Davis Polk has submitted a comment letter on the FDIC’s Request for Information on FDIC Communication and Transparency. Our comment letter concentrates on ways in which we believe that the FDIC could improve its website, with a particular focus on how the FDIC’s efforts could educate users and ameliorate
Continue Reading
Administrative Law
Davis Polk Financial Services Regulatory Reform Tool—Post Midterm Election Edition
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, BCFP, CFTC, Community Reinvestment Act, Cost-Benefit Analysis, Dodd-Frank, Economic Sanctions, FDIC, Federal Reserve, FinTech, FSOC, Legislation, Liquidity, OCC, OFAC, Stress Testing, Swap Regulation, TLAC, U.S. Basel III, U.S. Congress, Volcker Rule
Financial services regulatory reform will continue to evolve in 2018 and 2019. As we observe the changing legislative landscape, here is the Post Midterm Election Edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, agencies and actors. We will continue…
Continue Reading
Davis Polk Financial Services Regulatory Reform Tool—Fall Focus Edition
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, BCFP, CFTC, Community Reinvestment Act, Cost-Benefit Analysis, Dodd-Frank, Economic Sanctions, FDIC, Federal Reserve, FinTech, FSOC, Legislation, Liquidity, OCC, OFAC, Stress Testing, Swap Regulation, TLAC, U.S. Basel III, U.S. Congress, Volcker Rule
Financial services regulatory reform in 2018 continues to evolve. As we leave summer behind, here is the Fall Focus edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas, agencies and actors. We will continue to track these issues and will…
Continue Reading
The FTC’s Growing Enforcement Interest in Fintech
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
Eighth Circuit Decides a Net Worth Sweep Claim, but is the Real Action Elsewhere?
Another circuit court has opined on the Federal Housing Finance Agency (FHFA) and the legality of its net worth sweep. Late last week, the United States Court of Appeals for the Eighth Circuit held in Saxton v. FHFA that the FHFA did not exceed its statutory authority under…
Continue Reading
Fifth Circuit Holds That FHFA is Unconstitutionally Structured
The decision by the United States Court of Appeals for the Fifth Circuit earlier this week in Collins v. Mnuchin holding that the structure of the Federal Housing Finance Agency (FHFA) is unconstitutional is an important development not only for the FHFA but also for the constitutionality of…
Continue Reading
Davis Polk Financial Services Regulatory Reform Tool—Summer Beach Read Edition
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, BCFP, CFTC, Community Reinvestment Act, Cost-Benefit Analysis, Dodd-Frank, Economic Sanctions, FDIC, Federal Reserve, FSOC, Legislation, Liquidity, OCC, OFAC, Stress Testing, Swap Regulation, TLAC, U.S. Basel III, U.S. Congress, Volcker Rule
Financial services regulatory reform in 2018 continues to evolve. For those of you who have been thinking you might catch up over the summer lull, here is the summer beach read edition of our reference tool, which provides context and summarizes current developments across a range of key regulatory areas,…
Continue Reading
Davis Polk Financial Services Regulatory Reform Tool—May 2018
Financial services regulatory reform in 2018 is complex and evolving. To assist in navigating this landscape, we have prepared a reference tool that provides context and summarizes current developments across a range of key regulatory areas, agencies and actors. We will continue to track these issues and provide updated versions…
Continue Reading
Banking Regulators’ Examination Authority Does Not Override Attorney-Client Privilege
Notwithstanding the venerable status of the attorney-client privilege and the important purposes it serves, the federal banking regulators and the Consumer Financial Protection Bureau have taken the position that they have the legal authority to override the privilege and compel supervised institutions to produce information protected by the privilege. Seven…
Continue Reading
Legal Interpretations in Examination Appeals Should be More Transparent
Davis Polk has submitted a comment letter on the Federal Reserve’s proposed amendments to its guidelines on internal appeals of material supervisory determinations (the Proposal). While we understand, of course, that discretion is a necessary element of supervision, our concern is with discretion that is insufficiently accountable, involves legal…
Continue Reading