Financial Services Spotlight

May, June and July Developments

Posted by Roy Andersen on Aug 9, 2017 1:44:12 PM

With a straight face, President Trump has issued an executive order on June 20th that would expand Apprenticeship opportunities in the US in order to expand jobs. The CFTC has adopted some final rules on records administration and its whistleblower program. It has also introduced a new project to evaluate its system of rules to see where simplification is warranted. FinCEN is moving against a Chinese bank that helps North Korea.

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Topics: OFAC, CFTC, FDIC, FinCEN, Qualified Financial Contracts, NCUA, Consumer Financial Products

December 2016 Developments

Posted by Roy Andersen on Jan 5, 2017 12:00:00 PM

Overview

The banking agencies did not appear to be participating in the supposed frenzy of rulemaking that has been prompted by the Trump election. In one of the few instances in history where powers of banks were actually reduced, banks were restricted in their dealings with industrial metals.  The CFTC proposed and adopted a variety of year-end regulations including related to position limits and aggregation of positions.  Big banks are bearing the brunt of regulatory focus including new final  rules on deposit account recordkeeping and disclosure of liquidity coverage. 

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Topics: Iran, Foreign Securities, National Banks, Qualified Financial Contracts, Small Banks, NCUA

April 2016 Second Half Developments

Posted by Roy Andersen on May 5, 2016 12:00:00 PM

Overview

The President issued an order subjecting certain Libyan persons to asset blocking and travel restrictions due to the deteriorating conditions in Libya.  OFAC will most likely update its sanctions to reflect the President’s actions. 

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Topics: Libya, OFAC, CFPB, RESPA, NCUA, Mortgage Servicing, Regulation Z

About the Spotlight


The Financial Services Spotlight examines the regulatory and technology developments impacting banks, asset managers and other financial services providers—where challenges meet opportunities.

 

Meet the Authors


Roy C. Andersen, of counsel in Sullivan & Worcester's New York office, is a member of the Corporate Department. Mr. Andersen focuses on bank regulatory and compliance matters, including international banks and their branches and agencies in New York.

Joel Telpner, partner in the firm's New York office, is a seasoned advisor, strategist and problem solver. Mr. Telpner brings more than 30 years of legal experience in a career that includes time as an AmLaw 100 partner, the former U.S. general counsel of a global financial institution, and a venture capitalist. He is recognized for his ability to deftly manage complex financial transactions, especially those involving sophisticated structured finance and derivatives matters and has an extensive and unique combination of transactional and regulatory experience.

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