Ms. Tahyar is a partner in Davis Polk’s Financial Institutions Group. [Full Bio]

As widely expected, the Volcker Agencies extended relief from the Volcker Rule that was first granted to eligible foreign funds in 2017.  The agencies’ action provides that the proprietary trading and covered fund prohibitions of the Volcker Rule do not apply: (1) to a foreign banking entity for activities or
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The Financial Standards Accounting Board (FASB) voted on Wednesday to propose delaying the implementation date of the Current Expected Credit Losses accounting standard (CECL) until 2023, for all companies other than larger SEC filers.  The proposal would reduce the number of implementation dates from three to
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The Supreme Court in Kisor v. Wilkie has declined to overrule Auer v. Robbins and Bowles v. Seminole Rock & Sand Co., instead narrowing deference to a federal agency’s interpretation of its own ambiguous regulations by putting in place new guideposts around its use.  What this means for Auer
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The main lesson from the CFPB symposium on “abusive acts or practices” is that there won’t be any clarity anytime soon.  In response to long-lasting concerns from the financial services industry that the indefinite scope and meaning of what amounts to an “abusive” act or practice generates uncertainty and impedes
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The Supreme Court has updated an important Freedom of Information Act (“FOIA”) exemption for the digital age.  In Food Marketing Institute v. Argus Leader Media, the Supreme Court this week significantly expanded the scope of FOIA Exemption 4, which shields from disclosure “trade secrets and commercial or
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There are two kinds of guidances, according to recently appointed Principal Deputy Associate Attorney General Claire McCusker Murray, which should be treated quite differently.[1]  Her explanation is worth quoting at length:

The key is to distinguish between two categories of guidance, the part that mirrors what the law requires


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A bipartisan group of 38 state and territorial attorneys general has signed an open letter to Congress calling for legislative change for banking and financial institutions wishing to provide services to cannabis businesses. The letter describes the severe financial restrictions faced by cannabis businesses that operate legally under state law
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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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There is now a serious effort underway by the usually divided Congress to find a way for the growing cannabis sector to enter the mainstream financial sector.  Our newest visual memorandum updates our earlier briefing on the two legislative vehicles:  the Secure and Fair Enforcement Banking Act (the SAFE Banking
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