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Finance & Banking Updates

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Texas Adopts Provisions Regarding Timeframes for Pre-Licensing Education and the Definition of Physical Office

by Weiner Brodsky Kider PC on

Texas has adopted two new rules in regards to the pre-licensing education requirements for residential mortgage loan originators. The first rule authorizes the Finance Commission of Texas to set the expiration period for...more

FFIEC Finalizes Proposed Revisions to the Call Report in Effort to Reduce the Burden of Reporting

by Weiner Brodsky Kider PC on

The FFIEC has finalized updates to the Consolidated Reports of Condition and Income (“Call Report”) with the goal of reducing the burden associated with Call Report data collection and reporting requirements and implementing...more

OCC Imposes $70 Million Fine Against National Bank for Failing to Fix Anti-Money-Laundering Issues

by Weiner Brodsky Kider PC on

On December 27, 2017, the Office of the Comptroller of Currency (OCC) entered a consent order with a national bank stemming from allegations that the bank violated a 2012 consent order related to Bank Secrecy Act/Anti-Money...more

The Need for Anti-Money Laundering Regulatory Reform

by Michael Volkov on

It is rare these days for Republicans and Democrats to agree on political priorities – another profound grasp of the obvious. Recently, on Capitol Hill there appears to be some common ground on the issue of reforming AML...more

ESMA Publishes Consultation Paper Containing Draft Guidelines on Anti-Procyclicality Margin Measures for Central Counterparties...

On January 8, 2018, the European Securities and Markets Authority (“ESMA“) published a consultation paper containing draft guidelines on anti-procyclicality margin measures for central counterparties (“CCPs“)...more

CFTC Approves Amendments to Rules on Intermediary Registration and Review of Adverse Actions

On January 9, 2018, the U.S. Commodity Futures Trading Commission (the “CFTC“) approved final rules that update Parts 3 and 9 to integrate existing advisory guidance, incorporate swap execution facilities (“SEFs“) and update...more

Less than One Month To Go!

by Locke Lord LLP on

On February 15, many insurance companies, producers and others with New York DFS licenses and other authorizations (except for certain entities and employees who have filed for an exemption) will need to file a compliance...more

Financial Regulatory Developments Focus - January 2018 #2

by Shearman & Sterling LLP on

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

NYSE Dividend Notification Changes Effective February 1

by Goodwin on

On February 1, 2018, the amendments to the New York Stock Exchange Listed Company Manual adopted in August 2017 become effective. These amendments will require listed companies to notify the NYSE at least 10 minutes before a...more

ASIC product intervention power for credit products

by Dentons on

Draft legislation to give ASIC a product intervention power in relation to financial products and credit products has been released by Treasury. Submissions on the draft legislation are due by 9 February 2018. This...more

The Bubbler: January 2018

2017 is in the books and 2018 is now upon us. A dramatic close to 2017 on Capitol Hill ushered in sweeping changes to the tax code that will begin to impact both employers and employees in a number of ways – some more...more

Mulvaney forgoes CFPB funding

by Ballard Spahr LLP on

Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, has sent a letter to Fed Chair Janet Yellen “to inform [her] that for the Second Quarter of Fiscal Year 2018, the Bureau is requesting $0.” (emphasis...more

Tax Reform Advisory: Provisions Impacting Debt Financing

by Goulston & Storrs PC on

On December 22, 2017, the President signed into law H.R. 1, informally known as the “Tax Cuts and Jobs Act” (the “Act”), implementing sweeping changes to the United States tax regimes generally applicable to businesses. Most...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Dow closed above 26k yesterday for the first time on what some are dubbing the FOMO rally or the “melt-up” market....more

CFPB defends judgment in enforcement action against biweekly mortgage payment companies

by Ballard Spahr LLP on

Despite the CFPB’s change in position after Mick Mulvaney’s appointment regarding the need for Nationwide Biweekly Administration to post a bond to stay execution of the $7.9 million judgment obtained by the CFPB, the CFPB...more

Financial Institutions Are Playing Catch-Up in AML and Sanctions Compliance

by Michael Volkov on

Compliance officers are a much more collaborative group of professionals than lawyers. Compliance officers share information with colleagues about compliance experiences, best practices and strategies. The compliance...more

Financial Services Weekly News - January 2018 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) announced that it would take another pass at the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Rule); the Financial...more

No More Delays! New Disability Claims Rules to Take Effect April 2, Says DOL

On April 2, 2018, significant changes to ERISA’s disability claims procedures will take effect. These new rules will require all ERISA-covered plans which provide disability benefits to make significant modifications to the...more

A star strategy for predicting earnings season hits and misses

It’s January and the beginning, once again, of a busy period for financial market participants as earnings season anticipation begins. Earnings surprises and consensus revisions are well-known drivers of stock price movements...more

Servizi di pagamento pubblicato in GU il decreto che recepisce in Italia la PSD2

Rome Marco Zechini is a partner in Orrick's Rome office, member of the M&A and Private Equity group and head of the Italian Banking and Financial Services Regulation practice. He has experience in banking, insurance,...more

CFPB to issue RFIs seeking feedback on its activities

by Ballard Spahr LLP on

The CFPB announced that, in coming weeks, it plans to publish in the Federal Register a series of Requests for Information (RFIs) seeking comment on its enforcement, supervisory, rulemaking, market monitoring, and educational...more

Pepper Hamilton Turkey Practice

by Pepper Hamilton LLP on

Pepper has been working with Turkish clients and in early 2018, the firm has formalized our effort into the Turkey Practice. Pepper attorney Alp Basaran joins this podcast to discuss the group. Topics covered include why is...more

Oral argument held in SDNY credit union lawsuit challenging Mulvaney appointment

by Ballard Spahr LLP on

The U.S. District Court for the Southern District of New York recently held oral argument regarding the pending motions in the Lower East Side People’s Federal Credit Union v. Trump and Mulvaney. ...more

2018 Key Trust & Estate Planning and Corporate Ownership Implications of the New Tax Law

by Perkins Coie on

With the passage of Public Law no. 115-97, commonly referred to as the Tax Cuts and Jobs Act of 2017 (the 2017 Tax Act), attorneys in Perkins Coie’s Trust & Estate Planning practice, along with our clients running closely...more

Dept. of Education proposes disclosure of pre-dispute arbitration agreements by schools receiving Title IV aid for student...

by Ballard Spahr LLP on

The Department of Education, in an issue paper submitted as part of negotiated rulemaking on its final “borrower defense” rule, is proposing to require schools that use pre-dispute arbitration agreements and class action...more

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