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Finance & Banking Updates

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

SEC Updated Guidance on Cyber Disclosure by Publicly Traded Companies in a Digitally-Connected World

by White and Williams LLP on

...The Securities and Exchange Commission (the “Commission”) Wednesday announced updated cybersecurity guidance for public companies. This guidance reinforces the Division of Corporation Finance guidance issued in October...more

Vulnerable Person Abuse Protections Coming To FINRA In 2018

by Tonkon Torp LLP on

Similar to the Oregon legislature's recent changes to ORS Chapter 59, intended to protect "vulnerable persons" against financial exploitation, FINRA has implemented changes to its rules effective February 5, 2018, intended to...more

Third Circuit Deepens Circuit Split Over Test for “Top Hat” Status Under ERISA

A Third Circuit decision, Sikora v. UPMC, 876 F.3d 110 (3d Cir. 2017), deepens a circuit split over whether a participant’s bargaining power is relevant to determining whether a plan qualifies for “top hat” status under...more

DOJ ‘Reminds’ Banking Industry of the Significant Risks Created by an Inadequate BSA/AML Program

Last week the Department of Justice (DOJ) announced criminal charges against U.S. Bancorp “consisting of two felony violations of the Bank Secrecy Act (‘BSA’) by its subsidiary, U.S. Bank National Association (the ‘Bank’),...more

Key Regulatory Topics: Weekly Update - 9 February 2018 - 15 February 2018

by Allen & Overy LLP on

Insurance Europe publishes papers on avoiding Brexit cliff-edge risks - On 9 February, Insurance Europe published a paper calling for an agreement between the UK and the EU on the transitional arrangements that should...more

Cybersecurity: FINRA Guidance through 2018 Priorities and Recent Exam Findings

by McGuireWoods LLP on

The Financial Industry Regulatory Authority (FINRA) is ramping up on their commitment to assist the industry in its cybersecurity compliance efforts. Recent guidance to the industry from FINRA includes: - an Examination...more

U.S. Pay-for-Results Funding

The U.S. budget bill enacted on February 9, 2018 provides funding for states and localities for pay-for-success projects and feasibility studies. Title VIII of the bill, titled “Supporting Social Impact Partnerships to Pay...more

ECB Speech on European Retail Payments Developments

On February 15, 2018, the European Central Bank (“ECB“) published a speech by Yves Mersch, ECB executive board member, on European retail payments markets developments. In the speech, Mr. Mersch calls on the payment...more

Women in Private Equity to Know: Elizabeth Burgess

by McGuireWoods LLP on

Elizabeth Burgess is a partner and head of the U.S Sustainable Growth Fund for Bridges Fund Management, which has its U.S. headquarters in New York. She has 30 years of experience in private equity and leveraged transactions...more

2017 Consumer Finance Year in Review

by Goodwin on

The consumer financial services industry began 2017 with optimism, as well as considerable uncertainty with the new Administration in the White House, knowing only that the year would bring change. And change it did bring...more

Maine Extends Reach of Its Fair Debt Collection Practices Act

by Weiner Brodsky Kider PC on

On February 6, 2018, the state of Maine updated its Fair Debt Collection Practices Act to expand the range of debt collection activities that are subject to the statute’s licensing requirements. The Act made two changes to...more

CFPB Drops Lawsuit Against Payday Lender

by Weiner Brodsky Kider PC on

The CFPB has dropped a recent lawsuit against a payday lender accused of charging up to 950% interest....more

US Federal Financial Regulators Propose Amendments to Swap Margin Rule

by Shearman & Sterling LLP on

The US Office of the Comptroller of the Currency, the US Board of Governors of the Federal Reserve System, the US Federal Deposit Insurance Corporation, the US Farm Credit Administration and the US Federal Housing Finance...more

CFPB Releases Strategic Plan FY 2018 – 2022 amid Proposed Budget Cuts

by Weiner Brodsky Kider PC on

The CFPB recently released its five-year Strategic Plan that outlines its mission, strategic goals, and objectives for fiscal years 2018 – 2022. At the outset, in his Message from the Acting Director, Mick Mulvaney writes,...more

LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Argentina

1. What role does the government of Argentina play in approving and regulating foreign direct investment? Argentina’s government has issued general regulations regarding foreign investment, and has, in general, allowed the...more

Asset Management Regulatory Roundup - February 2018 - Issue 4

by Dechert LLP on

A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details of an FCA report on algorithmic trading; the publication of the FSMA (Benchmarks)...more

New York State Department of Financial Services Issues Guidance to Virtual Currency Entities

On February 7, 2018, the New York State Department of Financial Services (“DFS”) issued guidance for all virtual currency entities licensed by New York State regarding the prevention of market manipulation, fraud, and other...more

SEC issues guidance on cybersecurity disclosures

by Sullivan & Worcester on

The SEC posted today, February 21, 2018 an interpretive release regarding its latest guidance public companies’ disclosure obligations under existing law with respect to matters involving cybersecurity risk and incidents. It...more

Tax Reform's Impact on 401(k) Plan Loan Offset Treatment - Actions for Plan Administrators and Human Resources Benefits Managers

by Holland & Knight LLP on

• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators. • This client alert focuses on changes made to the tax treatment of plan loan...more

Comprehensive Environmental Response, Compensation and Liability Act/Hardrock Mining: February 21st Announcement of Declination to...

The United States Environmental Protection Agency (“EPA”) published a February 21st Federal Register Notice announcing its decision to not issue final regulations for Comprehensive Environmental Response, Compensation and...more

The European Securitisation Regulation: The Countdown has Begun....

by Jones Day on

Draft Technical Standards Published for Consultation by the European Supervisory Authorities—An Update and Overview - Regulation (EU) 2017/2402, which is known as the "Securitisation Regulation" and lays down a general...more

Four Blockchain Technology Bills Proposed by New York Assemblyman

New York Assemblyman Clyde Vanel has introduced proposals in the state legislature for four laws which, if passed, could transform how the State of New York interacts with and views blockchain technology. The first...more

Massive Budget Deal Includes Important Changes To Hardship Withdrawal Rules

by Seyfarth Shaw LLP on

On Friday, February 9, 2018, the Bipartisan Budget Act of 2018 (the “Act”) was signed into law by President Trump, ending a brief government shutdown that began at 12:01 a.m. on Thursday, February 8, 2018. In addition to...more

Education Dept. seeks comment on factors used to evaluate student loan discharge claims in bankruptcy cases

by Ballard Spahr LLP on

The Department of Education has published a request for information in yesterdays Federal Register seeking comment on the factors used to evaluate claims of undue hardship made by student loan borrowers attempting to...more

CFPB Issues Requests for Information Regarding Its Enforcement and Supervision Processes

by Weiner Brodsky Kider PC on

The CFPB has issued two Requests for Information, seeking public comment on its enforcement and supervision processes. The Requests for Information are part of a larger call for feedback on the effectiveness of several...more

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