A recent guilty conviction, after a jury trial, shows how complex and fraught the zigzag path to marijuana legalization is in the payments space. At a time when the federal government has signaled that criminal prosecutions in states that have legalized marijuana are a low to non-existent priority, this prosecution
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Margaret E. Tahyar
Ms. Tahyar is a partner in Davis Polk’s Financial Institutions Group. [Full Bio]
Digital Dollars / Central Bank Digital Currencies
Digital dollars and central bank digital currencies (CBDC) are in the spotlight, and questions abound as to the potential design, availability and functionality of a CBDC in the United States. This deck tracks U.S. congressional legislative efforts that may lead to the creation of a U.S. digital dollar,…
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Federal Reserve Finalizes Board Effectiveness Guidance
The Federal Reserve has finalized its supervisory guidance on board of directors’ effectiveness (Board Effectiveness Guidance) more than three years after it was proposed. The final Board Effectiveness Guidance is a key milestone in the Federal Reserve’s multi-year review of the practices of boards of directors, particularly at…
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SEC Requests Comments on Potential Money Market Fund Reforms
By Gabriel D. Rosenberg, Margaret E. Tahyar, Gregory Rowland, Aaron Gilbride, Mark A. Sater & Ryan Johansen on
Posted in SEC
There is a broad consensus that the MMF reforms adopted in the wake of the 2008 crisis have not fully achieved their intended aims. A report released by the President’s Working Group on Financial Markets in December 2020 concluded that, notwithstanding reforms adopted by the SEC in 2010 and 2014,…
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The Road Ahead for Financial Regulatory Reform in a Time of Democrats in Control
By John Banes, Luigi L. De Ghenghi, Randall D. Guynn, Jai R. Massari, Daniel Stipano, Gabriel D. Rosenberg, Margaret E. Tahyar, Zachary J. Zweihorn, Kyoko Takahashi Lin & Veronica M. Wissel on
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, Biden Transition, Cannabis Banking, CFPB, CFTC, Community Reinvestment Act, Executive Compensation, FDIC, Federal Reserve, FSOC, Liquidity, M&A, Midnight Regulations, OCC, Payments, SEC, Stress Testing, U.S. Basel III, U.S. Congress, Volcker Rule
Today, we released our deck “The Road Ahead for Financial Regulatory Reform in a Time of Democrats in Control.” This deck describes our view of the road ahead for financial regulatory reform under a Biden Presidency, and updates the deck we published shortly after the 2020 election to reflect the…
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The Anti-Money Laundering Act of 2020 – Key Takeaways
The Anti-Money Laundering Act of 2020 implements the most extensive revisions to anti-money laundering law since the USA PATRIOT Act of 2001. The changes will affect both traditional financial institutions and FinTechs, including a new beneficial ownership provision that requires shell companies to submit ownership information to a non-public FinCEN…
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FDIC Issues Final Rule on Supervision of ILC Holding Companies
The FDIC has issued a final rule to formalize longstanding expectations it has had for the parent company of a new industrial loan company (ILC). The FDIC adopted the proposed rule issued in March 2020 with few changes. The final rule requires a new ILC to enter into a written…
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Banking Agencies Propose Cyber Reporting Rule: Implications for Cybersecurity Compliance
On December 15, 2020, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a notice of proposed rulemaking that would require substantially faster notification of cybersecurity incidents involving banking organizations, expand the list of triggering events, and impose first-of-its kind…
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Post-Election Update: U.S. Federal Cannabis Legislation
Posted in Cannabis Banking, Legislation
The House has voted to legalize marijuana on a federal level by passing the Marijuana Opportunity Reinvestment and Expungement Act (the MORE Act). The MORE Act is notable not only because it fully legalizes marijuana under federal law but because it was originally introduced by Senator (now Vice President-Elect) Harris
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Financial Services Regulatory Reform in the Biden Administration: Key Areas of Focus
On November 9, 2020, we released our deck “Financial Services Regulatory Reform in the Biden Administration: Key Areas of Focus.” This deck describes our view of the road ahead for financial regulatory reform under a Biden Presidency and a Republican Senate. We see most of the action coming from the…
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