Mr. Kniaz is an associate in Davis Polk’s Litigation Department. [Full Bio]

For the first time in 30 years, Congress may expand the jurisdiction of the Committee on Foreign Investment in the United States (“CFIUS”).  In testimony before the Senate Banking Committee on January 25, 2017, three Administration officials expressed support for the Foreign Investment Risk Review Modernization Act of
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Many have commented on the suit filed last week challenging the CFPB’s arbitration rule, but few have considered what impact, if any, the suit could have on the fast-approaching compliance date of March 19, 2018.

As a reminder, the Chamber of Commerce and other trade associations filed a long-anticipated suit
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Since the CFPB issued its Arbitration Rule in July, most commentators have focused on ways the rule may be blocked from going into effect. Chief among these is the possibility that Congress will vote to overturn the rule under the Congressional Review Act, and the House did promptly vote in
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Yesterday afternoon, the CFPB issued a final rule that, once it becomes effective, is designed to prohibit providers of certain consumer financial products or services from using pre-dispute arbitration clauses to bar consumers from participating in class action lawsuits.  Although covered providers will still be permitted to include mandatory arbitration
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In October 2016, the U.S. federal banking agencies jointly issued an advance notice of proposed rulemaking regarding enhanced cyber risk management standards (the “Enhanced Standards”).  The Enhanced Standards would apply on an enterprise-wide basis to large financial institutions and their service providers, as detailed in this memorandum.  The U.S. federal


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On October 25, 2016 FinCEN issued an advisory and FAQs to financial institutions regarding their Suspicious Activity Report (SAR) obligations with respect to cyber-events, cyber-enabled crime, and cyber-related information as those terms are defined. The FAQs supersede previous FAQs issued in 2001. The advisory and FAQ also discuss collaboration between


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In September 2016, the New York State Department of Financial Services (the “NYDFS”) proposed new cybersecurity regulations (the “Proposed Rules”) for banks, insurance companies and other financial institutions regulated by the NYDFS (“Covered Entities”).[1]  The Proposed Rules reflect an ongoing interest in cybersecurity by


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On March 2, 2016, the CFPB announced that it had settled an enforcement action with Dwolla, Inc., an online payment platform, for making allegedly deceptive statements regarding its data security practices and the safety of its online payment system. Dwolla agreed to pay a $100,000 civil penalty and to undertake


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