News & Analysis as of

Banking Sector

Morrison & Foerster LLP

HVCRE Exposures: New Regulatory Guidance

by Morrison & Foerster LLP on

As reported in a prior Client Alert, financial services reforms enacted into law on May 24, 2018, clarified the treatment of acquisition, development, and construction (ADC) loans characterized as high-volatility commercial...more

Foodman CPAs & Advisors

¿Quién monitorea los “wallets” de las Monedas Virtuales?

by Foodman CPAs & Advisors on

Los inversionistas de la Moneda Virtual (MV) utilizan los servicios de plataformas en línea "seguros" para comprar, vender, transferir y almacenar la MV. Los proveedores de estos servicios se conocen como “wallets,...more

Thomas Fox

The Credit Suisse FCPA Enforcement Action: Part III – The Result and Going Forward

by Thomas Fox on

Last week Credit Suisse Group AG (CSAG) and Credit Suisse (Hong Kong) Limited (CSHK), a subsidiary of CSAFG, settled a Foreign Corrupt Practices Act (FCPA) enforcement action for just over $77 million for the illegal hiring...more

Kilpatrick Townsend & Stockton LLP

Square Temporarily Withdraws ILC Application

We previously reported on payment processor Square, Inc.’s application for an industrial loan company (ILC) charter. That is now over, at least for the time being. Last week, Square announced that it had temporarily withdrawn...more

Locke Lord LLP

ARRC Publishes Guiding Principles for LIBOR Fallback Language

by Locke Lord LLP on

Introduction - The Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York convened the Alternative Reference Rates Committee (ARRC) in 2014 in order to, among other things, identify the...more

Shearman & Sterling LLP

Financial Regulatory Developments Focus - July 2018 #2

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Thomas Fox

The Credit Suisse FCPA Enforcement Action: Part II – The (Very) Bad Facts

by Thomas Fox on

Last week Credit Suisse Group AG (CSAG) and Credit Suisse (Hong Kong) Limited (CSHK), a subsidiary of CSAFG, settled a Foreign Corrupt Practices Act (FCPA) enforcement action for just over $77 million for the illegal hiring...more

Shearman & Sterling LLP

US Office of the Comptroller of the Currency Releases Updated Supervision Booklets

by Shearman & Sterling LLP on

The U.S. Office of the Comptroller of the Currency has announced updates to a number of supervision booklets, including the "Bank Supervision Process," "Community Bank Supervision," "Compliance Management Systems" and "Large...more

Goodwin

Financial Services Weekly Roundup - July 2018

by Goodwin on

Editor's Note - Third Circuit Affirms AXA Section 36(b) Decision. On July 10, the U.S. Court of Appeals for the Third Circuit affirmed the district court’s decision in favor of the investment adviser in the Sivolella v....more

Shearman & Sterling LLP

European Banking Authority Warns Financial Institutions to Prepare for a Hard Brexit

by Shearman & Sterling LLP on

The European Banking Authority has published an Opinion on preparations for the withdrawal of the U.K. from the EU. The Opinion is addressed to EU national regulators and regulators in the European Free Trade Area States...more

Thomas Fox

The Credit Suisse FCPA Enforcement Action: Part I – Background

by Thomas Fox on

Last week Credit Suisse Group AG (CSAG) and Credit Suisse (Hong Kong) Limited (CSHK), a subsidiary of CSAFG, settled a Foreign Corrupt Practices Act (FCPA) enforcement action for just over $77 million for the illegal hiring...more

Shearman & Sterling LLP

UK Regulator Provides Update on its Retail Banking Business Model Review

by Shearman & Sterling LLP on

The U.K. Financial Conduct Authority has published a Progress Report on its Strategic Review of Retail Banking Business Models. The FCA launched the Review in April 2017 and published a purpose and scope document in October...more

Dentons

EU Commission sets sights on minimum standards for credit servicers

by Dentons on

QuickTake: New rules aim for a more single servicers market but potentially at a cost - Credit servicers, originators and credit purchasers will all be impacted in the form of new authorization requirements, including...more

Michael Volkov

Lessons Learned from Credit Suisse Corrupt Hiring Scheme and FCPA Settlement (Part II of II)

by Michael Volkov on

Credit Suisse has joined the ranks of other banks and companies that have settled FCPA violations involving hiring of government officials’ relatives in exchange for business benefits, including JPMorgan Chase; BNY Mellon,...more

K&L Gates LLP

Dodd-Frank Reform 2.0

by K&L Gates LLP on

Recent activity in Congress suggests that the return from the July 4th recess will see a continued push to reform the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) before year’s end. This...more

Orrick - Structured Finance Group

European Parliament Votes to Adopt Report on Decision on Increased Regulatory Powers for ECB over Clearing Systems

On July 4, 2018, the European Parliament published the minutes of its plenary session, which confirms that it has voted (in plenary) to adopt a report on a draft decision amending Article 22 of the Statute of the European...more

