“Federal regulators voted on Tuesday to approve a rule that strikes at the heart of Wall Street risk-taking, a moment that punctuates three years of internal squabbling and bank lobbying over an effort to reshape the financial landscape.” (Ben Protess and Peter Eavis, New York Times) Earlier today, the five federal agencies responsible for writing… Read more »
Happy Birthday, Mickey Mouse! Say what you want about the FCPA, but don’t call it anti-business… (Randy Stephens at NAVEX Global) “Uh, yeah, there’s a man here who says he’s from the Department of Labor… What do I do?” (Eric Su at Ogletree Deakins) Now more than ever, banks must adopt risk management processes that… Read more »
The government is still closed? Now that’s not a very good way to celebrate Friday, is it? How big data and data analytics are revolutionizing the delivery of health care… (Mintz Levin) Is the EU going soft on companies that do business with Iran? (Sheppard Mullin) Feds say asset managers put the country‘s financial system… Read more »
On July 22, 1937, the US Senate votes down President Franklin Roosevelt’s plan to add more justices to the Supreme Court. The OECD has launched an ambitious plan to overhaul the international taxation system – and eliminate “double non-taxation” – over the next 24 months… (Skadden Arps) It’s time to relearn how to do business… Read more »
In mid-January, federal regulators published a final rule implementing new appraisal requirements for higher-priced mortgage loans. The new regulation, – authored by the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the National Credit Union Administration, and the Office of the Comptroller of the Currency –… Read more »
Earlier this month, the Federal Financial Institutions Examination Council (FFIEC) – an interagency body of the U.S. government charged with standardizing federal examination of financial institutions – issued a statement on the risks of outsourced cloud computing for banks and other entities. It’s the first regulatory guidance for financial institutions on the specific risks associated… Read more »
Earlier this month, the Consumer Financial Protection Bureau (CFPB) – the federal watchdog agency mandated by the Dodd-Frank Act to regulate consumer financial products and services – issued its first ever public enforcement action. Its target? Capital One Bank, which according to the CFPB engaged in deceptive marketing practices, pressuring consumers into purchasing credit card… Read more »
In mid-May, the Federal Reserve Board, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) published final guidelines on mandatory stress tests at banks and other financial institutions with more than $10 billion in assets. For your reference, a roundup of legal advisories on the new rules: Agencies… Read more »
