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Banks

How Corporations Can Stay Vigilant Against Online Banking Fraud – Lessons from Recent Court Judgments

by Morgan Lewis on

Due to the general flexibility granted to banks by their standard account opening terms, corporate victims of online banking frauds often face substantial hurdles in court in their attempts to recover the sums lost from the...more

Passive Investors in Payday Lending Operations Get Partial Reprieve

While tossing certain claims brought by Pennsylvania’s attorney general, a federal judge denied part of a motion to dismiss brought by online short-term lenders in an action accusing them of “renting” Native American tribes...more

The Federal Reserve Imposes Limits on a National Bank’s Growth

by Weiner Brodsky Kider PC on

On February 2, 2018, the Federal Reserve (the “Fed”) announced a consent order with one of the country’s largest banks, that orders the bank to halt growth until it improves its corporate governance and risk management....more

Qatar Gets Busy

by K&L Gates LLP on

The past month has witnessed a significant amount of activity in the banking sector in Qatar. On the one hand, banks have been holding board meetings to review and approve the financial results ahead of the scheduled annual...more

US House of Representatives Passes Five Bills Affecting Financial Institutions

by Shearman & Sterling LLP on

The US House of Representatives passed five bills focused on regulatory reform for financial institutions. The bills passed by the House include: the Housing Opportunities Made Easier Act (H.R. 2255), which amends the Truth...more

Are you prepared for the future of LIBOR?

by Hellmuth & Johnson PLLC on

The Financial Conduct Authority (“FCA”) in the UK has announced that it will no longer require banks to submit London Interbank Offered Rate (“LIBOR”) quotes after 2021. This change requires careful review and action for...more

Red Notice Newsletter - Russian

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

Red Notice Newsletter - Chinese

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd. a...more

Corporate and Financial Weekly Digest, Featuring Topics on SEC/Corporate, Broker-Dealer, Derivatives and UK/EU Developments

SEC/CORPORATE - SEC Approves NYSE Rule to Facilitate Listing Without an IPO - On February 2, the Securities and Exchange Commissions approved a New York Stock Exchange (NYSE) rule change that facilitates the listing...more

Directors Fail To Escape Liability For Approving Dividend

by Allen Matkins on

I last wrote about FDIC v. Ching, 2014 U.S. Dist. LEXIS 92687 (E.D. Cal. July 8, 2014) in July of 2014. That post concerned Judge Kimberly J. Mueller's ruling that California's statutory restrictions on distributions to...more

[Webinar] The Brave New World of Payments: opportunities and threats post-PSD2 - March 1st, 12:00pm GMT

by Hogan Lovells on

Register now for our live webinar to learn about the key developments that will help payments experts to thrive in the post-PSD2 era. We've gathered leading payments regulation and technology professionals to look at the...more

FDIC, Federal Reserve Board, and OCC Issue Interagency Statement on CRA Consideration for the U.S. Virgin Islands and Puerto Rico...

by Weiner Brodsky Kider PC on

The interagency statement recently issued by the Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board of Governors (FRB), and the Office of the Comptroller of the Currency (OCC) addresses the availability of...more

CFTC Files Eight Anti-Spoofing Enforcement Actions Against Three Banks (Deutsche Bank, HSBC & UBS) & Six Individuals

On January 29, 2018, the Commodity Futures Trading Commission (“CFTC“), along with the Department of Justice and FBI’s Criminal Investigation Division, announced both criminal and civil enforcement actions against three banks...more

States Launch Standardized Licensing Pilot Program for Money Services Businesses

Seven states have agreed to a multi-state compact standardizing key aspects of money services business (MSB) licensing. As of today, Georgia, Illinois, Kansas, Massachusetts, Tennessee, Texas, and Washington have joined into...more

Year in Review: Legislation and Guidance for Federal Financial Institutions in 2017

2017 marked another year of prodigious development of legislation and regulatory guidance impacting federal financial institutions in Canada. The new wave of initiatives in 2017 included the second stage of the...more

Federal Reserve Announces It Will Restrict Growth of National Bank Until It Improves Governance

by Goodwin on

On February 2, 2018, the Board of Governors of the Federal Reserve System (the “Board”) announced that it would restrict the growth of a national bank based on its past consumer abuses and compliance failures and its need to...more

New FinCEN beneficial ownership requirements for legal entity customers to become effective in May 2018

by Thompson Coburn LLP on

Effective May 11, 2018, new Financial Crimes Enforcement Network (FinCEN) regulations (codified at 31 C.F.R. §§ 1010.230 and 1020.210(b)(5)) (the “New Regulations”) require that covered financial institutions, including...more

Bank Corporate Governance—Fed lowers Boom on Wells’ Directors

by Sullivan & Worcester on

On February 2, 2018, the Fed announced that it issued a consent Cease and Desist order with Wells Fargo—the bank holding company. The Fed’s press release noted that Wells is replacing 4 directors within this year (out of 17...more

State Regulators to Share Licensing Data with FTC

by Weiner Brodsky Kider PC on

The Conference of State Bank Supervisors announced that it will be sharing all non-confidential licensing information from the Nationwide Multistate Licensing System (NMLS) with the Federal Trade Commission (FTC)....more

Red Notice Newsletter - January 2018

ANTICORRUPTION DEVELOPMENTS - Mega International Commercial Bank Co. Ltd. Fined $29 Million - On January 17, 2018, the U.S. Federal Reserve Board assessed Taiwan based bank Mega International Commercial Bank Co. Ltd....more

House Financial Services Committee Holds Hearing on Fintech Marketplace

On January 30, 2018, the House Financial Services Committee’s Financial Institutions and Consumer Credit Subcommittee held a hearing entitled “Examining Opportunities and Challenges in the Financial Technology (“Fintech”)...more

OCC Identifies Cybersecurity as an Increasing Risk to Banks in Semiannual Risk Perspective

by Weiner Brodsky Kider PC on

The Office of the Comptroller of the Currency (OCC) recently released its Semiannual Risk Perspective for Fall 2017, assessing the risks facing national banks and federal savings associations as of June 30, 2017. A key risk...more

Privacy & Cybersecurity Update - January 2018

In this month's edition of our Privacy & Cybersecurity Update, we discuss Poland's potential exemptions from the new EU data law and the Office of the Comptroller of the Currency's recommendations for U.S. banks faced with...more

Using artificial intelligence to fight financial crime – a legal risk perspective

by Allen & Overy LLP on

The Head of the Financial Crime Department at the UK Financial Conduct Authority (the FCA), Rob Gruppetta, gave a speech on "Using artificial intelligence to keep criminal funds out of the financial system" in December 2017....more

Federal Reserve Board Fines Bank $90,000 in Connection with Violations of the National Flood Insurance Act

by Weiner Brodsky Kider PC on

The Federal Reserve Board recently entered into a consent order with a bank, fining it $90,000 for undisclosed violations of the National Flood Insurance Act....more

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Cybersecurity

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