New York Appellate Court Limits Application of “Separate Entity Rule” in...
In In re B&M Kingstone, LLC v. Mega International Commercial Bank Co., Ltd.,1 the New York Supreme Court, Appellate Division, First Department, held that the “separate entity rule” does not...
View ArticleTesting the Limits of Bank Officer Accountability – The NYDFS AML Personal...
The New York Department of Financial Services (“NYDFS”) is currently soliciting public comment on a proposed regulation that would require certain NYDFS-regulated financial institutions (“Regulated...
View ArticleIn the CFPB’s Crosshairs…2016 and Beyond
Overview of 2015 and Implications for 2016 - In many respects, 2015 was a defining year for the CFPB. It was a year in which the relatively young agency took important steps to solidify its policy...
View ArticleBeyond Bitcoin: The blockchain revolution in financial services
Blockchain technology is poised to transform the financial sector by increasing efficiency, transparency and security; reducing costs; and unleashing an unprecedented wave of innovation. Blockchain,...
View ArticleMadden Update – Petition Request Bodes Well for High Court Review but Raises...
The US Supreme Court’s recent request for an opinion from the US Solicitor General to help inform the Court’s decision on whether to review the Second Circuit’s decision in Madden v. Midland Funding,...
View ArticleCISA Guidance Clarifies How to Share Cyber Threat Information… but Issues Remain
The Cybersecurity Information Sharing Act of 2015 ("CISA"), enacted on December 18, 2015, as part of the omnibus Consolidated Appropriations Act[1], 2016, creates a voluntary process that encourages...
View ArticleCFPB: The Quarterly Review - April 2016
If the first quarter is any indication, 2016 is going to be a busy year for the CFPB and market participants alike. The CFPB Speaks - Regulation by enforcement - On March 9, during his prepared remarks...
View ArticleMarketplace Lending Update: Recent Developments Place Pressure on Industry
Following a spate of heightened regulatory, enforcement and legislative scrutiny, investor concerns around industry practices, and bad press, the marketplace lending industry is at a crossroad. Some...
View ArticleCFPB Proposes Framework For Payday, Title and Other Installment Loans
On June 2, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released a 1,340-page Notice of Proposed Rulemaking on short-term lending (the “Proposal”). Our initial,...
View ArticleMadden Uncertainty Remains for Secondary Loan Market
The US Supreme Court last week delivered another blow to the unsteady secondary loan market industry by denying a request for certiorari in an important case for banks and buyers and sellers of loans...
View ArticleCFPB: The Quarterly Review - July 2016
In This Issue: •The CFPB Speaks •Rulemaking •Debt Collection •Payday Lending •Mortgages •Upcoming in 2016 - In the second quarter of 2016, the CFPB continued its strong pace of activity, initiating two...
View ArticleCFPB Opts to Split Debt Collection Rulemaking Process
On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB”) released a partial outline of debt collection proposals under consideration (“Proposals”), focusing on the third-party debt...
View ArticlePayment Processor Risk: Do You Know It When You See It? Red Flags for the Unwary
Recent litigation and enforcement activities of the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) spotlight the heightened regulatory focus on payment intermediaries, i.e. processors,...
View ArticleRegtech rising: Automating regulation for financial institutions
Regulatory compliance is timeconsuming and expensive for both financial institutions and regulators. The volume of information that parties must monitor and evaluate is enormous. The rules are often...
View ArticleSecond Circuit Highlights Bank Regulators' Actions in Weighing Alien Tort...
In Licci v. Lebanese Canadian Bank, the Second Circuit reaffirmed its prior rulings that international law does not recognize corporate liability for crimes under international law, and so dismissed...
View ArticleMoney, bits and banking: Florida case implicates legal status of digital...
Introductory level economics textbooks often begin with a discussion of a surprisingly tricky question – what is money? In economics parlance, money is not simply what is in your wallet; rather, it is...
View ArticleCFPB Finalizes Prepaid Card Rule …and the Clock is Ticking
On October 5, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released its long-awaited final rule on prepaid cards (the “Final Rule”). The 1689-page Final Rule will...
View ArticleUS Terminates Burma Sanctions Program, Accompanied by Limited FinCEN Relief
On October 7, 2016, President Obama signed an Executive Order terminating the national emergency with respect to Burma (Myanmar), revoking the Burma sanctions Executive Orders, and waiving other...
View ArticleCFPB: The Quarterly Review, Q3 2016
White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight...
View ArticleRegulators Diverge on How Best to Manage Growing Cybersecurity Risks
On October 19, the Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (the Agencies) issued an advance notice of proposed rulemaking (ANPR)...
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