Financial Services Spotlight

February 2016 Second Half Developments

Posted by Roy Andersen on Feb 29, 2016 12:00:00 PM

Overview

Old acronyms die hard.  No less an authority than a senior attorney at the Federal Reserve Bank of New York advised me that no one calls the Bureau of Consumer Financial Protection the BCFP—even though this is what it is called in the Dodd-Frank Act.  Instead, even the agency refers to itself as the CFPB.  Accordingly, we will get in step for future entries, as we have with the Met Life Building, the Ed Koch Bridge, and Kennedy Airport.  A rose by any other name would smell as sweet.  The OCC continues to study its leveraged lending guidelines.   Foreign swap transactions executed in the U.S. will benefit from some exemptions.  The healthy dividend paid by the Fed to the member banks will be cut back based on new law adopted in January.  

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Topics: Libya, Dodd-Frank, Cuba, CFPB, Foreign Transactions, Leveraged Lending, Reserve Banks, OCC, BCFP, No-Action Letters

February 2016 First Half Developments

Posted by Roy Andersen on Feb 16, 2016 12:00:00 PM

Overview

The BCFP published a Compliance Bulletin to remind banks that they must have reasonable written policies and procedures to insure that any consumer reporting data they pass on to consumer reporting agencies is accurate and complete.  This has been a requirement for some time, but the BCFP has notice an uptick in inaccurate date, particularly with regard to deposit account data.  Banks can expect increased focus on these procedures during the next consumer compliance examination.  After 7 years of review, the CFTC has determined that Korea has sufficient supervisory systems in place to permit certain Korean swaps entities to do business with U.S. persons.  OFAC is abandoning certain reporting requirements in connection with remittance transactions with Cuba.

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Topics: OFAC, Cuba, Currency Transaction, CFTC, BCFP, Korea, Credit Reporting, FDIC, Foreign Regulatory

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About the Spotlight


The Financial Services Spotlight examines the regulatory and technology developments impacting banks, asset managers and other financial services providers—where challenges meet opportunities.

The material on this site is for general information only and is not legal advice. No liability is accepted for any loss or damage which may result from reliance on it. Always consult a qualified lawyer about a specific legal problem.

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