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Finance & Banking Insurance

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

Italian insurance legal framework: latest news for insurers and distributors

by Hogan Lovells on

Postponement of IDD implementing provisions - On 14 February the EU Council agreed the text of the proposed Directive to postpone the deadline for the transposition into Member States of Directive 2016/97 on insurance...more

Georgia Supreme Court Clarifies Insurance Company Is Not ‘Financial Institution’ In Garnishment Law

by Jackson Lewis P.C. on

An insurance company named as a garnishee in a garnishment action is not a “financial institution” under Georgia’s garnishment statute when the garnishment is seeking earnings owed to its current or former employees....more

Do Your Cyber and D&O Policies Cover Emerging Exposures Arising Out Of The New NYDFS Cybersecurity Regulations?

by King & Spalding on

March 1, 2018 will mark one year since the effective date of the New York Department of Financial Services’ (“NYDFS”) cybersecurity regulations, which may signal a trend towards stricter industry-specific regulatory oversight...more

NY DFS Cybersecurity Compliance Certificate Required Today; Additional Requirements Looming

by Locke Lord LLP on

As previously warned, February 15, 2018 is the first annual deadline for individuals and companies licensed or otherwise authorized under the New York Insurance, Banking and Financial Services laws (defined as Covered...more

House Passes Bill to Amend TRID Rule Disclosures

by Ballard Spahr LLP on

On February 14, 2018, the United States House of Representatives passed the TRID Improvement Act of 2017, H.R. 3978, by a vote of 245 to 171. The bill would amend the manner in which title insurance premiums are disclosed...more

New York’s Landmark Cybersecurity Regulation Amendment Proposed, Deadlines Looming

by Robinson & Cole LLP on

On February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) will be required to file their first certification of...more

The DFS Effect: Cyber Meets Sarbanes Oxley

Financial institutions with ties to New York spent their Valentine’s Day learning how to use the New York State Department of Financial Services (DFS) web portal....more

Cybersecurity and Insurers

Whether it is a data breach of a corporation's computer systems or alleged hacking by foreign governments, Cybersecurity and Privacy issues seem to bombard us daily. As counsel for insurance companies, it is important to stay...more

Real Property, Financial Services, & Title Insurance Update: Week Ending February 9, 2018

by Carlton Fields on

Misrepresentation/Concealment: genuine issues of material fact remained in dispute regarding whether board-certified real estate attorney committed fraudulent or negligent misrepresentation or concealment by falsely assuring...more

Following Cunningham, Pennsylvania District Court Finds Captive Reinsurance Putative Class Action Claims Are Time-Barred

by Carlton Fields on

In this putative class action, plaintiffs alleged unlawful practices related to mortgage insurance practices, including a violation of the Real Estate Settlement Procedures Act of 1974 (“RESPA”). ...more

Key Regulatory Topics: Weekly Update - 2 February 2018 – 8 February 2018

by Allen & Overy LLP on

BREXIT - EC publishes notices on consequences of Brexit on banking and finance sectors - On 8 February, the EC published a new webpage containing a number of notices setting out the consequences of Brexit on banking and...more

D.C. Circuit Court Affirms the Legality of Captive Reinsurance Arrangements

by Pepper Hamilton LLP on

While the court opinion on the constitutionality of the CFPB’s structure was long awaited, its decision related to RESPA affords the mortgage industry much-needed clarity. ...more

FHA to Discontinue Insuring Mortgages with PACE Assessments

by Weiner Brodsky Kider PC on

On December 7, 2017, FHA issued Mortgagee Letter 2017-18, announcing that it will no longer insure new mortgages on properties that include Property Assessed Clean Energy (PACE) assessments. This new policy is effective for...more

Trade groups ask Defense Dept. to rescind MLA interpretation on GAP insurance financing

by Ballard Spahr LLP on

Four trade groups have sent letters to the Department of Defense (DoD) asking the DoD to rescind or withdraw Question and Answer #2 (Q&A 2) from its 2016 interpretative rule for the Military Lending Act final rule (MLA Rule)...more

NYS Title Insurance Inducement/Marketing Regulations Go into Effect…for Now

by Morrison & Foerster LLP on

In October 2017, the New York State Department of Financial Services (DFS) announced new regulations designed to enforce a law prohibiting title companies and title agencies from obtaining title insurance business directly...more

UK Financial Conduct Authority Provides Reassurance for Manufacturers of Packaged Retail and Insurance-based Investment Products

by Shearman & Sterling LLP on

The UK Financial Conduct Authority has issued a public statement on the Packaged Retail and Insurance-based Investment Products Regulation, which took effect on January 1, 2018....more

Federal Reserve Board Fines Bank $90,000 in Connection with Violations of the National Flood Insurance Act

by Weiner Brodsky Kider PC on

The Federal Reserve Board recently entered into a consent order with a bank, fining it $90,000 for undisclosed violations of the National Flood Insurance Act....more

Regulation Round Up - January 2018

by Proskauer Rose LLP on

1 January - The Packaged Retail and Insurance-based Investment Products ("PRIIPs") Regulation (1286/2014) (the "PRIIPs Regulation") came into force on 1 January 2018. This includes an obligation on PRIIP manufacturers to...more

Tried and trusted: US M&A in 2017: Insurance deals power financial services M&A

by White & Case LLP on

Insurance assets are attracting dealmakers due to low capital requirements and steady cash flows. Established fintech providers are using M&A to expand geographically....more

Is it all getting a bit out of hand? FCA Consultation Paper 17/40 on transitioning FCA firms and individuals to the Senior...

by Dentons on

The SMCR for banks has now been in place for almost two years, but only a few months after it was implemented, statutory amendments were made to allow for its extension to virtually all firms. During the second half of 2017,...more

Helping Handbook for Those Affected by Northern California Wildfires 2017-2018

by Morrison & Foerster LLP on

This handbook provides an overview of some issues that individuals, families, and small businesses may face as a result of the wildfires, mudslides, and related disasters that hit Southern California in December 2017 and...more

WBK Secures Victory in RESPA Reinsurance Suit

by Weiner Brodsky Kider PC on

On January 19, 2018, the U.S. District Court for the Western District of Pennsylvania dismissed a putative class action against Citibank, N.A., CitiMortgage, Inc., and other entities in connection with arrangements for the...more

Real Property, Financial Services, & Title Insurance Update: Week Ending January 12, 2018

by Carlton Fields on

REAL PROPERTY UPDATE - Standing/Foreclosure: pursuant to Florida Rule of Procedure 1.260, the assignee of a note during pendency of a foreclosure acquires standing of original plaintiff lender - Spicer v Ocwen Loan...more

DFS Filing “Reminder” as Deadline Looms

For the several thousand financial institutions and insurance companies covered by New York’s landmark data security regulation, the first certification of compliance must be filed with the State’s Department of Financial...more

European Parliament to Expedite Process for Adopting Proposal to Delay Application Date for IDD and IDD Delegated Regulations

European Parliament’s Committee on Economic and Monetary Affairs (“ECON”) published a letter (dated January 9, 2018) on January 16, 2018. The letter was sent by the ECON Chair to the Chair of the Council of the EU’s Permanent...more

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