10/24/2014 - Key Developments in Privacy and Data Security
Cyber threats are inarguably on the rise, and regulators and law enforcement are stepping up their efforts to ensure that companies are managing personal data responsibly, creating a perfect storm of risk. More and more, our clients are asking, “What can we do to protect ourselves?” The answer? Be aware of the risks, understand the legal implications, and prepare for the inevitable.
10/20/2014 - CFPB Relaxes Rules Governing Privacy Disclosures
The Consumer Financial Protection Bureau (“CFPB”) announced today that it would allow financial institutions to provide their privacy notices to consumers online and would no longer require annual distribution of paper copies, provided that the institutions meet certain requirements.
04/22/2014 - American Bankers Association Bank Compliance Magazine Guest Article: Responding to Examination Findings
Amid the industry's efforts to emerge from the global financial crisis, banks now encounter a new era in examination management. This era is marked by continuing regulatory uncertainty, economic instability, and heightened expectations from prudential regulators.
01/03/2014 - Final FFIEC Guidance - "Social Media: Consumer Compliance Risk Management Guidance"
On December 17, 2013, the Federal Financial Institutions Examination Council (the “FFIEC”) issued the Social Media: Consumer Compliance Risk Management Guidance
for financial institutions.
03/27/2013 - Banking Law Journal Guest Article: A Look at Proposed FFIEC Guidance: "Social Media: Consumer Compliance Risk Management Guidance"
On January 23, 2013, the Federal Financial Institutions Examination Council (“FFIEC”) issued a notice for comment on its proposed guidance, Social Media: Consumer Compliance Risk Management Guidance (the “Guidance”).
02/14/2013 - A Look at Proposed FFIEC Guidance: “Social Media: Consumer Compliance Risk Management Guidance”
On January 23, 2013, the Federal Financial Institutions Examination Council (FFIEC) issued a notice for comment on its proposed guidance, Social Media: Consumer Compliance Risk Management Guidance.
11/15/2011 - Consumer Financial Protection Bureau Publishes Enforcement Notice
On November 7, 2011, the Consumer Financial Protection Bureau (“CFPB”) announced that it will provide financial companies and individuals who are the subject of potential enforcement actions with an “Early Warning Notice Letter.”
09/20/2011 - Weathering the Storm: Living Will Requirement under Dodd-Frank
On September 13, 2011, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) unanimously approved a final rule implementing Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Rule”). The Dodd-Frank Rule requires (i) bank holding companies with $50 billion or more in assets and (ii) nonbank financial institutions, such as insurance companies and investment banks that are designated as “systemic” by the Financial Stability Oversight Council to create and submit “living wills.”
09/06/2011 - FDIC and FinCEN Hit Ocean Bank with $10.9 Million Penalty: Bank Fined Seven Percent of Book Value for Ineffective Compliance Program
On Monday August 22, 2011, the FDIC
, Treasury’s Financial Crimes Enforcement Network (“FinCEN
”) and Florida’s Office of Financial Regulation announced civil money penalties of $10.9 million and a two-year deferred prosecution agreement against Ocean Bank (“the Bank
”) in Miami, FL.
05/28/2010 - Revisiting the FDIC’s “Superpowers”: Contract Repudiation and D’Oench Duhme
In this article, Erin Burrows England and F. John Podvin, Jr. briefly review the Federal Deposit Insurance Corporation’s powers to facilitate a failed bank’s orderly liquidation, dissolution, asset sale and/or merger. When a bank is declared insolvent, the authors advise all counterparties to review the specific provisions of their contracts with the failed bank to evaluate the likelihood of, and prepare a response to, the receiver’s exercise of its repudiation powers and authority under the D’Oench Duhme doctrine.