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|Federal Bank Regulatory Agencies Release Annual CRA Asset-Size Threshold Adjustments|
Mark D. Belongia; Duane Morris LLP;
January 12, 2017, previously published on January 5, 2017As stated in the Office of the Comptroller of the Currency press release, those that meet the small and intermediate small institution asset-size thresholds are not subject to the reporting requirements applicable to large banks and savings associations, unless they opt to be evaluated as a large...
|Bank Regulators Encourage Early Implementation of New Credit Loss Standards|
Peter J. Rivas; Jones Walker LLP;
January 11, 2017, previously published on December 16, 2016On June 16, 2016, the Financial Accounting Standards Board adopted new credit loss standards for financial institutions: Accounting Standards Update (ASU) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instrument. These new standards...
|Statutory Demands in the Cayman Islands|
Gary Smith, Ramona Tudorancea; Loeb Smith;
January 6, 2017, previously published on Winter 2017A statutory demand is a formal demand for payment of a debt made by a creditor to a debtor. It may be used as the basis for an application for a petition to wind up a Cayman company.
|France Moves Forward on Implementation of Cybersecurity Framework for Operators of Critical Infrastructures|
Olivier Haas, Daniel J. (Dan) McLoon, Hatziri Minaudier, Mauricio F. Paez, Undine von Diemar; Jones Day;
January 5, 2017, previously published on December 2016On November 28, 2016, four sector-specific orders were adopted by France's Secretary General for Defense and National Security, on behalf of the Prime Minister. These orders (document in French) aim to complete the information systems security plan applicable to the Operators of Critical...
|SC Supreme Court Disciplines Lawyer for Failing to Notice Opponent with Trial Records Subpoena|
R. Bruce Wallace; Nexsen Pruet, LLC;
January 4, 2017, previously published on December 15, 2016In a nearly unprecedented public disciplinary order, the South Carolina Supreme Court, on November 15, 2016, sanctioned a family court lawyer by public reprimand for failing to serve notice of a records subpoena on opposing counsel. The Disciplined Attorney argued that the rule did not require...
Would Limit Applicability of Dodd-Frank Act to Certain Financial Institutions|
Richard J. Cino, Jessica L. Sussman; Jackson Lewis P.C.;
January 3, 2017, previously published on December 13, 2016A bill in Congress would significantly amend the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111-203) to change what institutions might be designated a systemically important risk requiring additional scrutiny. This change may result in reduced regulation of smaller banks.
Banks - Comptroller of the Currency Proposes New Special Purpose Charter|
William M. (Will) Atherton, Ralph F. (Chip) MacDonald, Camden Wesley Williams; Jones Day;
January 3, 2017, previously published on December 2016The Comptroller of the Currency announced on December 2, 2016, that his Office ("OCC") was moving forward with a proposal to create a special purpose national bank ("Fintech Charter") for fintech firms ("Announcement"). The OCC simultaneously released Exploring Special...
of Appeals Rules No Compensable Taking|
R. Bruce Wallace; Nexsen Pruet, LLC;
January 3, 2017, previously published on December 13, 2016The South Carolina Supreme Court, in Carolina Conv. Stores v. City of Spartanburg, Op. No. 27663 (S.C.Sup.Ct. filed August 31, 2016) (Shearouse Adv.Sh. No. 35 at 12), tackled the issue of whether a city’s SWAT response to a hostage situation constitutes inverse condemnation of a...
of a New Financial Services Regulator in Ontario|
Jill E. McCutcheon, Kelly J. Morris, Grace Patenall; Borden Ladner Gervais LLP;
January 3, 2017, previously published on November 29, 2016On November 14, 2016, Ontario Finance Minister Charles Sousa released Ontario's fiscal update, (the "Review") which contained details of the province's intention to create a new provincial Financial Services Regulatory Authority ("FSRA"). This announcement is part of the...
|NY DFS Publishes Revised Proposed Cybersecurity Rules for Financial Services Companies|
Mark D. Herlach, John S. Pruitt, Stephen E. Roth, Cynthia R. Shoss, Phillip E. Stano; Sutherland Asbill & Brennan LLP;
January 2, 2017, previously published on December 30, 2016On December 28, 2016, the New York Department of Financial Services (the DFS) published a revised proposed cybersecurity regulation (the Revised Regulation) for further public comment. First published in September 2016, the Revised Regulation is a culmination of three years of work by the DFS to...