News & Analysis as of

Banks

Federal Reserve Settles with Pennsylvania Bank Over Alleged Deceptive Student Lending Practices

by Goodwin on

On December 6, 2016, the Federal Reserve Board announced that it entered into a consent order with a Pennsylvania bank ordering it to cease and desist deceptive student lending practices, and assessing millions of dollars in...more

First Deputy Comptroller of the Currency Keith Noreika Discusses “Whether Bank Holding Companies Are Obsolete”

by Shearman & Sterling LLP on

Keith Noreika, First Deputy Comptroller of the Currency discussed whether bank holding companies are obsolete, a topic he described as both timely and complex. Mr. Noreika, newly relieved of his post as Acting Comptroller,...more

France Announces Its First Deferred Prosecution Agreement

In a move that could signal a new phase of government enforcement in France, on November 27, 2017, French authorities published a Convention judiciaire d’intérêt public (CJIP) with HSBC Private Bank Suisse SA (HSBC PB), the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The UK and EU made a significant breakthrough early this morning to “unlock” Brexit divorce negotiations. The still-rough agreement would see Britain repaying $53 billion and addressed in at least vague terms thorny issues...more

Subscription Credit Facilities: Misperceptions Remain Aplenty

On November 15, 2017, audit, tax and consulting firm PwC published a thought leadership piece titled: “Sub-line facilities: end of the road?” (the “Article”). While the subscription credit facility (“Subscription Facility”)...more

OCC Updates Guidance on Business Combinations

by Ruder Ware on

The Office of the Comptroller of the Currency (“OCC”) has recently updated its “Business Combinations” booklet, which is part of the Comptroller’s Licensing Manual. The revised booklet replaces the prior version, which was...more

Deceptive Marketing Practices Cost Bank $5M

A state-chartered bank based in Missouri must pay $5 million pursuant to a Consent Order with the Board of Governors of the Federal Reserve System resulting from charges of deceptive marketing practices....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Here’s the inside scoop on “Sheltered Harbor,” a “doomsday project” from US banks that they hope will “prevent a run on the financial system should one of them suffer a debilitating cyberattack.” The gargantuan voluntary...more

New Mexico AG Announces Investigation Into National Bank for Opening Fake Consumer Accounts

by Goodwin on

?On November 29, the New Mexico Attorney General (AG) announced that, after a year-long investigation of a national bank, the AG will seek damages on behalf of thousands of New Mexico consumers for whom the bank had created...more

Court Finds Confidentiality Provision In Arbitration Agreement Unconscionable, Compels Consumer Arbitration

by Carlton Fields on

The Eleventh Circuit has determined that a confidentiality provision in an arbitration clause was substantively unconscionable. The case involved a putative class action by David Johnson alleging that KeyBank National...more

UK Financial Conduct Authority Publishes Note on the Compliance Function within Wholesale Banks

by Shearman & Sterling LLP on

The Financial Conduct Authority has published a note on the compliance function in wholesale banks. The note sets out the key themes and issues arising from responses to an FCA questionnaire which was sent to 22 firms as well...more

Federal Reserve Vice Chairman for Supervision Speaks About “Prudent Innovation in the Payment System”

On November 30, 2017, Federal Reserve Board Vice Chairman for Supervision Randal Quarles delivered remarks at the 2017 Financial Stability and Fintech Conference sponsored by the Federal Reserve Bank of Cleveland, the Office...more

2017 Global Systemically Important Banks List Published

by Shearman & Sterling LLP on

The Financial Stability Board has published the 2017 list of Global Systemically Important Banks. The list was compiled using end-2016 data and the 2013 assessment methodology designed by the Basel Committee on Banking...more

Financial Services Weekly News - November 2017 #4

by Goodwin on

Editor's Note - A Tale of Two Agencies. On November 27, Joseph M. Otting was sworn in as the 31st Comptroller of the Currency. Mr. Otting seamlessly succeeded Keith A. Noreika, who became Acting Comptroller in May 2017...more

Federal Banking Agencies Finalize Extension of Certain Capital Rule Transitions

On November 21, 2017, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency “finalized a rule for certain banking organizations by...more

Senators Announce Bipartisan Deal to Ease Banking Regulations

by Reed Smith on

On November 13, 2017, Senate Banking Committee Chairman Mike Crapo, along with several Democratic senators, announced an agreement on bipartisan financial reform legislation. The proposed legislation aims to lower the number...more

Developments in Global Securities Litigation

by Dechert LLP on

As securities markets become increasingly interconnected, multi- national public corporations continue to be a part of a significant sea change in the globalization of securities fraud litigation—a change that began with the...more

Anti-Money Laundering Update: California Card Club Clubbed by FinCEN for AML Violations

by Bass, Berry & Sims PLC on

Post at a glance: • FinCEN imposes $8 million penalty against California’s biggest and oldest card club • Club failed to implement and maintain an effective anti-money laundering (AML) program and failed to detect,...more

Supreme Court of Canada holds banks liable in fraud scheme

by Dentons on

In a recent Supreme Court of Canada (SCC) decision, the SCC reinforced its position regarding the allocation of liability in cases involving fraudulent cheque schemes. In a narrow 5-4 decision, the majority held that...more

Guidelines for best practices in real estate enforcement proceedings

The avalanche of bad loans that has hit Italy in recent years has drawn attention on the inefficiency of the judicial debt collection system, one of the leading causes of the banking crisis and the low prices that the banks...more

Senate Banking Committee schedules Dec. 5 markup of regulatory reform bill

by Ballard Spahr LLP on

Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more

Retrenchment on Cuban Sanctions; The Search for a Middle Ground

The Trump Administration has made good on its promise to cut back on the liberalized Cuban policy implemented by the Obama Administration with a new regime that introduces new travel restrictions as well as broad prohibitions...more

CFPB to seek OMB approval for testing of overdraft disclosures

by Ballard Spahr LLP on

The CFPB has published a notice in the Federal Register announcing that it plans to seek OMB approval to conduct online testing of ATM/overdraft disclosures with 8,000 individuals. Comments are due on or before January 16,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As retailers do all they can to fight the e-commerce wave, some bricks-and-mortar shops are experimenting with a rather counterintuitive strategy: smaller spaces and a showroom-style approach....more

The Courts Speak: Bank Liability for Alleged AML Failures Impacting Third Parties, and Hauling into U.S. Court Foreign Defendants...

by Ballard Spahr LLP on

We discuss two recent federal court opinions addressing two issues of increasing frequency and importance: (i) the potential civil liability of financial institutions to non-customers and other third-parties for alleged...more

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Cybersecurity

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