The two-year transitional period under the New York State Department of Financial Services (“DFS”) Cybersecurity Regulation, 23 NYCRR 500 (the “Regulation”), will expire on March 1, 2019, with the final remaining requirement becoming effective. Entities covered by the Regulation that utilize third party service providers, which include not only banks and insurers, but also other … Continue Reading
As a result of the United States Congress not adopting an appropriations bill or a continuing resolution to fund specific government departments, agencies or functions, certain federal agencies are currently subject to a partial government shutdown. Below is an overview of how the partial federal government shutdown is affecting financial or other major regulatory agencies: … Continue Reading
On November 29, 2018, the Federal Reserve Board published for public comment a Notice of Proposed Rulemaking that would reorganize the current prudential standards regulatory framework for US banking organizations deemed to be of systemic risk into four separate categories to reflect their risk profiles.… Continue Reading
On December 3, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Financial Crimes Enforcement Network (“FinCEN”), (collectively, the “Agencies”) issued a joint statement (“Joint Statement”) urging banks to consider, evaluate and potentially implement … Continue Reading
On November 21, 2018, the Office of the Comptroller of the Currency (the “OCC”), the Board of Governors of the Federal Reserve System (the “Board”), and the Federal Deposit Insurance Corporation (the “FDIC”) (collectively, the “Federal Banking Agencies” or the “Agencies”) jointly issued a notice of proposed rulemaking (the “NPR” or the “Proposal”) that would … Continue Reading
As of November 5, 2018, all of the US sanctions that were lifted or waived in connection with the Joint Comprehensive Plan of Action (JCPOA), the 2016 nuclear deal among the United States and its allies and Iran, have been re-imposed and are in full effect. As a result, non-US companies can be subject to … Continue Reading
On October 25, 2018, the Conference of State Bank Supervisors (“CSBS”) filed a lawsuit in the U.S. District Court for the District of Columbia against the Office of the Comptroller of the Currency (“OCC”) seeking to stop the OCC from issuing any special-purpose national bank charters to financial technology companies that do not receive deposits … Continue Reading
On September 14, 2018, New York State Department of Financial Services (“DFS”) Superintendent Maria T. Vullo filed a lawsuit against the Office of the Comptroller of the Currency (“OCC”) in connection with the OCC’s recent decision to begin accepting applications from nondepository financial technology companies (“fintechs”) for special purpose national bank charters (the OCC’s “Fintech … Continue Reading
Late last month, the US federal banking agencies (the Federal Reserve Board (FRB), Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC), collectively, the “banking agencies”) issued an interim final rule that implements section 403 of the recently enacted “Economic Growth, Regulatory Relief, and Consumer Protection Act” (the “Act”), to … Continue Reading
On August 10, 2018, the Bureau of Consumer Financial Protection (the “Bureau”) announced that it had finalized amendments to the Gramm-Leach-Bliley Act (“GLBA”) regulations implementing a statutory change that provides an exemption for certain financial institutions from the GLBA requirement to deliver an annual privacy notice to their customers. As discussed in our post from … Continue Reading
On July 31, 2018, the Office of the Comptroller of the Currency (“OCC”) announced its decision to begin accepting applications for special purpose national bank charters from financial technology companies (“fintechs”) that are engaged in the business of banking but do not take deposits. The OCC’s decision comes nearly two years after the agency initially … Continue Reading
On June 25, 2018, New York State announced adoption of final Department of Financial Services (DFS) regulations that require consumer credit reporting agencies to register with the DFS. Our blog post on the regulations as proposed last fall can be found here. There were some clarifying changes to the requirements but the basic objectives of registration, … Continue Reading
On May 30, 2018, the Federal Reserve Board was the first of the five financial services regulators responsible for the Volcker Rule to approve proposed changes agreed by the regulators. Between May 31 and June 5, 2018, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Commodity Futures Trading Commission and the Securities … Continue Reading
On May 24, 2018, the President signed Public Law 115-174, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” which includes some revisions to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”), but not its wholesale repeal. The Law addresses such diverse areas as revised bank systemic risk standards, easing of … Continue Reading
In May 2016, the Financial Crimes Enforcement Network (FinCEN), the U.S. agency tasked with issuing anti-money laundering (AML) regulations, issued a final rule requiring that certain categories of financial institutions identify the beneficial owners of their legal entity customers and incorporate customer due diligence procedures into their required AML compliance programs. The regulation was effective … Continue Reading
On April 27, 2018, various financial regulators in China promulgated new measures further opening up the financial services industry to foreign investment, regulating non-financial entities investing in financial institutions and tightening up control over the conduct of asset management business by financial institutions. Our colleagues in Beijing and Shanghai, Sun Hong, Wang Yi, Lynn Yang, … Continue Reading
In an opinion issued on April 24, 2018, Jesner v. Arab Bank, PLC, a divided US Supreme Court held that litigants cannot use the Alien Tort Statute, 28 U.S.C. § 1350, to sue foreign corporations. The decision put an end to a split among the lower courts and in narrowing the ATS’s application, the decision … Continue Reading
In May 2016, the Financial Crimes Enforcement Network (FinCEN), the U.S. agency tasked with issuing anti-money laundering (AML) regulations, issued a final rule requiring that certain categories of financial institutions identify the beneficial owners of their legal entity customers and incorporate customer due diligence procedures into their required AML compliance programs. The regulation was effective … Continue Reading
On February 9, 2018, a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit”) issued a major decision regarding credit risk retention requirements. Following the 2007-2008 financial crisis, Congress passed the Dodd-Frank Act (“Dodd-Frank”) in an effort to avert a future crisis and as part of … Continue Reading
On January 24, 2018, the governing body for credit and debit cards, known as the Payment Card Industry (PCI) Security Standards Council, announced a new set of security requirements designed to address an increasingly popular way that merchants offer to consumers to pay for purchases: smartphones and tablets. Our colleague Susan Ross has written a … Continue Reading
Norton Rose Fulbright New York office’s next financial services briefing is a luncheon seminar set for Thursday, February 1, 2018, at 12:00-1:00 PM EST. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. The February briefing will … Continue Reading
Last month, the US District Court for the Southern District of New York dismissed the lawsuit brought last spring by the New York State Department of Financial Services (DFS) challenging the ability of the federal banking regulator, the Treasury Department’s Office of the Comptroller of the Currency (OCC), to issue a specialized bank charter to … Continue Reading
Norton Rose Fulbright New York office’s next financial services briefing is a luncheon seminar set for Thursday, October 5, 2017, at 12:00-1:00 PM EDT. Each month, Norton Rose Fulbright’s senior practitioners will provide interested in-house counsel and professionals with an insightful discussion on current regulatory trends within the financial services sector. The October briefing will … Continue Reading
Two recent Norton Rose Fulbright legal updates may be of interest to readers of the Financial services: Regulation Tomorrow blog: The first, “Second Circuit overturns precedent regarding scope of tipper/tippee insider trading liability,” by Kevin Harnisch and Ilana Sinkin, discusses a recent U.S. Court of Appeals opinion overturning its own 2014 test for tipper and … Continue Reading
