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Volcker Rule Revisions Adopted By Agencies - August 29, 2019
The US federal banking and functional regulators ("Agencies")1 have finalized revisions to the proprietary trading and compliance program provisions of the Volcker Rule (the "2019 Revisions").2
United States
3 Sep 2019
Federal Reserve Proposes Significant Revisions To Regulatory Control Rules
On April 23, 2019, the Board of Governors of the Federal Reserve System (the "Board") approved a long-awaited proposal (the "Control Proposal" or "Proposal") to revise its rules for determining
United States
17 May 2019
Federal Reserve Issues Tailoring Proposals For Foreign Banking Organizations And Resolution Planning Requirements
On April 8, 2019, the Board of Governors of the Federal Reserve System ("FRB") issued proposals to tailor (i) the enhanced prudential standards that apply to larger foreign banking organizations
United States
6 May 2019
House Takes First Step To Open Banking For Cannabis Companies
Legalization of certain cannabis-related activities by over 30 states has led to a surge in companies that grow and produce cannabis and related products.
United States
17 Apr 2019
Digital And Digitized Assets: Federal And State Jurisdictional Issues
This White Paper was prepared by members of the Jurisdiction Working Group of the IDPPS and their colleagues, who generously contributed substantial time and effort to this ambitious undertaking.
United States
9 Apr 2019
House Oversight Of CFPB Expected To Become More Aggressive Under Chair Waters
In September 2018, Rep. Waters introduced the Consumers First Act.
United States
7 Jan 2019
FinCEN Adds Virtual Currency To High-End Real Estate Reporting Regime
A perfect storm for AML risk can arise from (i) the use of legal entities to conceal ownership, (ii) the limited application of AML requirements to real estate transactions and (iii) the misuse of virtual currency...
United States
23 Nov 2018
If Only: US Treasury Department Report Creates A Wish Tree Of Financial Reform For Fintech
Regardless of whether its recommendations are achievable in whole or in part or merely aspirational, the US Department of Treasury's ("Treasury") report issued on July 30, 2018...
United States
10 Sep 2018
OCC Adopts Policy Statement On Fintech Eligibility For US National Bank Charters
The Office of the Comptroller of the Currency (OCC) announced July 31, 2018, that it will begin accepting national bank charter applications from financial technology companies.
United States
9 Aug 2018
Volcker Rule Revisions Proposed By Agencies
The Board of Governors of the Federal Reserve System ("Federal Reserve"), the Federal Deposit Insurance Corporation ("FDIC"), the Office of the Comptroller of the Currency ("OCC") ...
United States
6 Jun 2018
House Of Representatives Likely To Consider Financial CHOICE Act On Wednesday*
The House Rules Committee has scheduled a meeting on the CHOICE Act for 5:00 PM Tuesday, June 6, to consider the amendments that have been submitted as well as a rule for floor consideration.
United States
5 Jun 2017
Chinese Telecom Giant ZTE Makes History With Guilty Plea And $1.19 Billion Settlement For Sending US Export-Controlled Goods To Iran And North Korea
As part of the settlement, ZTE will remain under probation for an additional seven-year period and submit itself to active auditing and monitoring by the US government.
14 Mar 2017
Federal Reserve Re-Proposes Single-Counterparty Credit Limits For US And Non-US Banking Organizations
On March 5, 2016, the Board of Governors of the US Federal Reserve System (Federal Reserve) re-proposed a rule, originally proposed in 2011, that would implement the single-counterparty credit limits (SCCL) contained in section 165(e) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) (SCCL Proposal).
United States
4 Apr 2016
Bank-Issued Prepaid Cards: Agencies Clarify Customer Identification Requirements
The Guidance also explains that the "customer" for purposes of a payroll card account established by an employer depends on whether the card can be reloaded from sources other than the employer.
United States
1 Apr 2016
FinCEN "Reiterates" The Importance Of MSB Agent Monitoring
FinCEN itself says that there's not much new in the guidance to money services businesses that the agency released last Friday (March 11, 2016) on agent monitoring (the Guidance).
United States
22 Mar 2016
New York Department Of Financial Services And Governor Cuomo Announce New Anti-Money Laundering Regulations
On December 1, 2015, New York signaled that it will continue to pursue this separate path, when Governor Andrew Cuomo proposed a new AML regulation to address terrorist financing, sanctions violations and money laundering activities.
United States
24 Dec 2015
New York State DFS Continues Moving Forward With New Cybersecurity Regulations
Following up on its promises to "move forward on regulations strengthening cybersecurity standards for banks' third-party vendors" and to "expand its information technology examination procedures to focus more attention on cybersecurity" the New York State Department of Financial Services issued a letter on November 9, 2015, to the Financial and Banking Information Infrastructure Committee.
United States
24 Nov 2015
Federal Reserve Issues Final Regulation Implementing Dodd-Frank Section 165 Enhanced Prudential Standards For Large US And Non-US Banking Organizations
On February 18, 2014, the Board of Governors of the Federal Reserve System approved a final rule implementing the enhanced prudential standards contained in section 165 of the Dodd-Frank Wall Street Reform and Consumer Protection Act for US bank holding companies and foreign banking organizations.
United States
5 Mar 2014
Federal Reserve Proposes Enhanced Prudential Standards For Non-US Banking Organizations
On December 14, 2012, the Board of Governors of the Federal Reserve System (FRB) released a 300-page proposed rule (the Proposal) under Sections 165 and 166 of the Dodd-Frank Act.
2 Jan 2013
The Dodd-Frank Wall Street Reform and Consumer Protection Act
On June 30, the US House of Representatives voted 237 to 192 to approve the Dodd-Frank Wall Street Reform and Consumer Protection Act.
United States
29 Jul 2010
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