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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Proposed Rule
FinCEN and the Federal Reserve Board Propose Travel Rule Amendments to Lower the Threshold for Cross-Border Transfers and to Explicitly Cover Convertible Virtual Currencies and Digital Money
By Jai R. Massari, Will Schisa & Jane Faulkner on
The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board (together the Agencies) last week proposed amendments (the Proposed Rules) to the Travel Rule regulations and related Recordkeeping Rules under the Bank Secrecy Act (together the Rules).[1]
Lowering the threshold for cross-border transfers…
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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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SEC Proposes Changes to Market Data Infrastructure
The SEC recently proposed amendments to the current market data infrastructure to expand the content required to be published on the consolidated tape and decentralize the collection, consolidation, and dissemination of market data through the introduction of proposed competing consolidators and self-aggregators.
Please see our client memorandum for more details.…
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Client Memorandum: FDIC Proposes Supervision of ILC Holding Companies
The FDIC proposed a rule to formalize certain longstanding expectations it has for approving applications by new industrial loan companies (ILCs) that would be subsidiaries of a parent company that would not be subject to consolidated supervision by the Federal Reserve. The proposal would require a written agreement…
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Visual Memo: CFTC Proposes Amendments to Cross-Border Rules
On December 18, 2019, the CFTC proposed rules that would modify and codify the cross-border application of certain of its Title VII swap rules to both U.S. and non-U.S. registered swap dealers and major swap participants. Among other changes, these proposed rules would revise (1) which cross-border swaps must be…
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The Last Piece of the Puzzle: CFTC Reopens Comment Period for Capital Requirements and Proposes Amendments to Inter-Affiliate Swap Clearing Exemption
On December 10, 2019, the CFTC reopened the comment period for the proposed capital requirements for swap dealers (SDs) and major swap participants (MSPs) that are not subject to the capital rules of a prudential regulator (together, Covered Swap Entities). These rules are the last…
Continue Reading The Last Piece of the Puzzle: CFTC Reopens Comment Period for Capital Requirements and Proposes Amendments to Inter-Affiliate Swap Clearing Exemption
NYDFS Proposes a Streamlined Approval Process for Services in New Virtual Currencies
By Jai R. Massari & Alba Baze on
Building upon its BitLicense regime instituted in 2015, the New York State Department of Financial Services (NYDFS) has proposed two mechanisms by which entities that hold BitLicenses or trust charters with virtual currency authority (VC Licensees) may list or provide other approved services in a…
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U.S. Department of Commerce Proposes Rule Governing Information and Communications Technology and Services
By John B. Reynolds & Will Schisa on
On November 27, 2019, the United States Department of Commerce issued an advance notice of proposed rulemaking seeking public comment on “regulations that would govern the process and procedures that the Secretary of Commerce will use to identify, assess, and address certain information and communications technology and services transactions that…
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U.S. Federal Banking Regulators Propose a Madden Fix
Since the 2016 Second Circuit decision in Madden v. Midland Funding, LLC,[1] banks and their non-bank lending partners have faced legal uncertainty about their ability to assign or transfer loans. The Madden decision and subsequent actions by state courts have called into question the “valid-when-made” doctrine, which stands…
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