Financial Services Spotlight

November 2016 Developments

Posted by Roy Andersen on Dec 12, 2016 12:00:00 PM

Overview

The CFPB issued another mega-rule on prepaid accounts—subjecting the industry to hundreds of pages of new rules.  Flood insurance rules were changed to accept private flood insurance coverage.  North Korea was named as a country of primary money laundering concern and this triggers certain actions for banks.

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Topics: Sudan, North Korea, Iran, CFTC, Liberia, Regulation I, Consumer Compliance Rating System

June 2016 Second Half Developments

Posted by Roy Andersen on Jul 6, 2016 12:00:00 PM

Overview

The CFTC published a proposed rule on clearing interest rate swaps and identified a number of new swaps that would be required to be cleared.   In addition, the CFTC tightened the recordkeeping and reporting of certain swap transactions and the SEC finalized a rule requiring trade acknowledgements.  The FDIC published two rules on the treatment of failed banks with assets related to securitizations and its own requirements to maintain records of how it manages receiverships.

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Topics: North Korea, CFTC, Security-Based Swaps, Regulation Z, Interest Rate Swaps, Western Balkans

June 2016 First Half Developments

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

Overview

The Fed has published the proposed enhanced prudential standards for certain large insurance companies in the United States.  These standards are similar to the requirements that have been imposed on large United States based and foreign financial organizations.  It is probable that these proposals will be vigorously opposed by the insurance industry.  FinCEN has taken the rare step of determining that a country is of primary money laundering concern. In this case, North Korea has been so designated.  The banking agencies have re-proposed the rules regarding incentive-based compensation.

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Topics: Belarus, North Korea, CFTC, FSOC, Liquidity Risk Measurement, NSFR, Automated Trading, Hizballah, ANPR

March 2016 Second Half Developments

Posted by Roy Andersen on Apr 6, 2016 12:00:00 PM

Overview

The Fed published a proposed rule that would establish a credit limit for doing business with other large institutions.  In effect, this is a super lending limit for large banks. It applies at a fairly low level of $50 billion in assets. This is a Dodd-Frank requirement and perhaps part of the rush of the Obama administration to put as many rules as possible over the finish line before a potential change of political will.  The former Federal Bank of the Middle East now known as FBME continues its fight against death sentence effect of the US government determining that a bank is of “primary money laundering concern.” The effect of such a determination can be seen in the Credexbank FinCEN notice whereby the bank was put out of business. FBME is fighting against this determination and is at least having an independent party determine whether it is indeed engaged in money laundering activities such that it should be put out of business.

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Topics: OFAC, North Korea, Cuba, European Union, CFTC, ESMA, EMIR

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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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