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|FinCEN Customer Due Diligence Final Rules|
Eric A. Arnold, Clifford E. Kirsch, Michael B. Koffler, Susan S. Krawczyk, Holly H. Smith; Sutherland Asbill & Brennan LLP;
May 20, 2016, previously published on May 19, 2016On May 5, 2016, the U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued final rules (the Final Rules) on customer due diligence requirements for banks, securities broker-dealers, mutual funds, and futures commission merchants and introducing brokers in commodities...
|OCC Releases White Paper Discussing Plans for Understanding and Evaluating Financial Technology
George A. LeMaistre; Jones Walker LLP;
May 11, 2016, previously published on April 14, 2016The Office of the Comptroller of the Currency has released a White Paper that discusses the agency’s attitudes and approaches to developments in financial technology, and to the associated innovations that the fintech industry has brought, and continues to bring, at an ever-increasing pace,...
|Third District Court Of Appeals Reverses Holding on Statute of Limitations for Florida Foreclosures: The Impact of Deutsche Bank Trust Company Americas, as Trustee v. Beauvais|
Laura Jessica Bassini, Kimberly A. Mello, Michele L. Stocker; Greenberg Traurig, LLP;
May 10, 2016, previously published on April 18, 2016On April 13, 2016, Florida’s Third District Court of Appeal (Third District) issued its en banc opinion in Deutsche Bank Trust Company Americas, as Indenture Trustee for American Home Mortgage Investment Trust 2006-2 v. Beauvais, &under;&under; So. 3d &under;&under;, No. 3D14-575 (Fla. 3d DCA...
|Fintech—Moving Toward a Regulatory Framework, The OCC Whitepaper on Responsible Innovation|
Anna Gryska, Norman R. Miller; Greenberg Traurig, LLP;
May 3, 2016, previously published on April 18, 2016On March 31, 2016, the Office of the Comptroller of the Currency (the OCC) released a whitepaper addressing responsible innovation in the federal banking system, particularly as it relates to financial technology, or “fintech” for short. The report does not discuss any specific...
|Federal Reserve Board Proposes New Single-Counterparty Credit Exposure Limits for Large Banking Organizations|
Lisa M. Ledbetter, Courtney Lyons Snyder; Jones Day;
April 27, 2016, previously published on April 2016A principal tenet of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 ("Dodd-Frank Act") was creation of a comprehensive approach for mitigating threats to the financial stability of the United States ("U.S.") posed by systemically important financial...
|Dead Letter Office: The Final Repose of the Georgia Confirmation Statute?|
Erich N. Durlacher, Kelly E. Waits; Burr & Forman LLP;
April 27, 2016, previously published on March 2016In what might be viewed as the last nail in the coffin for Georgia’s confirmation statute, the Georgia Supreme Court’s recent opinion in PNC Bank, National Association v. Smith1 affirms that a lender may contract around the statutory requirement of confirming the results of a prior...
|Bank Recovery and Resolution Directive Contractual Bail-In|
John C. Ahern; Jones Day;
April 27, 2016, previously published on March 2016The Bank Recovery and Resolution Directive equips regulatory authorities in Europe with tools designed to protect the stability of the financial system and financial markets in the European Economic Area in the event of bank failure or the failure of a systemically important investment firm.
|New Guidance on Customer Identification in Prepaid and Other Card Programs|
David F. Adler, Lisa M. Ledbetter, Ralph F. (Chip) MacDonald, Heith D. Rodman, Albert J. (Al) Rota; Jones Day;
April 26, 2016, previously published on April 2016The U.S. federal banking regulators and the Financial Crimes Enforcement Network ("FinCEN") recently released guidance (the "Guidance") clarifying the applicability of the "know-your-customer" or "customer identification program" regulations (the...
|Mortgage Servicer Successfully Wields Bona Fide Error Defense Against FDCPA Claim: Would Your Procedures Hold Up, Too?|
Larry R. Rothenberg; Weltman, Weinberg & Reis Co., L.P.A.;
April 19, 2016, previously published on March 22, 2016A mortgage servicer servicing loans for another entity is generally subject to the Fair Debt Collection Practices Act (FDCPA), which imposes liability for communications to a borrower containing false, deceptive or misleading representations. The FDCPA affords a narrow carve-out to the general rule...
|Proposed Swiss International Insolvency Law Reforms|
Mark G. Douglas; Jones Day;
April 15, 2016, previously published on March/April 2016In October 2015, the Swiss Federal Department of Justice and Police (Eidgenössisches Justiz- und Polizeidepartement) published a preliminary draft of reforms to title 11 of the Swiss Private International Law Act (“SPILA”), which governs insolvency proceedings and compensation...