S&C's Cohen: Brown-Vitter Punishes Banks For Being Big
On June 11, Comptroller of the Currency Thomas J. Curry told an interagency conference on minority depository institutions (MDI) and community development financial institutions that the Office of the Comptroller of the...more
On June 11, the Consumer Financial Protection Bureau (“CFPB”) issued its anticipated white paper on its study of bank overdraft programs. The 72-page Report: (1) discusses the recent Regulation E amendments and case law...more
Yesterday, just after midnight, the CFPB released its initial data findings from its 15-month (and counting) Study of Overdraft Programs....more
The Consumer Financial Protection Bureau recently published a whitepaper resulting from a year-long inquiry into the overdraft programs for consumer checking accounts, outlining the incidence of consumer overdrafts, the high...more
DataTreasury Corporation (“DataTreasury”) has filed a new round of lawsuits against banks and their service providers relating to two patents which claims systems and methods for remotely capturing and centrally processing...more
On May 29, the European Central Bank (ECB) published its financial stability review with an accompanying press release. The ECB believes the financial stability conditions in the Euro area remain fragile, and that there is...more
On May 24, several banks and asset management companies sued U.S. Bank in a Missouri state court over U.S. Bank’s alleged mismanagement of 28 RMBS trusts. Plaintiffs allege that U.S. Bank disregarded its duties as trustee by,...more
The legalization under state law of the marijuana business in Colorado through Amendment 20 (medical marijuana) and Amendment 64 (recreational marijuana) (Amendment 20 and Amendment 64 shall be referred to collectively as the...more
AML compliance is filled with fascinating issues, lots of acronyms, and plenty of common sense. ...more
On May 23, Alabama enacted a bill that clarifies the Alabama Banking Department’s authority to examine subsidiaries and affiliates of state banks and bank holding companies when the Banking Superintendent believes such a...more
According to Forbes, an amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act, passed three years ago this month, has had a significantly negative impact on American consumers....more
Today we celebrate that noted British comedian who made his fame in America – Bob Hope. ...more
On May 14, Senator Elizabeth Warren (D-MA) sent a letter to Federal Reserve Board Chairman Ben Bernanke, Attorney General Eric Holder, and SEC Chairman Mary Jo White seeking additional information about the agencies’...more
There’s a lot of talk these days about the growth of a shadow banking market. Shadow is right! The growth of the commercial lending market outside of the universe of insured depository institutions and life insurance...more
Has the Financial Conduct Authority (“FCA”) in the UK started as it means to go on? The FCA recently fined a UK subsidiary of a private Swiss Bank for failing to establish and maintain effective anti-money laundering controls...more
This report was first published in "Islamic Finance news Volume 10 Issue 19" dated 15.05.13 - Many banks in Qatar are now enjoying strong government support and steady loan growth in their home market. This comfort is...more
On May 6, the European Commission published a roadmap for legislative changes. This follows the October 2012 publication of the Liikanen report, which provided a set of recommendations on banking reform sponsored by the...more
In Abbott v. Liberty National Bank, Abbott obtained a money judgment against Scotty Norwood and had a writ of garnishment served on Liberty National Bank, who had an account owned by Scotty’s wife, in an attempt to collect on...more
May 3 (Bloomberg Law) -- Rodge Cohen, partner at Sullivan & Cromwell who represents the nation's largest banks, talks with Bloomberg Law's Lee Pacchia about the concept of Too Big To Fail and a recent proposal from Senators...more
On April 10, 2013, the Canadian federal government announced the final publication of new regulations that will govern the system for resolving complaints regarding products or services provided by banks and authorized...more
28 March 2013 - Below are answers to frequently asked questions about banking in Cyprus in the context of the current banking crisis. Q. Under what circumstances is the Deposit Protection Scheme activated? A....more
In conjunction with A framework for dealing with domestic systemically important banks issued by the Basel Committee on Banking Supervision (BCBS), the Office of the Superintendent of Financial Institutions Canada (OSFI) has...more
For the first time ever, North Carolina’s Business Court and Court of Appeals both upheld fiduciary duty claims against banks in late 2012. Debtors frequently employ such claims in an attempt to shift liability for failed...more
Five regulators working on the Volker rule may delay releasing a final version of the rule until the second half of the year. The Wall Street Journal reports that this is later than previously expected, and that the delays...more
February was not a good month for payday lenders. As previously reported, on February 20, CFPB Director Cordray expressed pointed concerns about payday and short-term loan “debt traps” in a speech to the Consumer Advisory...more
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