Davis Polk Insights on Financial Regulation
Ms. Massari is a partner in Davis Polk's Financial Institutions Group and the trading and markets practice. [Full Bio]
The move away from a one-size-fits-all regulatory framework based on asset size continues.
On October 31, the Federal Reserve proposed a rule to implement Section 401 of the Economic Growth, Regulatory Relief and Consumer Protection Act, tailoring enhanced prudential standards for firms with $100 billion or more in total consolidated…
Continue Reading
After a several-year pause, the CFTC is again re-assessing its approach to cross-border regulation of swap activities. The CFTC’s current approach is embodied in various rulemakings, guidance, orders, and agreements with non-U.S. regulators that have been adopted, issued, and entered into since 2013. The CFTC has, over the past several…
Continue Reading
On October 11, 2018, the SEC reopened the comment period and requested additional comments for previously proposed rules relating to capital, margin, and segregation requirements for security-based swap dealers (“SBSDs”), major security-based swap participants (“MSBSPs,” and together with SBSDs, “SBS Entities”) and, in some…
Continue Reading
It is no secret that the United States lags behind other countries in the development of a national real-time payments infrastructure.[1] There are, of course, explanations for this lag, including widespread participation in the existing infrastructure rails and the existence of many different stakeholder interests limiting consensus over reforms. …
Continue Reading
The regulation and operations of virtual currency exchanges are again in the spotlight, due to the new report issued by the Office of the New York Attorney General (OAG). The report, which follows the April launch by the OAG of its Virtual Markets Integrity Initiative (VMII…
Continue Reading
After a several month lull that led some to question the SEC’s focus on crypto enforcement, this week saw a spate of enforcement activity involving crypto assets: several SEC enforcement actions, an SEC trading suspension order, the first FINRA cryptocurrency enforcement action, and a preliminary court decision consistent with the…
Continue Reading
The FTC is expanding its enforcement efforts for fintech, particularly in the areas of online and small-business lending, payments, and cryptocurrencies. At a recent event in Washington, D.C., the FTC’s Director of Consumer Protection, Andrew Smith, stated, “Commissioners are really interested in [fintech]. Finance will be a steady part of…
Continue Reading
The Office of the Comptroller of the Currency (OCC) has granted conditional approval to digital-banking startup Varo Bank (previously Varo Money) of its application to form a de novo national bank. Varo Bank, N.A. would become the first mobile-only national bank in United States. This is an interesting…
Continue Reading
The ability of banks to sell the loans they originate is a core element in the development and sustainability of a nationwide lending market. Recent legal developments threaten to undermine this ability, jeopardizing the foundation of a U.S. nationwide loan market and the core lending activities of banks.
A long-settled…
Continue Reading
In its recent report on financial innovation, the U.S. Treasury Department calls upon federal banking regulators to address the uncertainty in lending markets created by the Madden case and True Lender developments.
The Report recognizes that “unsecured consumer credit could be diminished because nonbank firms such as marketplace lenders may…
Continue Reading