The Consumer Financial Protection Bureau (CFPB) issued a novel report on state Community Reinvestment Act (CRA) laws on November 2. The revelations contained within the report lined out that many states had officially adopted CRAs, following in the footsteps of the federal Community Reinvestment Act established in 1977. The individuality of each state has played…
On October 11, 2023, Orrick, Herrington & Sutcliffe LLP co-hosted a fireside chat with the South Asian Bar Association of New York and Cloaked, featuring Rohit Chopra, director of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”). The event served as a platform for Director Chopra to share not only insights about his professional…
In a noteworthy update in the banking and finance sector, the U.S Small Business Administration (SBA) has issued three new Small Business Lending Company (SBLC) licenses. The development is particularly significant for the legal community as it marks the first expansion of the SBLC program in over four decades. The licenses were issued to lenders…
In a significant turn of events, the UK’s Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) have jointly issued a policy statement, announcing that the controversial “bonus cap” will be eliminated. This policy had until now limited the ratio of variable to fixed compensation for identified staff – commonly referred to as the…
On Monday, October 24, 2023, some noteworthy regulatory affairs transpired in the financial world that merits the attention of legal professionals involved in corporate sectors. Several significant institutions on the financial stage were players in these events, including the Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the…
In the complex sphere of cannabis banking, it has been reported that a new episode of Payments Pros, a popular legal podcast, delves deep into the multifaceted challenges faced by financial institutions operating in this space. This insightful episode features hosts Keith Barnett and Carlin McCrory along with Jean Gonnell and Agustin Rodriguez, the co-leaders…
Banking and finance practices bore the brunt of associate departures in the United Kingdom over the summer. According to a study conducted by Law.com Compass, over one-third of all the exits in June and July were from this sector. In the detailed examination of personnel movement, they studied nearly 347 departures across 112 firms. A…
According to recent findings published by Law.com Compass, the British legal sector saw a notable turnover rate within the banking and finance sectors over the summer. Research showed that across the industry, banking and finance were responsible for more than a third of all associate departures, with as many as 130 of these professionals leaving…
In the recent edition covering July – September 2023, the Irish Quarterly Legal and Regulatory Developments report provided crucial updates for asset management and investment funds. This edition primarily covered matters such as UCITS & AIFMD developments, Central Bank developments, and other significant updates. The report is hosted at jdsupra.com, authored by Walkers. The developments…
As first reported by Bloomberg Law, Michael Caruso, a noted name in the field of bankruptcy and creditors’ rights, has recently joined Buchanan Ingersoll & Rooney. He will be a part of the bankruptcy and creditors’ rights practice group as a shareholder at their New Jersey office. Before joining Buchanan, Caruso has showcased his proficiency…
In a significant move, the Federal Trade Commission (FTC) issued a proposed rule on October 11, 2023, aimed at prohibiting “junk fees.” Concurrently, the Consumer Financial Protection Bureau (CFPB) delivered an advisory opinion to large banks and credit unions regarding charging fees for financial account information. These measures are part of the Biden Administration’s ongoing…
The Federal Deposit Insurance Corporation (FDIC) has published its Risk Review for 2023, in a move reflecting the growing importance of crypto-asset risk in the global banking sector. The FDIC Risk Review 2023 not only summarizes the conditions in the U.S. economy, financial markets, and banking industry but also underscores the increasing significance and risks…
FirstSun Capital Bancorp, the company acting as the parent to Sunflower Bank, Guardian Mortgage, and First National 1870 (known collectively as “Sunflower”), has recently reported a significant data breach. This problematic incident allowed an unauthorized individual or group access to sensitive consumer information, according to the official notice filed with the Attorney General of California….
Jury selection commenced on Tuesday in the trial of FTX founder, Sam Bankman-Fried, who stands accused of expropriating billions from a now-defunct cryptocurrency exchange. The process was overseen by a federal judge in Manhattan. The gravity of the case is compounded by the revelation from a prosecuting attorney that no meaningful plea negotiations have been…
The U.S. Department of Health and Human Services’ recommendation to reclassify marijuana as a Schedule III drug has the potential to trigger significant ripple effects throughout the industry. This follows an executive order issued by President Biden in October 2022, which directed the Department of Health and Human Services (HHS) and the Department of Justice…
In the field of corporate law, a recent analysis on Jdsupra has clarified the paramount rights of secured creditors in receivables. It notes that accounts receivable doesn’t just serve as a crucial source of collateral; these receivables, along with other rights to payment, effectively constitute the lifeblood of asset-based lending, securitizations and factoring arrangements. The…
In an evolving competitive landscape, Asian law firms are increasingly turning to mergers as a strategic measure. One clear example is a prominent Malaysian law firm—Rosli Dahlan Saravana Partnership (RDS)—that is actively hunting for a local merger partner. According to senior law firm partners in the region, this move could transform the merged entity into…
The U.K.’s Prudential Regulation Authority (PRA) has recently announced its decision to shift the implementation schedule of the final Basel 3.1 policies. The institution now aims to enforce these final policies by 1st of July, 2025, which is six months later than the previously planned date. According to the announcement, the transitional period will also…
Law firms across Asia are increasingly feeling pressure to seek out mergers, motivated by competitiveness against both foreign and domestic players. One particular Malaysian firm, Rosli Dahlan Saravana Partnership (RDS), is actively looking for a local partner that could elevate the combined firm as among the largest in Malaysia, according to senior law firm partners…
In the latest episode of The Consumer Finance Podcast from Troutman Pepper, Partners Chris Willis and Glen Trudel provide an in-depth discussion on the recently released Interagency Guidance regarding third-party relationships. This final guidance, a collaborative effort from the Federal Reserve, the Federal Depository Insurance Corporation (FDIC), and the Office of the Comptroller of the…
In an attempt to bolster regulatory control over cryptoassets, the Financial Conduct Authority (FCA), UK’s financial regulator, has issued what seems to be a final warning to all engaged in the marketing of ‘qualifying cryptoassets’. This direction, even though specifically targeted at UK companies, holds broader implication; companies across the globe marketing these assets to…
In the wake of industry consolidation, choices for dependable document-comparison software have been significantly reduced for law firms worldwide. This dearth of viable options has led to inflated prices and reluctant acquiescence from various firms. However, this struggle has also paved the way for new opportunities. At ILTACon 2023, Draftable, a renowned document-comparison service provider,…
Mintz, Levin, Cohn, Ferris, Glovsky and Popeo is continuing its Canadian expansion with the addition of another partner from Dentons, a move that strengthens its debt financing and cross-border capabilities. Alex North, who previously served in the banking and finance group of Dentons Canada for 14 years, has become the 21st legal professional to join…
In an increasingly heated legal situation, the Federal Deposit Insurance Corporation (FDIC) has taken actions to dismiss a lawsuit that could have potentially big consequences for the financial sector. Filed in July 2023, the lawsuit currently being challenged was made against the FDIC and its Chairman in a Minnesota federal district. The lawsuit contests the…
The Financial Crimes Enforcement Network (FinCEN) has recently published a notice and proposed rule pertaining to the beneficial ownership information system as stated in the Incorporation Transparency and Law Enforcement Assistance Act (ILEA), part of the Corporate Transparency Act (CTA). The recently published proposed rule has significant implications for the beneficial ownership information collected under…