Dentons

Developments in EU Anti-Money Laundering Regulation – The MLD5

by Dentons on

On 9 July 2018, the 5th Anti-Money Laudering Directive (MLD5) entered into force. The MLD5 will introduce some significant changes to EU anti-money laundering regulation. Our client alert highlights some of the major aspects...more

Holland & Knight LLP

What President Andrés Manuel López Obrador's Election Means to Business in Mexico - An Outlook for Several Key Sectors, Including...

by Holland & Knight LLP on

• Mexico recently voted for a new president, Andrés Manuel López Obrador, in the biggest – and likely the most important – election in the country's history, electing the first left-wing candidate in Mexico. • While it is...more

Bracewell LLP

New York Cyber Enforcement Steps Into the Breach

by Bracewell LLP on

Last month, the New York State Department of Financial Services (NYDFS) proclaimed, “In an era of weakened federal government oversight, strong state regulation is essential in order to safeguard our markets, ensure strong...more

Morrison & Foerster LLP

Are You a Money Transmitter in California?

by Morrison & Foerster LLP on

As we have noted on multiple occasions, one of the most important questions in the non-bank payments revolution — at least from a regulatory perspective — is whether a particular payments service is subject to regulation as...more

Michael Volkov

Credit Suisse Pays $76 Million for Sons and Daughters FCPA Violations in China (Part I of II)

by Michael Volkov on

Credit Suisse Group AG and its Hong Kong subsidiary settled FCPA charges with the Justice Department and the Securities and Exchange Commission. The Justice Department announced that Credit Suisse’s Hong Kong subsidiary...more

Carlton Fields

Fourth Circuit Holds Plaintiffs Who Allege Identity Theft Have Standing To Sue Post-Data Breach, But What Does It Mean For...

by Carlton Fields on

The Fourth Circuit’s 2017 decision in Beck v. McDonald held that the mere fear of identity theft in the wake of a data breach was insufficient to confer Article III standing. ...more

Manatt, Phelps & Phillips, LLP

CFPB News: More Reports, Settlements and Actions Dropped

In another news-heavy cycle, the Bureau of Consumer Financial Protection (CFPB) released a report on year-end credit card borrowing, dropped a potentially major RESPA-based investigation on co-marketing practices, and reached...more

Clark Hill PLC

Window On Washington - Vol. 2, Issue 27

by Clark Hill PLC on

Outlook for This Week in the Nation's Capital - House and Senate Return. Both the House and Senate are back in session this week. The Senate is planning to take a series of judicial nominations as well as a few other...more

Dentons

Why bankers and lawyers need to understand blockchain and smart contracts

by Dentons on

This article will discuss (i) how blockchain and distributed ledger technology ("DLT") and smart contracts will reshape the corporate lending space throughout the world; (ii) practical examples of near-term opportunities for...more

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JD Supra Privacy Policy

Updated: May 25, 2018:

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How We Protect Your Information

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Links to Other Websites

Our Website and Services may contain links to other websites. The operators of such other websites may collect information about you, including through cookies or other technologies. If you are using our Website or Services and click a link to another site, you will leave our Website and this Policy will not apply to your use of and activity on those other sites. We encourage you to read the legal notices posted on those sites, including their privacy policies. We are not responsible for the data collection and use practices of such other sites. This Policy applies solely to the information collected in connection with your use of our Website and Services and does not apply to any practices conducted offline or in connection with any other websites.

Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

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You can make a request to exercise any of these rights by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

We will make all practical efforts to respect your wishes. There may be times, however, where we are not able to fulfill your request, for example, if applicable law prohibits our compliance. Please note that JD Supra does not use "automatic decision making" or "profiling" as those terms are defined in the GDPR.

  • Timeframe for retaining your personal information: We will retain your personal information in a form that identifies you only for as long as it serves the purpose(s) for which it was initially collected as stated in this Privacy Policy, or subsequently authorized. We may continue processing your personal information for longer periods, but only for the time and to the extent such processing reasonably serves the purposes of archiving in the public interest, journalism, literature and art, scientific or historical research and statistical analysis, and subject to the protection of this Privacy Policy. For example, if you are an author, your personal information may continue to be published in connection with your article indefinitely. When we have no ongoing legitimate business need to process your personal information, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion is possible.
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California Privacy Rights

Pursuant to Section 1798.83 of the California Civil Code, our customers who are California residents have the right to request certain information regarding our disclosure of personal information to third parties for their direct marketing purposes.

You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
10 Liberty Ship Way, Suite 300
Sausalito, California 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

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Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

If you have any questions about this Privacy Policy, the practices of this site, your dealings with our Website or Services, or if you would like to change any of the information you have provided to us, please contact us at: privacy@jdsupra.com.

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How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

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Controlling and Deleting Cookies

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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