News & Analysis as of

Banking Sector Financial Services Industry

Kilpatrick

AI Cybersecurity Guidance Summary - NYDFS and Singapore CSA

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As regulators worldwide continue to scrutinize the impact of AI on industries within their respective purviews, two key global agencies issued guidance in October 2024 that highlighted AI-based cybersecurity risks and best...more

Mayer Brown

Recent Developments in the Payment Industry

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Join us for a new episode of Financial Services Focus with Mayer Brown Partner, David Beam, and Houlihan Lokey Managing Director, Kartik Sudeep. Beam and Sudeep discuss developments in the payments industry, including...more

Stinson LLP

CFPB Promotes Open Banking as it Issues Final Rule on Personal Financial Data Access Rights

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Time will tell whether the Consumer Financial Protection Bureau's (CFPB) stated goals of accelerating "open banking" and competition will come to fruition as a result of the long-awaited final rule implementing Section 1033...more

Holland & Hart LLP

Open Banking Rules are Finally Here: What's Next for the Financial Services Industry

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On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued its long-anticipated Open Banking Rule (the Open Banking Rule) under Section 1033 of the Dodd-Frank Act, fundamentally reshaping the data-sharing...more

A&O Shearman

Committee on Payments and Market Infrastructures Reports on Interlinking and Interoperability of Payment Systems

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The Committee on Payments and Market Infrastructures has published two reports to the G20 that offer key insights and recommendations on the interlinking and interoperability of payment systems to enhance cross-border...more

Orrick, Herrington & Sutcliffe LLP

FSB Chair and Bank of England Governor discuss financial resilience

On October 22, Financial Stability Board (FSB) Chair Klaas Knot spoke at a global regulatory forum in New York on the progress and ongoing challenges to strengthen global financial resilience since the 2009 G20 summit in...more

Orrick, Herrington & Sutcliffe LLP

Banking groups seek to halt CFPB’s 1033 rule

On October 23, one bank and two banking industry groups challenged the CFPB’s 1033 Rule that would mandate banks to share sensitive customer data, such as transaction history, account balances, and account and routing numbers...more

Allen Matkins

Will Your Industry Be On Deck For Registration With The California Department Of Financial Protection & Innovation?

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The California Consumer Financial Protection Law (CCFPL) authorizes the Department of Financial Protection & Innovation (DFPI) “regarding registration requirements applicable to a covered person engaged in the business of...more

Holland & Knight LLP

CFPB Finalizes New "Open Banking" Rule; Prompt Court Challenge Is Pending

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The Consumer Financial Protection Bureau (CFPB) on Oct. 23, 2024, issued its final "open banking" rule. Starting for some institutions as early as 2026, financial service providers must, upon a consumer's request, make...more

Kelley Drye & Warren LLP

CFPB Pushes Move to an Open Banking System with the Personal Financial Data Rights Rule and Sparks Immediate Court Challenges from...

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On Tuesday, the Consumer Financial Protection Bureau (CFPB) released the final version of the Personal Financial Data Rights Rule that requires many financial institutions, credit card issuers, and other financial service...more

Hogan Lovells

CFPB finalizes sweeping Personal Financial Data Rights Rule

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The Consumer Financial Protection Bureau has issued a Final Rule establishing “open banking” and interoperability requirements for bank and non-bank financial services companies and implementing privacy rights for consumers....more

Hogan Lovells

Hogan Lovells PSD3 Impacts Report: Getting ahead of the evolving EU payments regulatory landscape

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Given the sea change of payment services directive 2015/2366 (“PSD2”), one might expect the prospect of the proposed PSD3 and PSR to have psps groaning at the thought of yet more root and branch reg change projects. However,...more

A&O Shearman

HM Treasury Statement on Reforms to Bank Ring-Fencing

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The House of Commons has published a written statement by Tulip Siddiq, Economic Secretary to HM Treasury, on the status of reforms to the bank ring-fencing regime. Ms Siddiq states that the U.K. Government will implement a...more

Orrick, Herrington & Sutcliffe LLP

FDIC releases October CRA evaluations

On October 3, the FDIC released an updated list of state nonmember banks examined for compliance under the CRA. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 requires public disclosure of...more

Orrick, Herrington & Sutcliffe LLP

DC bill establishes protections for student loan borrowers

On October 7, the Council of the District of Columbia enacted B25-0037 or the New Student Loan Borrower Bill of Rights Amendment Act of 2024 (the “Act”), which amends the Department of Insurance and Securities Regulation...more

Latham & Watkins LLP

FDIC, OCC Finalize Policy on Bank Merger Transactions

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Regulators seek to provide clarity and transparency on the bank merger review process, but changes may increase application complexity and unpredictability. Consistent with ongoing initiatives to strengthen US antitrust...more

Dinsmore & Shohl LLP

Risk Areas to Consider Ahead of Your Next Regulatory Exam

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The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. each periodically publish a report that describes their views on the current risk areas threatening the banking industry. The OCC calls its...more

Mayer Brown

FDIC’s New Recordkeeping Proposal

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Last month, the FDIC proposed rules related to FDIC pass-through insurance coverage. These rules could have a significant impact on bank-fintech partnerships, including some partnerships for programs that do not promise FDIC...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 48: Digital Infrastructure, Fintech and the Future of Banking

Alex Acree, Chief Legal Officer at Unit, joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to explore the role that a financial services infrastructure company can play in the evolving delivery of financial services...more

Troutman Pepper

Exploring AI's Potential in Financial Services With John Sun of SpringLabs — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Mark Furletti, and special guest John Sun, CEO and co-founder of SpringLabs. The discussion delves into the transformative...more

Mayer Brown

Interview with Jay Luzar, Former Regional Bank Treasurer

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In this episode, Matt Bisanz interviews Jay Luzar, a former treasurer for a regional bank, on the inner workings of the position and the industry at large....more

Troutman Pepper

Navigating Regulatory Waters: Recent Enforcement Actions in BaaS — Payments Pros – The Payments Law Podcast

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In the latest episode of Payments Pros, hosts Carlin McCrory and Keith Barnett are joined by James Stevens to discuss recent enforcement actions in the banking as a service (BaaS) space. They delve into regulatory trends,...more

Mayer Brown

Launch of the Banking Industry Integrity Charter in Hong Kong

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Hong Kong’s new Banking Industry Integrity Charter (Integrity Charter) was launched on 9 October 2024 by the Independent Commission Against Corruption (ICAC) in collaboration with the Hong Kong Monetary Authority (HKMA) and...more

A&O Shearman

UK Draft Payment Services (Amendment) Regulations 2024 Published

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HM Treasury has published a final draft version of the Payment Services (Amendment) Regulations 2024, enhancing efforts to address authorized push payment fraud. The draft Regulations amend regulation 86 of the Payment...more

A&O Shearman

UK Payment Systems Regulator Publishes Policy Statement Confirming the Maximum Level of APP Scam Reimbursement

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The Payment Systems Regulator has published a policy statement confirming the maximum level of Authorized Push Payment scam reimbursement. The statement follows the PSRs recent announcement confirming its decision to reduce...more

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