ArticleRating Agency DevelopmentsOn August 8, Fitch updated its global master criteria for rating covered bonds. United StatesFinance and BankingOrrick
ArticleAgencies Extend Comment Period For Advance Notice Of Proposed Rulemaking On Enhanced Cyber Risk Management StandardsCyber standards are being contemplated in five areas: "cyber risk governance; cyber risk management; internal dependency management; external dependency management; and incident response, cyber resilience, and situational awareness." United StatesFinance and BankingOrrick
ArticleBanking Agencies Permit "Reduced Content" Living Wills For Smaller FBOsTo file reduced content plans for the next three years, the firms must maintain less than $50 billion in U.S. assets and not experience any material events.United StatesFinance and BankingOrrick
ArticleBankruptcy Court Enforces "No Action" Clause And Rules That Bondholders Lack Standing In Chapter 11 CaseOn August 28, Judge Burton R. Lifland of the Bankruptcy Court for the Southern District of New York held that an ad hoc group of bondholders did not have standing to object American Roads LCC’s plan.United StatesFinance and BankingOrrick
ArticleCFPB Considers Stronger Consumer Protections For Payday Loans And Similar DebtOn March 26, the CFPB announced that it is considering stronger consumer protections relating to payday loans, vehicle title loans, deposit advance products, and certain high-cost installment loans...United StatesFinance and BankingOrrick
ArticleCFPB Issues Proposal To Facilitate Access To Credit In Rural And Underserved AreasOn January 29, the Consumer Financial Protection Bureau (CFPB) proposed several changes to its mortgage rules to facilitate lending in rural and underserved areas.United StatesFinance and BankingOrrick
ArticleCFPB Report Finds Distressed Private Student Loan Borrowers Driven Into DefaultOn October 16, the CFPB released a report highlighting complaints by struggling private student loan borrowers who describe being driven into default.United StatesFinance and BankingOrrick
ArticleCFPB Report On Mortgage ServicingOn January 30, the CFPB issued a report highlighting mortgage servicing problems in 2013, including various violations of the Dodd-Frank Act’s ban on unfair, abusive and deceptive acts.United StatesFinance and BankingOrrick
ArticleCFPB Report On Mortgage Servicing ProblemsOn August 21, the CFPB issued a report which details mortgage servicing problems at banks and nonbanks, which include: (i) "sloppy" account transfers; (ii) poor payment processing; and (iii) loss mitigation mistakes. CFPB Release. CFPB Report.United StatesFinance and BankingOrrick
ArticleCFTC Issues Its First Ever Order Of Exemption From Registration As A Derivatives Clearing OrganizationOn August 18, CFTC issued an order of exemption from registration as a derivative clearing organization (DCO) to ASX Clear (Futures) Pty Limited (ASX).United StatesFinance and BankingOrrick
ArticleCFTC Issues Time-Limited No-Action Letter On Transaction-Level Requirements In Certain Cross-Border SituationsOn November 26, the CFTC issued a time-limited no-action letter that provides relief to swap dealers registered with the CFTC that are established under the laws of jurisdictions other than the United States from certain transaction-level requirements under the Commodity Exchange ActUnited StatesFinance and BankingOrrick
ArticleEBA Publishes Amended Standards On Supervisory Reporting For InstitutionsThe European Banking Authority ("EBA") has published its final draft Implementing Technical Standards ("ITS") amending the Commission's Implementing Regulation (EU) No. 680/2014 on supervisory reporting.United StatesFinance and BankingOrrick
ArticleESMA Publishes Technical Advice On MiFID IIESMA published final technical advice on December 19 to the European Commission, and a consultation paper on the MiFID II Directive and the Markets in Financial Instruments Regulation.United StatesFinance and BankingOrrick
ArticleEU Institutions In Public Disagreement Over The Legality Of The Financial Transaction TaxLawyers for the European Commission and EU member states are in public disagreement over the legality of the FTT. United StatesFinance and BankingOrrick
ArticleEuropean Parliament And ECB Inter-Institutional Agreement On SSM In ForceOn November 7, the European Central Bank updated its webpage on building a banking union to reflect the coming into force of the inter-institutional agreement. United StatesFinance and BankingOrrick
ArticleFCA Has Published A Consultation Paper On Regulatory Fees And Levies For 2015/16On November 27, the Financial Conduct Authority (FCA) published for comment a consultation paper on its fees and levies as part of their annual cycle of fees consultation. United StatesFinance and BankingOrrick
ArticleFederal Reserve Announces Plan To Develop A New Round-The-Clock Real-Time Payment And Settlement Service To Support Faster PaymentsThe Federal Reserve believes faster payment services, which enable the near-instantaneous transfer of funds day and night,United StatesFinance and BankingOrrick
ArticleFederal Reserve Board Announces Finalized Rule Adjusting The Board's Maximum Civil Money PenaltiesOn January 18, 2017, the Federal Reserve Board announced that it was adjusting its maximum civil money penalty limits, pursuant to federal law, to accommodate for inflation. United StatesFinance and BankingOrrick
ArticleFederal Reserve Board Approves Final Rule Specifying Procedures For Emergency LendingOn November 30, the Federal Reserve Board approved a final rule specifying its procedures for emergency lending under Section 13(3) of the Federal Reserve Act. United StatesFinance and BankingOrrick