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Documents on Banking Law, Banking & Financial Services
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|Comptroller of the Currency Issues Guidance, Best Practices, Relating to BSA/AML Compliance|
George A. LeMaistre; Jones Walker LLP;
October 19, 2016, previously published on October 13, 2016The Office of the Comptroller of the Currency (OCC) last week issued guidance relating to compliance with the Bank Secrecy Act, and with requirements for the adoption and implementation of effective anti-money laundering programs, for depository institutions supervised by the OCC that hold...
|First it was Enron ...Then Big Banks .... Is the Nonprofit Next?|
Gary R. Pannone; Pannone Lopes Devereaux & West LLC;
October 14, 2016It has been more than a decade since the American Competitiveness and Corporate Accountability Act of 2002 ("Sarbanes-Oxley Act") was signed into law and we have now had another recession caused in large part by irresponsible lending by banks. It was the same type of actions by Enron,...
|Fraudulent Misrepresentation to Receivers and beyond: Meridian Credit Union Limited v Baig|
Evita Ferreira; Borden Ladner Gervais LLP;
October 6, 2016, previously published on September 28, 2016The Ontario Court of Appeal in Meridian Credit Union Limited v Baig1 made it clear that misinforming a receiver during the purchase of a property, even by omission, will not be tolerated. Purchasers in the context of a receivership have an obligation to ensure that the receiver is aware of all of...
|Changing Seasons of FDIC Shared-Loss Programs|
Duane Morris LLP;
October 6, 2016, previously published on September 22, 2016As we head into autumn, many of us change our seasonal wardrobes, replace the filters in our home heating/cooling systems, swap our summer screens for winter’s storm windows and ready our vehicles for winter. Bankers participating in a Federal Deposit Insurance Corporation (FDIC) shared-loss...
|First-Ever: Cybersecurity Regulations Released by New York Department of Financial Services|
Duane Morris LLP;
October 5, 2016, previously published on September 16, 2016After surveying nearly 200 of its regulated banking and insurance companies for industry insight, the New York Department of Financial Services (the “NYDFS”) proposed a first-ever, cybersecurity regulation, on September 13, 2016, to protect against the growing threat of cyber-attacks....
|Community Bank Regulatory Environment Post Wells Fargo|
Craig N. Landrum; Jones Walker LLP;
October 3, 2016, previously published on September 29, 2016By now it is well known that Wells Fargo Bank, N.A. entered a Consent Order regarding improper sales practices such as (1) engaging in “simulated funding” where employees opened deposit accounts without consumers’ knowledge or consent and then transferred funds from...
|Cyber Risk Management - New York State Regulation for Financial Institutions|
Bradley J. Freedman; Borden Ladner Gervais LLP;
September 26, 2016, previously published on September 16, 2016On September 13, 2016, the New York State Department of Financial Services published for comment a proposed cybersecurity regulation for the financial industry. The regulation provides important, detailed guidance for all organizations to help manage cyber risks.
|Fighting Money Laundering|
Shashi Nathan; Withers Bergman LLP;
September 26, 2016, previously published on September 15, 2016A tough stance against financial crime is necessary to protect Singapore’s reputation as a clean and trusted financial centre.
|Federal Reserve Recommends that Congress Restrict Banking Activities - A Step Back Towards Glass-Steagall?|
Joan S. Guilfoyle; Jones Walker LLP;
September 22, 2016, previously published on September 15, 2016On September 8, the Board of Governors of the Federal Reserve System (the "Federal Reserve"), the FDIC and the Office of the Comptroller of the Currency (collectively, the "federal banking agencies") issued a joint report to Congress and the Financial Stability Oversight Council...
|CFIUS Implications for Foreign Lenders|
Elana Broitman; McGrath North Mullin Kratz PC LLO;
September 22, 2016, previously published on September 20, 2016Foreign lenders participating in U.S. transactions should be aware of the possibility that those transactions may be ripe for a national security review by the Committee on Foreign Investment in the United States (CFIUS), a U.S. federal government body. While, historically, lending transactions...