts are proffered in an attempt to disguise and even deceive. As set forth in the factual statements outlined by the government, and agreed to by Commerzbank, it is...more

Don’t Lose Out on Your .BANK Domain Name

In just a few months, perhaps as early as mid-May, the new .BANK generic Top Level Domain will become available to banks around the world. The new domain promises to be more secure than the traditional .COM, with enhanced...more

TOO BIG TO FAIL 2: EMIR: "Too Big To Fail", Again?

This alert focuses on the European Market Infrastructure Regulation (or "EMIR" as it is better known) which was introduced as the equivalent of the Dodd-Frank Act of 2010, to address a wide range of issues, many of which were...more

Mid-South Regulatory Compliance Group Quarterly Report Vol. 12 No. 1

In this Report: - CFPB Adopts Final Changes to TILA-RESPA Integrated Disclosure Rule - “Know Before You Owe” Deadline Disclosure - TILA-RESPA Disclosure Compliance Guides Available - What Constitutes...more

New Cyprus banking decrees released

The Republic of Cyprus today issued its latest decrees regarding the relaxation of banking restrictions, including this development: Transfers of deposits/funds abroad up to €1.000.000 per month (previously €50.000) are...more

EMV Credit Cards Are Coming, But Consumers Must Stay Vigilant

Major credit card companies, including Visa, MasterCard, Discover, and American Express, have announced plans to switch to EMV cards in the United States over the course of 2015. ...more

FinCrimes Update - February 2015 Summary, Volume 2, Issue 2

On February 25, New York DFS Superintendent Benjamin Lawsky delivered remarks at Columbia Law School focusing on how state bank regulators can better supervise financial institutions in a post-financial crisis era. In his...more

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