News & Analysis as of

Banking Sector

Ninth Circuit: NBA Doesn’t Preempt California Escrow Law

In a ruling that could prove costly to some national banks, the Ninth Circuit has ruled that the National Bank Act (NBA) does not preempt California state law mandating that financial institutions pay borrowers interest on...more

Senate Passes Financial Regulatory Reform Bill

by MoFo Reenforcement on

On March 14, 2018, the U.S. Senate passed S. 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act.” If enacted into law, S. 2155 would provide modest regulatory relief to regional and community banks,...more

Senate-passed Regulatory Reform Offers Real Benefits to Depository Institutions under $10 Billion in Assets

by Bryan Cave on

On March 14, 2018, the Senate passed, 67-31, the Economic Growth, Regulatory Relief and Consumer Protection Act, or S. 2155. While it may lack a catchy name, its substance is of potentially great importance to community...more

IRS Announces End of Offshore Voluntary Disclosure Program

by Jones Day on

On March 13, 2018, the Internal Revenue Service ("IRS") announced that the Offshore Voluntary Disclosure Program ("OVDP") will end on September 28, 2018. The program has allowed taxpayers to avoid criminal prosecution by...more

Recent Debarments Highlight Growing Risk of Sanctions By Multilateral Development Banks

by Holland & Knight LLP on

• Companies that operate globally face substantial risks associated with activities funded by multilateral development banks (MDBs). • Several recent debarment actions by the World Bank highlight those risks. • To...more

The European Securitisation Regulation: The Countdown Continues...

by Jones Day on

Draft Regulatory Technical Standards on Content and Format of the STS Notification - Regulation (EU) 2017/2402, which lays down a general framework for securitisation and creates a specific framework for simple,...more

CFPB seeks comment on adopted regulations

by Ballard Spahr LLP on

The CFPB has issued a request for information that seeks comment on its adopted regulations and new rulemaking authorities....more

US Federal Reserve Board Vice Chairman for Supervision Discusses Regulatory Agenda for Foreign Banking Organizations

by Shearman & Sterling LLP on

Randal Quarles, U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, discussed the need to examine post-crisis reforms. Focusing on post-crisis regulations that impact foreign banking...more

Update to MLA Website Expands Search Functionality

by Ballard Spahr LLP on

Yesterday, the Department of Defense’s (DoD) Military Lending Act website was temporarily taken offline to accommodate various “security and performance enhancements.” ...more

Second Circuit Puts Out Simultaneous Class Arbitration Opinions

Two different panels of the Second Circuit issued opinions about class arbitration on the same day last week. One creates a circuit split over how specific parties must be to delegate the availability of class arbitration to...more

Ohio Residential Mortgage Lending Act Takes Effect Next Week

by Ballard Spahr LLP on

The Ohio Residential Mortgage Lending Act (ORMLA) becomes effective on March 23, 2018. Passed in December 2017 (H.B. 199), the ORMLA consolidates the regulation and licensing of first- and subordinate-lien mortgage loans into...more

Marketplace Lending Update: Who’s My Lender?

Over the last several weeks, two notable cases in federal court challenging certain aspects of the business model of marketplace lending companies headed down separate paths. ...more

Misreading bankers’ worries: a response to Professor Sovern

by Ballard Spahr LLP on

In a blog post Wednesday, Professor Sovern referenced Politico’s report that at the Consumer Bankers Association’s annual conference this week, unlike from 2012-2016, the “regulatory environment” was not identified as a “top...more

Senate passes banking bill providing Dodd-Frank relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. ...more

“Panama Papers” Law Firm Announces Its Closure Due to Fallout from Massive Data Breach

by Ballard Spahr LLP on

The beleaguered law firm at the center of the international Panama Papers scandal – Mossack Fonseca – has announced that it is closing its doors. It offered no apologies....more

Senate Passes Banking Bill Providing Dodd-Frank Relief

by Ballard Spahr LLP on

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more

IRS Is Closing Offshore Voluntary Disclosure Program; Deadline of September 28, 2018

The IRS announced it will be closing its Offshore Voluntary Disclosure Program (OVDP) as of September 28, 2018. The news follows a significant decrease in taxpayer participation in the program, coupled with advances in...more

IRS Announces End of FBAR Voluntary Disclosure Program

As I discussed in a prior blog post, if you have more than $10,000 in a foreign bank account, you are obligated to file Form 114 (commonly known as an FBAR). Failure to make this filing can result in significant civil...more

Bipartisan House bill introduced to change CFPB leadership to 5-member commission

by Ballard Spahr LLP on

A bipartisan bill introduced in the House earlier this week, the Financial Product Safety Commission Act of 2018 (H.R. 5266), would create a bipartisan five-member commission to run the CFPB.  ...more

US House of Representatives Votes to Pass Bill on Operational Risk Capital Requirements for Financial Institutions

by Shearman & Sterling LLP on

The U.S. House of Representatives voted 245-169 in favor of passing H.R. 4296. The bill prohibits federal financial regulators from establishing operational risk capital requirements for financial institutions unless the...more

US Federal Reserve Board Vice Chairman for Supervision Discusses Financial Regulation and Cybersecurity

by Shearman & Sterling LLP on

Randal Quarles, U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, provided brief remarks at the Financial Services Roundtable 2018 Spring Conference. Vice Chairman Quarles noted the...more

Separate Duty to Notify Revives Untimely Subprime Mortgage Claims

by Farrell Fritz, P.C. on

In a thorough opinion last week by Justice Marcy Friedman in Bank of N.Y. Mellon v WMC Mtge., LLC, the New York County Supreme Court upheld the timeliness of “Failure to Notify” claims arising from subprime mortgage-backed...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

There’s falling from grace, and then there’s Elizabeth Holmes. Once compared glowingly to Steve Jobs, Holmes’ well-documented Theranos ills (including exaggerated and faked blood-test results) have landed her with SEC...more

EBA Reports on Basel III Monitoring Exercise as of June 30, 2017

The European Banking Authority (“EBA“) published a report, available here, summarizing the results of the latest EU Basel III monitoring exercise, using data as of June 30, 2017. The report was accompanied by a press release....more

DFS Issues Compliance Certificate “Reminder”

Last week, the New York Department of Financial Services (DFS) sent notices to companies that had not yet certified their compliance with the DFS Cybersecurity Regulation....more

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