Risk Management

News & Analysis as of

FDIC Issues Letter to Financial Institutions Regarding Applicability of Payday Lending Rules

On November 16, the FDIC issued FIL-52-2015 to advise financial institutions that it revised its 2005 guidance on payday lending, which established the FDIC’s expectations for prudent risk-management practices in the payday...more

Make Your Insurance Policies List and Check It Twice

As the holidays rapidly approach, it is a perfect time for retailers to review their insurance policies and understand the extent of their coverage. Seasonal hires, new products and revisions in services may expose retailers...more

Tackling Cybersecurity in the Boardroom: Special M&A Considerations

During Akin Gump Strauss Hauer & Feld LLP’s most recent cybersecurity event, “Tackling Cybersecurity in the Boardroom,” hosted on November 12, 2015, our panels discussed a number of issues facing directors....more

FFIEC Releases Revised Management Booklet with Emphasis on Sound IT Governance

On November 10, the FFIEC issued a revised Management booklet, which outlines the principles of overall sound governance and, more specifically, IT governance. The booklet is one of 11 that makes up the FFIEC’s Information...more

How to prevent data theft from lost devices

Technology can be a blessing and a curse for attorneys. While technology enables attorneys to be able to conduct business on the go, it also puts client and firm data at risk. In the United States, someone loses a cellphone...more

FDIC Updates Guidance on Risk Management Practices in Purchasing Loans and Loan Participations

On November 6, 2015, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution Letter 49-2015 (FIL-49-2015), Advisory on Effective Risk Management Practices of Purchased Loans and Purchased Loan...more

Coverage for Business Interruption in Cyber Occurrences

Among the most critical cyber risks facing policyholders is the risk of business interruption in the event of a network breach or other cyber event. In our experience, the costs related to business interruption potentially...more

FDIC Issues Advisory on Effective Risk Management Practices for Purchased Loans and Purchased Loan Participations

The Federal Deposit Insurance Corporation (FDIC) on November 6 issued an Advisory to update information contained in the FDIC Advisory on Effective Credit Risk Management Practices for Purchased Loan Participations...more

SEC Releases Guidance on Examination of Broker-Dealer and Investment Advisor Information Security Practices; NYSE Releases...

The Security and Exchange Commission’s Office of Compliance Inspections and Examinations (the “OCIE”) recently announced its 2015 Cybersecurity Examination Initiative, which describes the focus of the OCIE’s examination of...more

FDIC Throws Water on the Marketplace Lending Phenomenon

The FDIC’s new requirements will substantially increase the costs imposed on banks that wish to purchase marketplace loans. On November 6, the Federal Deposit Insurance Corporation (FDIC) issued Financial Institution...more

Auto Loans at the Top of OCC's Supervisory Priority List

Why it matters - In two recent speeches, Comptroller of the Currency Thomas J. Curry discussed the supervisory priorities of the Office of the Comptroller of the Currency (OCC), including bank operational risks,...more

Reading Minds: 5 Ways to Understand a Board of Directors, from the Inside-Out

Compliance managers and leaders offer a common compliant in our roundtables: “no one really listens to us”. It would seem this isn’t imagined. Steven Cohen, Assistant Director of the SEC, said recently, “We are very mindful...more

Corporate and Financial Weekly Digest - Volume X, Issue 44

BROKER-DEALER - FINRA Issues Investor Alert Regarding IRS Phone Scam - The Financial Industry Regulatory Authority issued an Investor Alert warning investors about a phone scam involving phone calls allegedly...more

FCA speaks on internal investigations

Jamie Symington has spoken on firms’ internal investigations of their own affairs. Mr Symington discussed the importance of early engagement with FCA so the regulator can assess the need for input accordingly, the attention...more

Federal Courts Concludes Employee Has No Sexual Harassment Claim Regardless of Flashing Incident

Joselyn Davenport, a female employee of Kelly Services, Inc. (“Kelly Services”), was assigned to work as a production associate at a manufacturing plant owned and operated by Nissan North America (“Nissan”), located in Canton...more

Higher Education Highlights - Fall 2015

Risk managers who also happen to be attorneys are not always protected by the attorney-client privilege, according to a recent decision by the U.S. District Court for the Eastern District of Pennsylvania. In Casey v. Unitek...more

Federal Reserve Chair Janet Yellen Delivers Semi-Annual Report on Supervision and Regulation

On November 4, Federal Reserve Chair Janet Yellen testified before the House Committee on Financial Services. The topic of Chair Yellen’s testimony was “the lessons of the financial crisis and how we have transformed our...more

FDIC Issues Advisory on Loan Purchases and Participations

The Federal Deposit Insurance Corporation (“FDIC”) has issued an advisory on effective risk management practices for purchased loans and purchased loan participations (the “Advisory”). The Advisory addresses the importance of...more

FFIEC Issues Joint Statement Regarding Cyber Attacks Involving Extortion

On November 3, the FFIEC issued a statement notifying financial institutions of the increasing frequency and severity of cyber attacks involving extortion. The joint statement urges financial institutions to take steps to...more

"Intellectual Property and Technology News (Asia Pacific) - November 2015

Welcome to the latest Asia Pacific Edition of Intellectual Property and Technology News, our biannual publication designed to report on worldwide developments in intellectual property and technology law, offering perspective,...more

Is Your Workplace Violence Plan Ready? 5 Essential Elements of a Comprehensive Plan

According to the U.S. Department of Justice, one out of every six violent crimes occurs in the workplace. These crimes include assaults, rapes, robberies, and—on rare occasions—homicides. Employees, customers, and third-party...more

Advanced Cyber Security Center Panel Explores Reasonableness in Cybersecurity

I had the pleasure of moderating an excellent panel at the Advanced Cyber Security Center’s annual conference on November 4. The panel’s topic for discussion was “What is Reasonable in Cybersecurity: Responsibility and...more

Our Modern Markets: SEC Enforcement Focuses On Market Structure In Response To Rapidly-Changing Equity Markets

On Monday, November 2, 2015, Andrew Ceresney, Director of the SEC’s Division of Enforcement, gave a speech at the SIFMA Compliance & Legal Society New York Regional Seminar in which he sought to address what he views as the...more

SEC Director of the Division of Enforcement Discusses Market Structure Enforcement

On November 2, 2015, the Director of the SEC Division of Enforcement Andrew Ceresney spoke at the “SIFMA Compliance & Legal Society New York Regional Seminar” and outlined the SEC’s enforcement priorities with respect to...more

Financial Regulatory Developments Focus - November 2015

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

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