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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Margaret E. Tahyar
Ms. Tahyar is a partner in Davis Polk’s Financial Institutions Group. [Full Bio]
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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Federal Reserve Board Amends the Terms of the Main Street Lending Program to Support Small Businesses
Posted in Coronavirus (COVID-19), Federal Reserve
Last week the Board of Governors of the Federal Reserve System (the Federal Reserve) announced changes to the terms of the Main Street Lending Program (the Program) aimed at boosting small business participation in the Program. As explained in further detail below, the Federal Reserve reduced the minimum…
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The OCC Finalizes a Rule to Answer the True Lender Question
The Office of the Comptroller of the Currency (OCC) has finalized a rule (Final Rule) establishing a bright-line test for determining the true lender of a loan. The Final Rule is intended to address the now-common lending arrangements involving a partnership between a national bank or…
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Federal Financial Regulatory Agencies Propose New Rule Clarifying the Role of Supervisory Guidance
The banking sector is both regulated and supervised, a key difference between banking and the rest of the regulated sectors in the economy. Supervision happens behind the veil of confidential supervisory information in ways that are both appropriate and concerning.[1] The scope of what is appropriate and what is…
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Davis Polk Comments on the FDIC’s Proposed Amendments to its Guidelines for Appeals of Material Supervisory Determinations
By Margaret E. Tahyar & Ryan Johansen on
Posted in Bank Regulation, FDIC
The Federal Deposit Insurance Corporation (FDIC) has taken another important step to increase transparency and accountability in the supervisory process by proposing amendments to its existing Guidelines for Appeals of Material Supervisory Determinations (the Proposal).
In a comment letter submitted this week, Davis Polk & Wardwell LLP…
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