Not enough attention has been paid to the FFIEC’s policy announcement on enforcement which is, we hope, the first step toward fundamental change.  The Policy Statement on Interagency Notification of Formal Enforcement Actions rescinds a 1997 policy statement and addresses the need for coordination in enforcement actions among the Board … Read More

On June 19, 2018, Margaret E. Tahyar will moderate the “Supervisory and Examination Issues and Updates” panel at the 2018 Prudential Regulation Conference hosted by SIFMA and The Clearing House in Washington, D.C.  In connection with Ms. Tahyar’s participation in this event, we are today releasing two interrelated visual memoranda … Read More

Our visual memorandum here describes the proposed amendments to the Volcker Rule regulations issued by the Federal Reserve, FDIC, OCC, SEC and CFTC, as well as key requests for comment about possible additional amendments. To make the analysis more user-friendly, the memorandum incorporates elements of Davis Polk’s flowcharts on the … Read More

In “Calibrating Capital”, published in the current issue of The Clearing House’s Banking Perspectives, Dr. Thomas F. Huertas discusses the relationship between capital and resolution in reducing the probability of failure and the consequences to the financial system and broader economy given failure.  The article, which includes excellent graphical … Read More

The banking sector should pay close attention to the recent bipartisan bill supporting marijuana legal reform (the “Strengthening the Tenth Amendment Through Entrusting States Act” or the “STATES Act”) given the increasing difficulty current law creates even for those banks that are deliberately avoiding the cannabis sector.  Post mid-term elections, … Read More

The Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) has recently issued several new or amended Ukraine-/Russia-related General Licenses (“GLs”) and corresponding guidance related to the ongoing maintenance or wind down of certain activities involving GAZ Group and other blocked persons, and divestment of … Read More

A Cryptocurrency and DLT Newsletter – May 31, 2018

Authored by Jai R. Massari, Christophe Perchet, Byron B. Rooney, Daniel Arroche, Trevor I. Kiviat, Zachary B. Shapiro and Andrew Ruben

Market Insights

  • Decentralized Exchanges:  Further Disruption Ahead?

Regulatory Developments

  • New York Attorney General Launches Inquiry Into Crypto Exchanges
  • European Blockchain
… Read More

Our visual memorandum here describes the key changes the Bipartisan Banking Act makes to the regulation of banking organizations. It is color coded for those who want to look only at the changes that affect their own organization.

The House is expected to pass the Economic Growth, Regulatory Relief and … Read More

On May 11, 2018, the customer due diligence rule, 31 C.F.R. § 1010.230 (the “CDD Rule”), issued by the Financial Crimes Enforcement Network (“FinCEN“) became applicable two years after it was issued.  The CDD Rule added a new requirement for covered financial institutions to identify, … Read More