News & Analysis as of

Banks

FinCEN Issues FAQs Regarding Customer Due Diligence Requirements for Financial Institutions

by Weiner Brodsky Kider PC on

On April 3, 2018, FinCEN issued FAQs regarding customer due diligence requirements for financial institutions. FinCEN stated that the FAQs were issued to help covered financial institutions understand the scope of the...more

Federal Reserve Board Requests Comments on Proposal to Simplify Capital Rules for Large Banks

by Weiner Brodsky Kider PC on

On April 10, 2018, the Federal Reserve Board officially invited public comment on a Notice of Proposed Rulemaking which seeks to simplify capital rules for large banks by introducing a “stress capital buffer” (SCB)—the...more

U.S. Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig Discusses Finding the Correct Regulatory Balance

by Shearman & Sterling LLP on

Outgoing U.S. Federal Deposit Insurance Corporation Vice Chairman Thomas M. Hoenig discussed the importance of attaining meaningful regulatory relief without undermining the safety and soundness of the financial system....more

IP Alert: Check-Processing Servicers Beware!

by Vedder Price on

After a 10 day jury trial, a jury found U.S. Bancorp liable for almost $3.3 million in damages for infringing upon a patent covering check-processing technology owned by Solutran, Inc. (”Solutran”). Solutran’s U.S. Patent No....more

Despite Acceleration of Debt Through Prior Dismissed Foreclosure Action, Bankruptcy Petition Tolls Statute of Limitations on...

by Hinshaw & Culbertson LLP on

In Lubonty v. U.S. Bank National Association, a mortgagor sought to void a mortgage loan claiming that the six-year statute of limitations to foreclose had expired. The mortgagor had commenced multiple bankruptcy proceedings...more

GDPR’s New Requirements: What Investment Managers, Funds, Banks, and Broker-Dealers Need to Know

by Morgan Lewis on

The European General Data Protection Regulation, which will come into force on May 25, 2018, requires companies, including investment managers, funds, banks, and broker-dealers, with operations in Europe or information about...more

Vermont Adopts New Information Privacy Regulation

by Weiner Brodsky Kider PC on

The Banking Division of Vermont’s Department of Financial Regulation has updated and modified existing regulatory requirements concerning the treatment of nonpublic personal information about consumers by financial...more

FDIC Enters into Settlement Agreement with State Bank

by Weiner Brodsky Kider PC on

Recently, the FDIC announced a settlement agreement with a depository institution loan originator (Bank) for alleged unfair and deceptive practices in violation of the Federal Trade Commission Act (FTCA) related to the...more

Magistrate Recommends Denying A Motion To Dismiss Against A Bank For Aiding and Abetting Breach Of Fiduciary Duty

by Winstead PC on

In Schmidt v. JP Morgan Chase Bank, N.A., the plaintiff’s employee opened credit cards in the employer’s name, used those credit cards for the employee’s own personal use, and paid those credit card bills with funds from the...more

Federal Jury Awards Iowa Businessman $4 Million

by Davis Brown Law Firm on

On Thursday, April 12, Davis Brown attorneys, Stanley J. Thompson and Jason R. Lawrence scored a major victory on behalf of their client, retired Akron businessman, John Lucken. The jury found Heritage Bank of Spicer,...more

Federal Regulatory Agencies Advise on Cyber Insurance for Information Security Programs

by Davis Wright Tremaine LLP on

Federal regulatory agencies, acting through the Federal Financial Institutions Examination Council (FFIEC), have issued guidance for financial institutions about the role of cyber insurance in risk management of information...more

Financial Regulatory Developments Focus - April 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

FinCEN guidance provides answers on new beneficial ownership rule

by Thompson Coburn LLP on

The Financial Crimes Enforcement Network (FinCEN) issued a set of “frequently asked questions” (FAQs) on April 3, 2018, to provide guidance and clarifications for the new FinCEN beneficial ownership regulations (the “New...more

Large Bank Agrees to Pay $2 Billion to Settle Charges Concerning Fraudulent Sales of Residential Mortgage-Backed Securities

by Weiner Brodsky Kider PC on

A large bank, along with affiliated entities, recently reached a settlement agreement for $2 billion with the Department of Justice (DOJ) to settle a civil action originally filed in December 2016, in which the DOJ sought...more

Federal Reserve System Publishes Annual Financial Statements

On March 23, 2018, the Federal Reserve System announced that it released the 2017 annual audited financial statements for the Federal Reserve Banks. The 2017 earnings were approximately $80.7 billion....more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS – Canadian Mining Company Settles with SEC over FCPA Charges – On March 26, Kinross Gold Corporation settled with the Securities and Exchange Commission (SEC) over its alleged failure to...more

FinCEN Releases Frequently Asked Questions Regarding Customer Due Diligence and Beneficial Ownership Requirements

by WilmerHale on

Last week the Financial Crimes Enforcement Network (FinCEN) issued much-anticipated Frequently Asked Questions (FAQs) that provide additional guidance to financial institutions relating to the implementation of the new...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS – Canadian Mining Company Settles with SEC over FCPA Charges – On March 26, Kinross Gold Corporation settled with the Securities and Exchange Commission (SEC) over its alleged failure to...more

Blockchain Provides Opportunity for Financial Services Companies

by Epiq on

The global financial system is a network that efficiently moves trillions of dollars among billions of people every day, but it’s constantly threatened by fraud and crime....more

CFPB Extends Commentary Periods for Three RFIs

by Weiner Brodsky Kider PC on

The CFPB’s Requests for Information (RFIs) regarding Civil Investigative Demands and Associated Processes published on January 26, 2018, required commentary to be received on or before March 27, 2018. That commentary period...more

Allen & Overy's weekly update on Key Regulatory Topics - 23 March 2018 - 28 March 2018

by Allen & Overy LLP on

BREXIT - Please see the Prudential Regulation section for updates on: (i) the record of the FPC meeting held on 12 March; and (ii) HMT’s recently published letter on the EC’s proposed package of reforms in relation to BRRD...more

Financial Sector Legislative Reform Continues

On March 27, 2018, the federal government introduced Bill C-74, Budget Implementation Act, 2018, No. 1 (Bill), which includes proposed legislative changes that will be of interest to Canada’s financial sector. ...more

Red Notice Newsletter - March 2018

ANTICORRUPTION DEVELOPMENTS – Canadian Mining Company Settles with SEC over FCPA Charges – On March 26, Kinross Gold Corporation settled with the Securities and Exchange Commission (SEC) over its alleged failure to...more

House Passes Bill to Reduce Capital Requirements of Financial Institutions

On February 27, the U.S. House of Representatives passed H.R. 4296, which aims to reduce the operational capital requirements imposed on financial institutions. The bill passed with a vote of 245-169. As is typical with...more

Chris Lazarini Examines Statute of Limitations Related to Breach of Fiduciary Duty

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini examined a case of alleged breach of trust and breach of fiduciary duty against a bank acting as the indenture trustee related to a foreclosure action on defaulted mortgage revenue...more

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