Navigating the outdated rules on confidential supervisory information has become increasingly difficult in the digital world because the rules have their origin in the paper-based world of 1967, when they were first enacted. In the meantime, the amount and type of information made available by the banking agencies to banking
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Eric McLaughlin
Mr. McLaughlin is an associate in Davis Polk’s Financial Institutions Group. [Full Bio]
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Public Memorandum | Federal Reserve’s Proposed Rule on Controlling Influence: A Step in the Right Direction
The Federal Reserve has requested comment on a highly anticipated notice of proposed rulemaking to amend its regulatory framework for deciding when a company exercises a controlling influence over another company under the Bank Holding Company Act and the Home Owners’ Loan Act.
The proposal is a welcome step in…
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Regulators and Plaintiffs Aren’t Waiting for Privacy Legislation: Companies Face Potential Liability Now and Can Take Steps to Reduce Risks
By Avi Gesser, Eric McLaughlin, Greg Swanson & Clara Y. Kim on
Posted in SEC
Momentum is building in Congress for federal privacy legislation and several states have their own privacy laws in the works. But, as concerns grow that companies are collecting and sharing personal information about U.S. residents without their knowledge and not adequately protecting that data, regulators and plaintiffs aren’t waiting for…
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Cyber Blog Post: The FTC Moves Toward a Rules-Based Approach to Cybersecurity Regulation for Financial Institutions
Posted in Cybersecurity, Proposed Rule
In our first Cyber Blog post, we predicted that the rules-based approach adopted by the NYDFS would become the model for cybersecurity regulation. Two years later, we’re feeling pretty good about that prediction, as the FTC recently proposed incorporating a number of aspects of the NYDFS cybersecurity rules into…
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The CFPB and the Rule of Law
The Mulvaney Memo on the CFPB and the rule of law is one of the most remarkable documents to be published by an agency head in many years. It signals a deep commitment to the rule of law as a philosophical concept and as an important brake on agency discretion…
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The CFPB’s Call for Evidence: An Indication of Further Regulatory Rebalancing
Posted in CFPB, Guidance & FAQs
The CFPB’s announcement of a call for evidence is a welcome sign that the new leadership of the agency is thinking seriously about how it implements its mission. In the coming weeks the CFPB will publish a series of Requests for Information (RFIs) seeking public comment on the CFPB’s enforcement,…
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The Systemic Risk Designation Improvement Act of 2016: A Different Approach to Regulatory Relief for Regional and Specialty Banking Organizations
By Margaret E. Tahyar & Eric McLaughlin on
Today, the House of Representatives passed, by a 254-161 vote, the Systemic Risk Designation Improvement Act of 2016 (the “Act”), which is designed to relieve regional and specialty banking organizations from enhanced prudential standards and heightened supervision requirements under the Dodd-Frank Act. The Act would, after a one-year phase-in period,…
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