The Federal Reserve, FDIC and OCC (the Banking Agencies) recently published a proposal to increase the thresholds associated with the “major assets” prohibition governing management official interlocks contained in the Depository Institutions Management Interlocks Act (DIMIA)[1] and implemented by Regulation L. DIMIA permits the Banking Agencies to raise the
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Fintech
Davis Polk Financial Services Regulatory Reform Tool—Post Midterm Election Edition
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, CFPB, 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…
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SFC Announces Regulatory Framework for Virtual Asset Trading Platform Operators, Portfolio Managers and Fund Distributors
By Martin Rogers, Bo Huang & Noble Mak on
Posted in Fintech
As we discuss in our memorandum released today and available here, the Hong Kong Securities and Futures Commission (“SFC”) last week took a significant step in its regulation of virtual asset activities by establishing a new, opt-in regulatory sandbox framework for virtual asset trading platform operators, proposing…
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Chinese Arbitration Court Recognizes Bitcoin as Property Protected by Law
By Martin Rogers, Noble Mak & Yuan Zheng on
Posted in Fintech
On October 25, 2018, the Shenzhen Court of International Arbitration (the “SCIA”) published a case analysis detailing its decision on a business contract dispute involving the possession and transfer of cryptocurrencies. The arbitral panel found that although Bitcoin does not have the legal status equal to currency and…
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The New York AG Weighs In On Virtual Currency Exchanges
The regulation and operations of virtual currency exchanges are again in the spotlight, due to the new report issued by the Office of the New York Attorney General (OAG). The report, which follows the April launch by the OAG of its Virtual Markets Integrity Initiative (VMII…
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Davis Polk Financial Services Regulatory Reform Tool—Fall Focus Edition
Posted in Administrative Law, Anti-Money Laundering, Bank Capital, Bank Regulation, CFPB, 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…
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Regulators Step Up Enforcement on Crypto Firms
After a several month lull that led some to question the SEC’s focus on crypto enforcement, this week saw a spate of enforcement activity involving crypto assets: several SEC enforcement actions, an SEC trading suspension order, the first FINRA cryptocurrency enforcement action, and a preliminary court decision consistent with the…
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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…
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OCC Grants Conditional National Bank Charter to a Mobile-Only Bank
Posted in Bank Regulation, Fintech
The Office of the Comptroller of the Currency (OCC) has granted conditional approval to digital-banking startup Varo Bank (previously Varo Money) of its application to form a de novo national bank. Varo Bank, N.A. would become the first mobile-only national bank in United States. This is an interesting…
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Federal Banking Regulators Can and Should Resolve Madden and True Lender Developments
The ability of banks to sell the loans they originate is a core element in the development and sustainability of a nationwide lending market. Recent legal developments threaten to undermine this ability, jeopardizing the foundation of a U.S. nationwide loan market and the core lending activities of banks.
A long-settled…
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