News & Analysis as of

Financial Institutions

Institutions Beware - recent decisions indicate that aiding and abetting theory of liability may assume more importance under the...

Financial institutions have been increasingly subjected to actions seeking to hold them responsible for acts of international terrorism under Section 2333 of the Anti-Terrorism Act (ATA). However, recent decisions from the US...more

The CFPB: No More “Pushing the Envelope”

by Vedder Price on

On January 23, 2018, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (the “CFPB”), published an opinion editorial in The Wall Street Journal (the “Op-Ed”) describing his vision of the CFPB’s role in...more

U.S. House Subcommittee Holds Hearing On Cybersecurity In The Financial Industry

by King & Spalding on

On February 14, 2018, the U.S. House of Representatives Subcommittee on Financial Institutions and Consumer Credit of the Committee on Financial Services held a hearing entitled “Examining the Current Data Security and Breach...more

Rating Agency Developments

On February 14, Fitch updated its criteria for rating state housing finance agency general obligations. Release. On February 12, Fitch updated its criteria for rating investment holding companies. Release....more

New York DFS Cybersecurity Certifications Due

The time has come for entities regulated by the New York Department of Financial Services to make their first certification of compliance with the regulator’s cybersecurity rules....more

Interagency Guidance on Accounting and Reporting Implications of Tax Cuts & Jobs Act

by Ruder Ware on

On January 18, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency released guidance on the accounting implications of the...more

Georgia Supreme Court Clarifies Insurance Company Is Not ‘Financial Institution’ In Garnishment Law

by Jackson Lewis P.C. on

An insurance company named as a garnishee in a garnishment action is not a “financial institution” under Georgia’s garnishment statute when the garnishment is seeking earnings owed to its current or former employees....more

FinCEN Imposes Section 311 Fifth Special Measure on Latvian Bank ABLV

by Ballard Spahr LLP on

Alleged Illicit Activity Included Transactions Promoting North Korea’s Missile Program and an Institutional Commitment to Laundering Money - On February 13, 2018, FinCEN announced that it had proposed a special measure...more

April 15 Isn’t Just Tax Day—It’s Also AML Certification Compliance Day

It’s not just your taxes that are due each year on April 15. For financial institutions, this coming April 15 is the date the New York Department of Financial Services’ (NYDFS’s ) new Anti-Money Laundering (AML) Part 504...more

BitConnect Promoters Targeted in Class Action Suits, Twice in One Week

BitConnect International, PLC had a somewhat unique business model, even for an industry known for its unconventional nature. On its face, BitConnect functioned as an exchange. However, the real purpose of the platform, and...more

Bitcoin Futures Trading Kicks Off; CFTC to Monitor Risk

CBOE Global Markets Inc. (CBOE) began trading CFTC-approved bitcoin futures on December 10th, and CME Group Inc. (CME) will begin trading them on December 18th. Bitcoin futures have generated significant attention as the...more

NY DFS Cybersecurity Compliance Certificate Required Today; Additional Requirements Looming

by Locke Lord LLP on

As previously warned, February 15, 2018 is the first annual deadline for individuals and companies licensed or otherwise authorized under the New York Insurance, Banking and Financial Services laws (defined as Covered...more

Thirty-Six Individuals Charged In Global Cybercrime Ring “Infraud”

by King & Spalding on

The United States Department of Justice (“DOJ”) recently indicted thirty-six individuals leading a global cybercrime ring for allegedly trafficking in stolen personal and financial information....more

Annual Compliance Obligation Reminders

by Vedder Price on

Investment advisers registered with the U.S. Securities and Exchange Commission (“SEC”) or with a state (“Advisers”) as well as commodity pool operators (“CPOs”) and commodity trading advisors (“CTAs”) registered with the...more

The 4 Types of Blockchain Networks Explained

by Fisher Phillips on

One of the questions I commonly get asked is what is the difference between public and private blockchains. It is easy to see why people get confused as public and private blockchains have many similarities....more

Data Privacy + Cybersecurity Insider - February 2018 #3

by Robinson & Cole LLP on

As of February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) are required to file their first certification of...more

Implementation of the fourth AML directive in Luxembourg: what will be the new obligations?

by Allen & Overy LLP on

The Luxembourg Parliament has now finally adopted bill n° 71281, which implements most of the provisions of the Directive (EU) 2015/849, the so-called 4th anti-money laundering directive (AMLD IV), into Luxembourg law. The...more

CFPB Launches LAR Formatting Tool

by Weiner Brodsky Kider PC on

The CFPB recently launched its 2018 LAR Formatting Tool, which aims to help financial institutions prepare and convert HMDA data into electronic files so that the information may be properly submitted to the CFPB’s HMDA...more

US Federal Banking Regulators Release 2018 Comprehensive Capital Analysis and Review and Dodd-Frank Act Stress Test Scenarios and...

by Shearman & Sterling LLP on

The US Office of the Comptroller of the Currency and the US Board of Governors of the Federal Reserve System released the 2018 scenarios for the Dodd-Frank Act Stress Test (DFAST), and the Federal Reserve Board issued its...more

SEC Announces 2018 Examination Priorities

by Ropes & Gray LLP on

The National Examination Program, which is administered by the SEC’s Office of Compliance Inspections and Examinations (“OCIE”), recently published its Examination Priorities for 2018 (the “2018 Exam Priorities”). In the 2018...more

US Board of Governors of the Federal Reserve System Issues Cease-and-Desist Order Against Large US Financial Institution

by Shearman & Sterling LLP on

The US Board of Governors of the Federal Reserve System issued a cease-and-desist order against a large US financial institution. The order requires the institution to utilize its resources to ensure compliance with consent...more

New York’s Landmark Cybersecurity Regulation Amendment Proposed, Deadlines Looming

by Robinson & Cole LLP on

On February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) will be required to file their first certification of...more

Defining a New Relationship Between Banks and Credit Unions

by Stinson Leonard Street on

In an episode from Stinson Leonard Street's Financial Perspectives Interview Series, Adam Maier, co-chair of Stinson's Banking and Financial Services practice, discusses “M&A Trends: Banks and Credit Unions." Adam outlines...more

The DFS Effect: Cyber Meets Sarbanes Oxley

Financial institutions with ties to New York spent their Valentine’s Day learning how to use the New York State Department of Financial Services (DFS) web portal....more

Cybersecurity and Insurers

Whether it is a data breach of a corporation's computer systems or alleged hacking by foreign governments, Cybersecurity and Privacy issues seem to bombard us daily. As counsel for insurance companies, it is important to stay...more

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Cybersecurity

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