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Bank BCLP is a financial services industry blog managed by our firm’s banking lawyers. 2022 is the blog’s fourteenth year in publication. Attorneys posting to Bank BCLP explore a wide variety of topics that impact the industry. For the latest updates on bank regulatory changes, litigation impacting the industry, trends to be mindful of, and various other industry updates, presentations and commentary from our attorneys, turn to Bank BCLP.

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1,327 Results
Priorities & Perspectives: U.S. Congressional large bank oversight hearings September 2022
September 28, 2022

Capitol Hill saw the CEOs of the 7 largest US retail banks testify not once but twice last week. First, in the House Financial Services Committee Hearing on September 21, 2022: “Holding MegaBanks Accountable: Oversight of America’s Largest Consumer Facing Banks” (Chair Maxine Waters (D-California)); and then in the Senate Banking, Housing & Urban Affairs Committee Hearing September 22, 2022 "Annual Oversight of the Nation’s Largest Banks" (Chair Sherrod Brown (D-Ohio)).  

In a follow up to his previous insight, BCLP Partner and Global Banking Sector Co-Leader, Douglas Thompson, considers some key takeaways from these two large hearings.

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Banking Bites – September 21 2022
September 21, 2022

Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market.

This edition covers:

  1. UK’s Financial Conduct Authority publishes final rules and guidance on the new Consumer Duty
  2. Regulator’s Dear CEO letters addressing the impact of the Consumer Duty on specific markets
  3. FCA confirms new rules to make authorised financial firms more responsible for their appointed representatives
  4. Legislation designed to improve diversity and inclusiveness in the US banking sector
  5. UK’s Supreme Court grants permission to hear appeal against the time limit for lodging PPI Claims
  6. AML change in control changes for UK-registered crypto-asset firms
  7. New reporting obligations for UK crypto-asset businesses
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New fair banking CRA legislation: House committee on financial services (HR 8833)
September 20, 2022
US House of Representatives Committee on Financial Services Chairwoman, Maxine Waters (D-CA), has introduced new legislation H.R. 8833 “Making Communities Stronger through the Community Reinvestment Act.” The proposed amendment to the Community Reinvestment Act of 1977 (“CRA”) seeks to “improve the assessment process for financial institutions” under the CRA. Douglas Thompson considers the proposed legislation below.
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Banking Bites – August 2 2022
August 2, 2022

Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market.

This edition covers:

  1. FCA publishes guidance on regulated firms offering compromises and tells banks to improve treatment of small to medium sized enterprises
  2. FSB issues statement on cryptoasset supervision and regulation
  3. FCA provides update on ESG strategy
  4. Government announces intended implementation date of Overseas Entity register
  5. Government introduces amendments to money laundering legislation including implementing the ‘travel rule’
  6. Government provides responses to the independent review into SFO failings
  7. Successive amendments to UK sanctions regimes in a short space of time
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Banking Bites - July 13 2022
July 13, 2022

Welcome to Banking Bites! This is our short summary flagging key developments in the UK that we hope will inform your activities in your market. 

This edition covers:

  1. Banks continue to crack down on use of non-firm approved messaging platforms for business communications
  2. New FCA sanctions screening tool and updated approach to online fraud
  3. Importance of being aware of applicable regulatory guidance on financial crime risk
  4. House of Commons Foreign Affairs Committee and Treasury Committee work on the UK Government’s Russia Sanctions regime
  5. FCA Feedback Statement on ESG integration in UK capital markets: Feedback to CP21/18
  6. Time to put the H in ESG – ESHG?
  7. FCA publishes guidance on the scope and application of the business interruption insurance test case
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Banking Bites – June 21 2022
June 21, 2022

This edition of Banking Bites provides updates on:

  1. New High Court case considers nature and scope of the Quincecare duty
  2. More UK firms to provide confirmation of payee services
  3. UK to bring critical third party providers within the financial regulators’ remit
  4. PRA provides insight on operational resilience mapping
  5. EU announces sixth package of Russian sanctions
  6. Changes to UK’s sanctions enforcement powers 
  7. England & Wales’ Law Commission publishes paper on corporate criminal liability reform
  8. Results from UK’s 2021 Climate Biennial Exploratory Scenario
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