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United States Issues New Venezuela-Related Sanctions Targeting Digital Currency

On March 19, 2018, President Trump expanded the scope of the Venezuela sanctions by issuing a new Executive Order (EO) "Taking Additional Steps to Address the Situation in Venezuela." The EO prohibits US persons from dealing...more

Banking Regulators Signal Movement Away from Leveraged Lending Guidance

Recent remarks by the new Chairman of the Board of Governors of the Federal Reserve System ("FRB") and Comptroller at the Office of the Comptroller of the Currency ("OCC") signal that the federal banking agencies ("Agencies")...more

Financial Regulatory Observer - February 2018: The year of blockchain: Global legal framework begins to take form

Virtual currency and blockchain (VC&B) technology are becoming an important component of the global financial system. Although VC&B were founded on a non-governmental philosophy, the technology is steadily gaining legitimacy....more

Sign and Submit by February 15, 2018: NYDFS Cybersecurity Certification Due Date Nears as Additional Compliance Requirements Close...

Since the New York Department of Financial Services ("NYDFS") issued its Cybersecurity Requirements for Financial Services Companies regulation ("Cybersecurity Regulation") on March 1, 2017, organizational efforts to meet...more

CFPB Leadership Dispute: Impacts and Next Steps – An Update

On January 10, 2018, a federal judge denied Consumer Financial Protection Bureau (CFPB or Bureau) Deputy Director Leandra English's motion for a preliminary injunction to prevent (1) Mick Mulvaney from serving as CFPB Acting...more

CFPB Leadership Dispute: Impacts and Next Steps

A dramatic legal fight over interim leadership of the Consumer Financial Protection Bureau (CFPB or Bureau) saw its first round end November 28, 2017, when a federal judge denied a motion for a temporary restraining order...more

The Delta Report: Regulators begin Volcker Rule review, signaling potential for needed clarifications

Broadly, the Volcker Rule prevents insured depository institutions, their parent holding companies and foreign banks that have US subsidiary banks or US banking offices, as well as the affiliates or subsidiaries of any of the...more

GAO Determines Leveraged Lending Guidance is a "Rule" under Congressional Review Act

On October 19, 2017, the Government Accountability Office ("GAO") determined that the Interagency Leveraged Lending Guidance ("LLG") issued by three federal banking agencies, the Board of Governors of the Federal Reserve...more

Financial Regulatory Observer - September 2017: Cybersecurity: Regulators show their teeth

New formal cybersecurity standards covering US financial institutions could have ramifications that reach far beyond New York. US regulators usually issue cybersecurity guidance instead of regulator standards and...more

Blockchain's Steady March to Legitimacy

Four separate events during the second half of July signal that virtual currency and blockchain are steadily becoming part of mainstream financial services. The interconnected histories of Bitcoin (the most common virtual...more

Regulators Begin Volcker Rule Review, Signalling Potential for Needed Clarifications

The Office of the Comptroller of the Currency ("OCC") has issued a notice and request for public input ("Request") on potential revisions to the implementing regulations for the Volcker Rule. The OCC's action represents a...more

Forging ahead: US M&A H1 2017: Forging ahead: H1 in review

Expectations of another bumper year for US M&A failed to materialize in the first half of 2017, as total deal volume fell below 2016 levels. In the first six months of 2017, there were 2,413 deals, an 8 percent drop from...more

Three big questions about AI in financial services

To ride the rising wave of AI, financial services companies will have to navigate evolving standards, regulations and risk dynamics—particularly regarding data rights, algorithmic accountability and cybersecurity....more

Officer and director checklist: Complying with the global reach of the New York Department of Financial Services Cybersecurity...

The New York State Department of Financial Services (NYDFS) issued Cybersecurity Requirements for Financial Services Companies (the "Cybersecurity Regulation") effective March 1, 2017. The regulation imposes tight compliance...more

Brexit: Financial Services Firms: Appendix

This appendix contains a brief description of the key EU financial services directives (excluding the insurance sector) which create the core regulatory framework within which financial services firms principally operate as...more

Brexit: Financial Services Firms - Mapping the impact of Brexit to make sure high level strategic thinking can be delivered...

The nature of the Brexit debate has changed and attitudes have hardened since the UK formally served notice on President Tusk of its intention to leave the EU. There seems to be limited political sympathy for financial...more

NYDFS Cybersecurity Regulations Compliance Guide: Applicability, Exemptions and Penalties

As discussed in our March 1, 2017 update,1 the New York Department of Financial Services ("NYDFS") issued final regulations that require New York banks and insurance companies, as well as other financial services companies...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

What Now for the OCC's Fintech Proposal?

On October 26, the Office of the Comptroller of the Currency ("OCC") announced plans to open an Office of Innovation in the first quarter of 2017. The new office is intended to provide innovators with a central point of...more

Regulators Diverge on How Best to Manage Growing Cybersecurity Risks

On October 19, the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (the Agencies) issued an advance notice of proposed rulemaking (ANPR) seeking to enhance cyber...more

CFPB: The Quarterly Review, Q3 2016

White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial...more

US Terminates Burma Sanctions Program, Accompanied by Limited FinCEN Relief

On October 7, 2016, President Obama signed an Executive Order terminating the national emergency with respect to Burma (Myanmar), revoking the Burma sanctions Executive Orders, and waiving other statutory blocking and...more

CFPB Finalizes Prepaid Card Rule …and the Clock is Ticking

On October 5, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released its long-awaited final rule on prepaid cards (the “Final Rule”). The 1689-page Final Rule will fundamentally change how...more

Money, bits and banking: Florida case implicates legal status of digital currencies in the US

Introductory level economics textbooks often begin with a discussion of a surprisingly tricky question – what is money? In economics parlance, money is not simply what is in your wallet; rather, it is any asset that functions...more

Second Circuit Highlights Bank Regulators' Actions in Weighing Alien Tort Statute Claims

In Licci v. Lebanese Canadian Bank, the Second Circuit reaffirmed its prior rulings that international law does not recognize corporate liability for crimes under international law, and so dismissed claims by foreign...more

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