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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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1,318 Results
Banking Bites – May 17 2022
May 17, 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 antitrust regulator writes to leading retail bank regarding breaches of the Retail Banking Order
  2. EU’s sixth package of sanctions – what’s the delay?
  3. New sanctions prohibitions on digital media and professional services providers
  4. UK regulator notes inadequacy of financial crime risk controls of challenger banks
  5. Emerging financial crime risks
  6. UK Boardrooms must do more to eradicate modern slavery
  7. Warning to retail bank over gender diversity
  8. Horizon scanning: anticipated financial sector legislation following the reopening of UK’s Parliament
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Banking Bites – April 27 2022
April 27, 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. The UK Financial Regulator’s new three-year strategy
  2. The UK Government’s outline of its plans for regulating stablecoins
  3. FCA review of London Metal Exchange's control systems after suspension of nickel market
  4. The SFO’s questioning by a group of Parliamentarians
  5. What you can do in response to the ‘nationalisation’ of assets located in Russia by the Russian Federation
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Banking Bites – April 19 2022
April 19, 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. Documents produced for UK employment court proceedings could be disclosed
  2. UK Government changes the list of high risk third countries
  3. UK regulators focussed on cryptoasset exposure
  4. UK Government to introduce second Economic Crime Bill
  5. Further Russian individuals and industries have become the target of UK and US sanctions
  6. Lessons Learned: US and UK authorities interested in the use of non-firm approved messaging platforms for business communications

If you have any questions or feedback, please get in touch.

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CFPB Redefines Discrimination in Financial Services with Updates to UDAAP Examination Manual
April 18, 2022

The Consumer Financial Protection Bureau (CFPB) materially altered the consumer protection landscape in the financial services industry through a series of revisions to its examination manual for unfair, deceptive and abusive acts and practices (UDAAPs) under the Dodd-Frank Act (Dodd-Frank). With deft drafting, the CFPB expanded the scope of its enforcement and supervisory authority by revising the definition of an “unfair” act or practice to include discrimination in any financial transaction involving consumer products or services. This expanded authority will enable the CFPB to reach discriminatory acts or practices well beyond the reach of traditional fair lending laws such as the Equal Credit Opportunity Act (ECOA), which is limited to the extension of credit. We summarize the CFPB’s new guidance, outline the revised examination procedures, and offer suggestions for implementation.

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CFPB Director Chopra’s Emerging Vision – Supervision Focus & Potential Rule Makings
March 7, 2022

Last month CFPB Director Rohit Chopra sat down with The Washington Post’s economist columnist Heather Long in an unusual but enlightening conversation published by the Washington Post Live. In this article, we highlight what in our view is likely coming next for the Bureau, both based on what the Director said and what was left unsaid or to the future.

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Cybersecurity Regulatory Changes Under Consideration by the SEC
February 3, 2022

BCLP attorney, Lori Van Auken, recently discussed a significant expansion of rules relating to cybersecurity risks—particularly for the financial sector. In public remarks last week, SEC Chair Gary Gensler previewed a number of areas in which the SEC is looking to “broaden and deepen” its oversight of cybersecurity practices and risks. Read about Cybersecurity changes here

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