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Latham & Watkins LLP

Key Takeaways From Rachel Reeves’ Mansion House Speech

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The UK Chancellor announces a growth-focused agenda for financial services. On 14 November 2024, the new Chancellor of the Exchequer, Rachel Reeves, delivered her first Mansion House speech....more

Clark Hill PLC

Predicting the Financial Services Regulatory Landscape in Light of the GOP Win in 2024

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The GOP’s dominance in the 2024 presidential election suggests that financial regulation is likely to experience some shifts in priorities. While Republican administrations traditionally favor a deregulatory approach, recent...more

A&O Shearman

Great Fund Insights: ELTIF Regulation: consolidated text including ELTIF 2.0

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The ELTIF-RTS, the final piece of the puzzle for the ELTIF framework, have been published in the Official Journal on October 25, 2024 and entered into force on October 26, 2024. This marks the end of a long and complex...more

A&O Shearman

UK Financial Conduct Authority Publishes Dear CEO letter for Financial Advisers and Investment Intermediaries

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The U.K. Financial Conduct Authority has published a Dear CEO Letter setting out its supervisory strategy for financial advisers and investment intermediaries. The FCA's priorities over the next two years are reducing and...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - October 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - ESRB: Speech on old and new frontiers of the ESRB: Systemic risk, non-banks and data analysis - Status: Final - The ESRB has published a speech by...more

A&O Shearman

Regulatory monitoring - October 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General (i) EU - ESRB: Speech on old and new frontiers of the ESRB: Systemic risk, non-banks and data analysis - Status: Final - The ESRB has published a...more

McDermott Will & Emery

DORA-Check

McDermott Will & Emery on

Digitale Bedrohungen und Cyberangriffe nehmen jedes Jahr zu – im Jahr 2023 verursachten sie in Deutschland Schäden von über 200 Milliarden Euro, wobei 72% davon auf Cyberangriffe zurückzuführen waren (Quelle: Bitkom,...more

A&O Shearman

European Banking Authority Consults on Draft Regulatory Technical Standards on Structural Foreign Exchange Positions under EU...

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The European Banking Authority launched a consultation on draft Regulatory Technical Standards on the treatment of structural foreign exchange positions under Article 104c of the EU Capital Requirements Regulation and on...more

Shipkevich PLLC

California DFPI Seeks Greater Oversight Over Additional Consumer Financial Services: Seeks Comments on Who Should Be Regulated...

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The ink is barely dry on the California Department of Financial Protection and Innovation’s (“DFPI” or the “Department”) newly approved regulation package PRO 01-21, and DFPI has already begun to take steps to implement...more

A&O Shearman

EU Announces Next Steps for the Transition to T+1 Settlement

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The European Commission, the European Central Bank and the European Securities and Markets Authority have published a joint statement on the next steps to support the preparations towards a transition to T+1. Under the EU...more

Troutman Pepper

Braving the Bumps in Banking as a Service

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“Banks have to have the policies, the personnel and the procedures in place to be able to appropriately satisfy the regulatory obligations with respect to [that] due diligence,”...more

Troutman Pepper

FDIC Extends Comment Period for Proposed Changes to Brokered Deposit Regulations

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Yesterday, the Federal Deposit Insurance Corporation (FDIC) announced an extension of the comment period for its notice of proposed rulemaking (NPR) aimed at revising the 2020 Brokered Deposit Rule. To ensure that all...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter- October 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper

FDIC Publishes Proposed Rule on Recordkeeping for Third-Party Deposits, Opens Comment Period

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We previously posted on the Federal Deposit Insurance Corporation’s (FDIC) notice of proposed rulemaking aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank companies....more

Troutman Pepper

Georgia Grants Fiserv a Special Banking Charter: A Major Milestone for Fintech and Nonbank Direct Access to Card Networks

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In a significant development since our last post, Fiserv’s application for a merchant acquirer limited purpose bank (MALPB) charter has been approved by the Georgia Department of Banking and Finance. This approval marks a...more

Troutman Pepper

CFPB Proposes Amendments to Disclosure Requirements Under Remittance Transfer Rule

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On September 20, the Consumer Financial Protection Bureau (CFPB or Bureau) announced a proposed rule aimed at amending the disclosure requirements for international money transfers, commonly known as remittances. The proposed...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

A&O Shearman

Regulatory monitoring: EU version Newsletter - September 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EC: Report on the future of European competitiveness Status: Final - The EC has published a report on the future of European competitiveness,...more

Ballard Spahr LLP

CFPB proposes ‘narrow’ amendment to disclosure requirements for international remittances and money transfers

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The CFPB has issued a proposed rule with a small amendment to disclosure requirements for certain international remittances and money transfers....more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024 #4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Ballard Spahr LLP

FDIC Issues Notice of Proposed Regulations for Enhanced Recordkeeping for Third-Party Custodial Accounts

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On September 17, 2024, the FDIC board approved a notice of proposed rulemaking that would increase recordkeeping obligations for bank deposits received from third party, non-bank companies that accept those deposits on behalf...more

Ballard Spahr LLP

CFPB wins default judgment in auto dealership complaint, but federal judge rejects bureau assessment of damages

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A federal District Judge for the Northern District of Georgia, Victoria Marie Calvert, awarded a default judgment to the CFPB against USASF, a car loan servicer of loans originated by U.S. Auto Sales Inc., a buy-here,...more

Ballard Spahr LLP

CFPB to host ‘first look’ at nonbank enforcement order registry

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The CFPB has scheduled two sessions to provide a preview of its nonbank enforcement order registry. The virtual-only discussions are scheduled for September 30 and October 9. Both sessions will feature the same content....more

Troutman Pepper

FDIC and OCC Finalize New Guidelines on Bank Mergers

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Yesterday, both the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) finalized new guidelines regarding bank mergers. According to the agencies, these updates aim to enhance...more

Troutman Pepper

FDIC Proposes New Rule to Strengthen Recordkeeping for Third-Party Deposits

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On September 17, the Federal Deposit Insurance Corporation (FDIC) announced a notice of proposed rulemaking (Proposal) aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank...more

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