The Federal Deposit Insurance Corporation (FDIC), the body responsible for maintaining stability and public trust in the United States’ financial system, has recently issued a noteworthy review on its oversight of First Republic Bank prior to the institution’s failure. The report, described as a ‘post-mortem’, examines the FDIC’s involvement in the affairs of the bank…
In a noteworthy turn of hires and departures in the United Arab Emirates (UAE), Baker McKenzie has gained a new partner in Dubai while facing the exit of another. The corporate law firm has appointed Adil Hussain, a former Clyde & Co. partner, to lead its banking and finance practice. Hussain officially joined Baker McKenzie’s…
Spanish law firms ECIJA and Andersen have made new partner hires in their Barcelona and Madrid offices. ECIJA has added to its ranks with the hire of two partners, Ignasi Subirachs, who has joined the firm’s urban planning, administrative and public law practice in Barcelona, and Jorge González Cortade, who will be leading the public…
In light of significant bank failures in the US, the Department of Justice (DOJ) has indicated a shift in strategy, advancing its antitrust enforcement of bank mergers. As reported by JDSupra, the Assistant Attorney General for Antitrust, Jonathan Kanter, gave some hints of this during a speech at the Brookings Institution in June 2023. Kanter…
Early indications from the Consumer Financial Protection Bureau (CFPB) suggest a pending expansion of the Fair Credit Reporting Act’s (FCRA) breadth, which could potentially affect numerous businesses previously outside its purview. The CFPB’s Director, Rohit Chopra, announced this development at a recent White House roundtable. According to Director Chopra, the CFPB plans to promulgate new…
On July 27, 2023, US banking regulators introduced a proposal that could substantially alter the risk-based capital requirements impacting large banks and banks with notable trading activity. This development stems from a notice of proposed rulemaking (NPR) which hopes to broadly integrate the Basel Committee’s revisions to its regulatory capital standards, informally termed as “Basel…
In an important recent development, a federal court has issued an order imposing an injunction that postpones the compliance dates for the Consumer Financial Protection Bureau’s (CFPB) final rule. This rule governs the collection of small business lending data under Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). This…
The U.K. Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and Bank of England have jointly published a revised version of their Complaints Scheme. This updated scheme outlines how complaints against these prominent U.K. authorities should be submitted and processed. This is a significant update from the previous version of the scheme, featuring several important…
On July 26, the Senate Banking Committee led by Senator Raphael Warnock (D-GA), chairman of the committee, conducted a hearing concerning “fees and tactics impacting Americans’ wallets” with a focus on financial services and the role of the Consumer Financial Protection Bureau (CFPB) in tackling harmful fees. An alarming finding is that a third of…