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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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1,329 Results
Banking Bites – November 10 2022
November 10, 2022

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

This edition covers:

  1. Future regulatory framework for cryptoasset activities
  2. NY DFS Fines Bank for third party loan pricing discretion, disparate impact
  3. New UK rules proposed to tackle greenwashing
  4. Regulator scrutinises the competition impacts of Big Tech in retail financial services sectors 
  5. Revised Wolfsberg Financial Crime Principles for correspondent banking
  6. UK Parliamentary Committee calls for new failure to prevent fraud offence
  7. Further changes to sanctions landscape
  8. UK’s Commercial Court hands down judgments in COVID-19 business interruption cases
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Banking Bites – October 21 2022
October 21, 2022

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

This edition covers:

  1. US FDIC Chair focuses on risk based mitigation to climate risks
  2. UK financial services regulator updates its rulebook
  3. Will UK mandate reimbursements for APP scams?
  4. Amended guidance to reflect UK’s 2022 Money Laundering Regulations
  5. UK’s Economic Crime Bill 2.0 enters legislative process
  6. The EU releases its eighth package of sanctions against Russia
  7. UK plans further response to Russian activities
  8. Bank of England to change stress testing to the UK banking system
  9. FCA outlines observations regarding transaction reporting and instrument reference data regimes
  10. New York Supreme Court issues decision that newly enacted provision of CPLR 5004 does not apply to foreclosure judgments
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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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