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|The European Central Bank Publishes Draft Guidance on Leveraged Transactions|
Stephen Day, Neil Macleod, Claire Suzanne Puddicombe, David Quirolo, Nick Shiren; Cadwalader, Wickersham & Taft LLP;
December 5, 2016, previously published on November 25, 2016On 23 November 2016, the European Central Bank (the “ECB”) launched a public consultation in relation to draft guidance for Eurozone banks intended to develop clear and consistent definitions, measures and monitoring with regard to leveraged transactions. The draft guidance sets out how...
|New York is First State in the Nation to Propose Cybersecurity Regulations Impacting Banks, Insurance Companies and Mortgage Lenders|
Bleakley Platt Schmidt LLP;
December 5, 2016, previously published on November 2016The New York State Department of Financial Services has proposed regulations that would impose new cybersecurity requirements on banks, insurance companies, mortgage lenders and others. The proposed regulations, issued pursuant to the Financial Services Law, would apply to entities that require a...
|Served a Demand Letter by the Bank? Five Things to Know|
David T. Ullmann; Blaney McMurtry LLP;
December 5, 2016, previously published on November 21, 2016If you are served with a demand letter from your lender, you don’t have to fold up your tent and give in. If, like most companies, you feel that if you had more time, you could improve the situation (to the benefit of the Bank and the company), there are options. Here are 5 things that you...
|Derivatives Update: What You Should Know As We Enter 2017|
Nanette Aguirre, Douglas E. Arend, John Kaufmann; Greenberg Traurig, LLP;
November 25, 2016, previously published on November 22, 2016This year has been full of surprises in the global markets with Brexit, the Republicans’ win of the executive branch and continuing control of the legislative branch in the U.S. and the impact of the privatization of energy markets in Mexico. In this GT Alert, we are simply going to address...
|Cancellation of Debt Income and Its Impact on Loan Workouts|
Scott N. Opincar; McDonald Hopkins LLC;
November 25, 2016, previously published on November 3, 2016Uncertain economic times and high leverage multiples on many loan transactions have combined to create distress in many commercial loans. Owners of financially distressed companies struggling to generate sufficient cash flow to service loan payments owed to secured lenders may find themselves being...
|CFPB: Consider the Future Post-Obama|
Brian Barrett, Thomas M. Byrne, Kymberly Kochis, Lewis S. Wiener; Sutherland Asbill & Brennan LLP;
November 23, 2016, previously published on November 17, 2016The election of Donald Trump and the new administration means a changed political reality for the Consumer Financial Protection Bureau (CFPB). The President-elect is expected to replace Director Richard Cordray as head of the CFPB soon after taking office. Looking further ahead, the Republican...
|Federal Banking Agencies Propose Enhanced Cyber Risk Management Standards|
Jennifer C. Everett, Lisa M. Ledbetter; Jones Day;
November 21, 2016, previously published on November 2016The Board of Governors of the Federal Reserve System ("Federal Reserve Board"), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, "the agencies") recently issued a joint advance notice of proposed rulemaking...
|FDIC Holds De Novo Outreach Conference|
Daniel H. Burd, John J. Spidi; Jones Walker LLP;
November 16, 2016, previously published on October 27, 2016As part of its recent efforts to encourage de novo bank applications, on October 13, 2016, the Federal Deposit Insurance Corporation (FDIC) held a Community Banking De Novo Outreach Meeting in its New York Regional Office. The program was entitled "Strategies for Successful De Novo Bank...
|Cybersecurity Certifications Now Required to Access Death Master File|
Wilson G. Barmeyer, Robert D. Owen, Phillip E. Stano, Steuart H. Thomsen, Mary Jane Wilson-Bilik; Sutherland Asbill & Brennan LLP;
November 14, 2016, previously published on November 10, 2016Tough cybersecurity certification requirements for parties seeking access to certain information in the Social Security Death Master File (DMF) take effect on November 28.
|Regulating Fintech in Canada|
Robert Dawkins, Jeffrey S. Graham, Anthony Milazzo, Manoj Pundit, Stephen J. Redican; Borden Ladner Gervais LLP;
November 11, 2016, previously published on October 2016Many believe that Canada has the potential to become a leading, if not the leading, global fintech hub. While the Canadian financial services regulatory system has helped to protect Canadians and their financial institutions from disruption and financial setbacks, our regulatory system has also...