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Puerto Rico Financial Institutions

Ballard Spahr LLP

SDNY Court Finds Broad Fed Powers Over Master Accounts in Puerto Rican Bank Case Involving AML Concerns

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The United States District Court for the Southern District of New York (the “Court”) has issued a detailed and complicated Order in the case Banco San Juan Internacional, Inc. v. Fed. Reserve Bank of New York, denying a...more

Morrison & Foerster LLP

Enforcement Alert: FinCEN Leverages “Gap Rule” for Violations of the Bank Secrecy Act

On September 15, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced its first “Gap Rule” enforcement action in a Consent Order with Bancrédito International Bank and Trust...more

Alston & Bird

Puerto Rico Office of the Commissioner of Financial Institutions Announces Mandatory Mortgage Servicer Reporting in Response to...

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A&B Abstract: In the wake of the recent earthquakes in Puerto Rico, the Puerto Rico Office of the Commissioner of Financial Institutions (“OCFI”) released Circular Letter No. CFI-2020-01 (the “Circular Letter”). ...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Call it the Loeb effect: just days after Third Point announced its sizeable stake in Nestle, the company is preparing to spend billions on stock buybacks in an effort to create value for shareholders, hinting that it would...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Fed wrapped up its Open Market Committee meeting yesterday without any change in interest rates but with an expression of confidence in the economy, despite Q1’s sub-1 percent growth figure (which it dubbed “transitory”)....more

Carlton Fields

First Circuit Affirms District Court’s Confirmation Of Arbitration Award Under The “Look-Through” Test

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The background of this matter could be found here. In sum, Plaintiffs Dr. Luis Ortiz-Espinosa and his wife Maritza Soto-Garcia, the conjugal partnership they formed, Espinosa-Soto, and Luis Ortiz-Espinosa, as trustee of...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Even as auto lending continues at near break-neck pace, regulators are expressing concerns about the rise (again) of subprime delinquencies from borrowers. The trend, at a time when the US economy is doing relatively well,...more

Robins Kaplan LLP

Your daily dose of financial news - The Brief – 9.1.16

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Canada’s signaled an interest in joining the China-led Asian Infrastructure Investment Bank—often seen as China’s answer to the World Bank.  The bid is controversial at home for new PM Justin Trudeau, but it reflects the...more

Holland & Knight LLP

FinCEN Proposal Extends AML Requirements to Banks Without a Federal Functional Regulator - Proposed Rule Would Include Trust...

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The Financial Crimes Enforcement Network (FinCEN) on Aug. 25, 2016, issued a notice of proposed rulemaking (Proposed Rule) to implement Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Financial Industry Developments - CFTC Announces Measures to Enhance Protection of Customer Funds - On August 8, 2016, the U.S. Commodity Futures Trading Commission (CFTC) announced three separate enhancements...more

Perkins Coie

Quarterly Investment Update - 2nd Quarter 2016

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Stock Market Commentary - The markets endured much drama in the two weeks leading up to quarter - end as the surprise exit of the U.K. from the European Union rattled investors. Brexit knocked over 5% off of the S&P...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 5.20.16

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Manhattan USA Preet Bharara’s back in front of the cameras and back on the insider-trading horse with the announcement yesterday of criminal charges against well-known sports bettor Billy Walters and former investment banker...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 5.11.16

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The fallout from Lending Club’s surprise news about Renaud Laplanche’s departure continues, with Goldman Sachs and Jeffries LLC hitting the pause on planned LC bond sales – WSJ... A Treasury Department white paper...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 5.10.16

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Big news out of the online lending space, as Lending Club’s chair and CEO—Renaud Laplanche—has resigned after an internal review “showed a violation of the company’s business practices” related to sales of $22 million in...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 1.19.16

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We’ve got a name for the fun that bigwigs in Davos will be discussing at this year’s World Economic Forum: the “crisis economy,” where all of the challenges facing world leaders seems inextricably linked to market performance...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 11.30.15

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Another Black Friday has come and gone (and hey, welcome to Cyber Monday and a big financial week ahead), but the truth is that it’s not quite what it used to be—both for brick-and-mortar retailers and for those using it to...more

Orrick - Finance 20/20

Legislation Introduced to Extend Earned Income Tax Credit to Commonwealth Residents

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Following up on one of the Administration’s legislative proposals to address Puerto Rico’s fiscal crisis, on October 22, 2015, Senator Robert Menendez introduced a bill “The Earned Income Tax Credit and Child Tax Credit...more

Orrick - Finance 20/20

Obama Administration’s Legislative Proposal to Address Puerto Rico’s Fiscal Crisis

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On October 21, 2015, U.S. Treasury Secretary Jacob J. Lew, National Economic Council Director Jeff Zients, and Health and Human Services Secretary Sylvia Mathews Burwell unveiled a legislative proposal, a copy of which is...more

Goodwin

Financial Services Weekly News - October 2015 #3

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Regulatory Developments: FINRA Requests Comment on Rules Relating to Financial Exploitation of Vulnerable Adults - On Oct. 15 FINRA published Regulatory Notice 15-37, requesting comment on proposed amendments to...more

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