On June 6, 2023, the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC, and collectively with the...more
A Bloomberg article last week suggests potentially more bad news is on the way for Coinbase Global Inc. (“Coinbase”). Coinbase is reportedly facing an investigation by the U.S. Securities and Exchange Commission (“SEC”) into...more
8/11/2022
/ CFTC ,
Coinbase ,
Crypto Exchanges ,
Cryptoassets ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Digital Securities ,
Enforcement Actions ,
Illegal Tipping ,
Insider Trading ,
Investigations ,
Popular ,
Securities and Exchange Commission (SEC)
In the fourteen years since the 2008 financial crisis, significant actions have been taken by Federal banking agencies to make the largest financial institutions more resilient and less likely to fail and to require planning...more
President Biden signed an executive order today setting forth an agenda across the U.S. government to address risks related to cryptocurrencies while encouraging continued innovation around digital assets and funds transfer...more
In February 2014, the Revolution of Dignity or Maidan revolution in Ukraine resulted in the ousting of Ukrainian President Viktor Yanukovych. In the months that followed, Russia annexed the Crimea region of Ukraine and...more
3/1/2022
/ Banks ,
Belarus ,
Biden Administration ,
Economic Sanctions ,
Executive Orders ,
Export Controls ,
Exports ,
Financial Institutions ,
Office of Foreign Assets Control (OFAC) ,
Russia ,
Ukraine
On December 7, 2021, the Consumer Financial Protection Bureau (“CFPB”) published its final rule (“Rule”) facilitating the transition away from LIBOR for open-end and closed-end consumer financial products. The Rule amends...more
In AMG Capital Management v. FTC, a unanimous Supreme Court recently struck the Federal Trade Commission’s (the FTC) power to obtain monetary relief under § 13(b) of the FTC Act (the Act). Under § 13(b), the FTC can seek the...more
For the first time in nearly a decade, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Farm Credit Administration, and the National...more
5/21/2021
/ Federal Register ,
FEMA ,
Flood Insurance ,
Flood Zones ,
Flooding ,
Insurance Industry ,
National Flood Insurance Program ,
Natural Disasters ,
Property Damage ,
Property Insurance ,
Severe Weather
As COVID-19 continues to spread globally, U.S. financial services regulators have released guidance to their supervised institutions to encourage proactive planning for what may be months of sustained impact to business...more
The transition away from LIBOR was born from the financial crisis. For years regulators have been pushing for an alternative to the dominant market benchmark. The underlying market was illiquid. The rate was set by opinion,...more
In another sign of progress, the Federal Deposit Insurance Corporation (FDIC) proposed easing a rule that requires banks to put cash aside to safeguard derivatives trades among affiliates. The proposal would remove the...more
10/10/2019
/ Banking Sector ,
Banks ,
Derivatives ,
FDIC ,
Financial Services Industry ,
Foreign Affiliates ,
ISDA ,
Libor ,
Liquidity ,
Margin Requirements ,
Proposed Rules ,
Secured Overnight Funding Rate (SOFR)
The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council (FFIEC) recently published the modified interagency examination procedures for the Flood Disaster Protection Act (FDPA) designed...more
On July 12, 2019, the U.S. Securities and Exchange Commission (SEC) joined the call to prepare for the transition away from LIBOR. The staff of several Divisions of the SEC (the Divisions of Corporation Finance (DCF),...more
7/22/2019
/ Banking Sector ,
Broker-Dealer ,
Corporate Counsel ,
Disclosure Requirements ,
Investment ,
Investment Adviser ,
ISDA ,
Joint Statements ,
Libor ,
Market Participants ,
New Guidance ,
Registration Statement ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Working Groups
Noting that we are at “the start of the next critical stage in the transition away from LIBOR,” Federal Reserve Vice Chair for Supervision Randal K. Quarles delivered taped remarks at the June 3, 2019 Alternative Reference...more
Elections have consequences and the recent midterm elections are no exception. Having won the House majority, Democrats are expected to proceed with an ambitious agenda in January 2019. Much of the focus has been on how the...more
11/26/2018
/ Banking Sector ,
Congressional Investigations & Hearings ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Election Results ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
Investors ,
Legislative Agendas ,
Senate Finance Committee ,
Trump Administration
Double jeopardy prevents criminal defendants from being convicted of the same crime twice. Res judicata prevents civil litigants from facing repeated claims by an overly aggressive plaintiff. Unfortunately, in the years after...more
6/15/2018
/ Corporate Misconduct ,
Criminal Penalties ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Double Jeopardy ,
Enforcement Actions ,
Financial Crisis ,
Financial Institutions ,
Fines ,
Foreign Corrupt Practices Act (FCPA) ,
Res Judicata ,
Trump Administration ,
White Collar Crimes
The potential transition away from LIBOR has raised significant concerns in the financial markets, including whether LIBOR will end in 2021, what may replace it, what fallback language should be included in contracts in the...more
Cyber attacks continue to be a pervasive and destructive threat to all institutions and the legal and regulatory landscape currently in place to address those threats continues be reshaped in an effort to address those...more
3/29/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Protection ,
EDGAR ,
Equifax ,
Federal Funding ,
Financial Services Industry ,
Hackers ,
Initial Coin Offering (ICOs) ,
NDAA ,
NYDFS ,
Popular ,
Ransomware ,
Regulatory Oversight ,
Securities and Exchange Commission (SEC) ,
Token Sales ,
Trump Administration ,
Uber ,
Yahoo!
One of the most problematic questions facing companies simultaneously undergoing a review by external counsel and responding to a government inquiry is whether the information shared with or created by counsel will be...more
11/13/2017
/ Attorney-Client Privilege ,
Criminal Investigations ,
Cross-Border ,
Disclosure ,
Discovery ,
Evidence ,
Government Investigations ,
Litigation Strategies ,
Privileged Communication ,
Trial Preparation ,
UK ,
White Collar Crimes
After the Panama Papers exposed efforts by wealthy individuals and government officials to hide funds offshore, government authorities around the world have responded with new legislation, regulations and enforcement actions...more
10/24/2017
/ Anti-Money Laundering ,
Australia ,
Banking Sector ,
BSA/AML ,
Cease and Desist Orders ,
Central Bank of Ireland ,
Commerce Control List ,
Customer Due Diligence (CDD) ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Digital Currency ,
Enforcement Actions ,
EU ,
EU Directive ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
FinCEN ,
France ,
Iran ,
Iran Sanctions ,
Ireland ,
Money Laundering ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Pakistan ,
Regulatory Violations ,
Tax Evasion ,
Terrorist Financing Regulations ,
ZTE
It is not every day the U.S. Supreme Court pays attention to matters that affect the practice of discovery, but that day came with Goodyear Tire and Rubber Co. v. Haeger, 581 U.S. ___, 137 S.Ct 1178 (April 18, 2017). Writing...more
White Collar, Regulatory Defense, and Investigations Client Update -
In today’s high tech world, the ways to communicate are almost limitless. This presents risks for organizations and challenges for compliance...more