News & Analysis as of

Banking Sector

Basel Committee on Banking Standards Proposes Technical Amendment to the Net Stable Funding Ratio

by Shearman & Sterling LLP on

The Basel Committee on Banking Standards has published a proposed technical amendment to the Net Stable Funding Ratio. Consultation on the proposed technical amendment will run for a short 45-day consultation period, under a...more

English Appeals Court’s Denial of Her Preliminary Injunction Motion

by Ballard Spahr LLP on

Last week, Leandra English filed a notice of appeal with the D.C. District Court. She is appealing the Court’s denial of her preliminary injunction motion through which she sought to block Mick Mulvaney from serving as the...more

BSA, FinCEN, Treasury and IRS Want to Know: Who is the Ultimate Beneficial Owner (UBO)?

by Foodman CPAs & Advisors on

There seems to be a convergence by the Financial Crimes Enforcement Networks (FinCEN), the Treasury Department and the IRS for determining “who is the UBO” of entities. The U.S. Government is determined to enforce financial...more

Fintech Companies and Bank Charters: Options and Considerations for 2018

by White & Case LLP on

Fintech companies focused on payments or lending activities continue to seek solutions to minimize barriers to entry presented by myriad and disparate state licensing requirements. These efforts have given rise to numerous...more

Court dismisses defendants’ counterclaims against CFPB for fees and expenses

by Ballard Spahr LLP on

A New York federal district court dismissed the counterclaims of the defendants in a CFPB enforcement action claiming that, pursuant to the Equal Access to Justice Act (EAJA), they were entitled to fees and expenses incurred....more

European Banking Authority Publishes Full Impact Assessment of Basel III Reforms on EU Banks

by Shearman & Sterling LLP on

Following the summary it published on December 7, 2017, the European Banking Authority has issued its full cumulative impact assessment of the impact of the finalized "Basel III" prudential framework on EU banks....more

Basel Committee Consults on Revised Principles for Supervisory and Bank Stress Testing

by Shearman & Sterling LLP on

The Basel Committee on Banking Standards has published proposals on a revised version of the stress testing principles it first published in 2009. The revisions to the principles are the outcome of a review of its current...more

Court Denies English’s Preliminary Injunction Motion; Mulvaney Continues to Exercise Acting CFPB Director Authority

by Ballard Spahr LLP on

Wednesday, U.S. District Court Judge Timothy J. Kelly denied Leandra English’s motion for a preliminary injunction in a 46-page opinion. English had sought to block President Trump’s appointment of Mick Mulvaney to serve as...more

The French Prosecutor Office Has Entered Into the First French DPA in History With HSBC Private Bank Suisse

On Nov. 14, 2017, six months after the so-called Sapin II law1 entered into force in France, the president of the Paris Tribunal de grande instance approved the first French deferred prosecution agreement (DPA or CJIP...more

Pennsylvania Adds Licensing Requirements for Mortgage Servicers

by Ballard Spahr LLP on

Pennsylvania is adding a requirement that a Mortgage Servicer License is required to engage in the mortgage loan business as a mortgage servicer. As such, the definition of “mortgage loan business” has been amended to include...more

More On Status Of FinCEN’s Marijuana Banking Guidance

by Fox Rothschild LLP on

As a follow-up to yesterday’s post regarding the status of FinCEN’s 2014 marijuana banking guidance in light of the Attorney General’s policy reversal on marijuana enforcement at the federal level, we have received written...more

FinCen Confirms Marijuana Banking Guidance Remains In Place Despite DOJ Policy Reversal

by Fox Rothschild LLP on

Reuters is reporting today that the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) was caught off guard by Attorney General Jeff Sessions’ announcement last week that the Justice Department was reversing...more

Financial Regulatory Developments Focus - January 2018

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

In naming Gregory Abel and Ajit Jain vice chairs, Berkshire Hathaway took another big step this week in laying out LAWB (Life After Warren Buffet)....more

Michigan Using Uniform Authorized Agent Reporting

by Ballard Spahr LLP on

The Michigan Department of Insurance and Financial Services will start using the NMLS Uniform Authorized Agent Reporting functionality to fulfill agent reporting requirements. ...more

Senator Warren claims CFPB data collection freeze unjustified

by Ballard Spahr LLP on

In a letter to Leandra English and Mick Mulvaney, Senator Elizabeth Warren calls the freeze imposed by Mr. Mulvaney on the CFPB’s collection of personally identifiable information (PII) “unjustified.” (Not surprisingly,...more

Uniform Act to Regulate Virtual Currency Businesses Ready for State Adoption

by Ballard Spahr LLP on

A new proposed law to create a statutory framework for regulating persons engaging in virtual-currency business activity, the Uniform Regulation of Virtual-Currency Businesses Act (URVCBA), has been approved by the Uniform...more

Alaska to Add Money Transmitter License to NMLS and Adopt Electronic Surety Bonds

by Ballard Spahr LLP on

Starting on February 1, 2018, the Alaska Department of Commerce, Community & Economic Development, Division of Banking & Securities will start accepting applications for the Money Transmitter License on NMLS. ...more

UK Regulators Confirm Approach to Authorization and Supervision of International Banks, Investment Firms, Insurers and CCPs...

by Shearman & Sterling LLP on

The Bank of England, the Prudential Regulation Authority and the Financial Conduct Authority have published consultations and planning considerations affecting international banks, investment firms, insurers and CCPs...more

Eurozone Single Resolution Board Outlines its MREL Policy for 2017 and Next Steps

by Shearman & Sterling LLP on

The Single Resolution Board has published its second policy statement on the minimum requirement for own funds and eligible liabilities (MREL). MREL is the EU equivalent of the minimum amount of loss-absorbing capacity that...more

PHH Mortgage Settles Lawsuit with States for $45 Million

PHH Mortgage Corporation, the ninth largest residential mortgage servicing company in the country, agreed Wednesday to pay over $45 million to settle claims brought against it by the Attorneys General of 49 states and the...more

CFPB releases report on college credit card agreements

by Ballard Spahr LLP on

The CFPB released its sixth annual report to Congress on college credit card agreements.  The annual report is mandated by the CARD Act. ...more

Former House Financial Services Committee staffer to serve as CFPB chief of staff

by Ballard Spahr LLP on

In a press release issued by the House Financial Services Committee, Committee Chairman Jeb Hensarling announced that Kirsten Mork, the Committee’s Staff Director, has been named CFPB Chief of Staff. Mr. Hensarling was a...more

Mexico’s AML Regime Evaluated by the FATF: Systemic Improvement, but Suspicious Transaction Reporting and Law Enforcement Efforts...

by Ballard Spahr LLP on

Last week, the Financial Action Task Force (“FATF”) issued a report concluding that Mexico needs to “step up efforts in pursuing money launderers.” ...more

Reinstatement Period Begins

by Ballard Spahr LLP on

The Reinstatement Period on NMLS started on January 1 and ends on February 28. ...more

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