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A Road Map to Better Financial Services Regulation

By David F. Snyder, Vice President and Associate General Counsel, Public Policy, American Insurance Association In the Paris headquarters of the Organization for Economic Co-operation and Development (OECD), there is a photograph of President Eisenhower, President DeGaulle, Prime Minister MacMillan...

The FCPA, Financial Institutions and a Rude Awakening

As reported in today's FCPA Blog , the Wall Street Journal (WSJ) reported that the Securities and Exchange Commission (SEC) is investigating "whether bank and private equity firms violated the [FCPA] in their dealings with sovereign wealth funds." The WSJ article noted that banks...

Sovereign Wealth Funds, Bribery, Corruption, Hospitality and the FCPA

The FCPA seems to be most closely associated with shady oil operations, mining, defense contractors and infrastructure transactions. The image is a big company coming in and bribing an official for access to the country's resources. The other side to that investment is that the countries build...

Complex Financial Institutions and Systemic Risk

Spring, 2011 45 Ga. L. Rev. 779 Author: Manuel A. Utset* Excerpt I. Introduction Modern financial institutions are large, complex, highly interconnected, and-compared to nonfinancial firms-fragile. Some have become "too-big-to-fail," given the spillover effect their failure would...

Cadwalader Clients & Friends Memo: Joint Agencies’ Proposed Rules Governing Incentive-Based Compensation at Covered Financial Institutions

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Act") requires seven Federal agencies (the "Agencies") to jointly prescribe regulations or guidelines with respect to incentive-based compensation practices at covered financial institutions. On April 14, 2011, the...

Derrick D. Cephas Joins Weil To Lead Financial Institutions Regulatory Group

NEW YORK - International law firm Weil, Gotshal & Manges has announced that Derrick D. Cephas has joined the New York office to lead the Financial Institutions Regulatory practice group. Cephas joins Weil from Amalgamated Bank, where he served as president and chief executive officer. Before joining...

Judge Approves $410 Million Settlement In Checking Account Overdraft MDL

MIAMI - (Mealey's) A federal judge in Florida who is overseeing a multidistrict litigation against a number of financial institutions for allegedly engaging in an illegal scheme to resequence checking account transactions in an effort to maximize returns on overdraft fees granted final approval of...

Ballard Spahr LLP: Windows XP Phaseout Raises Data Security Concerns For Financial Institutions

By Mercedes Kelley Tunstall, John D. Socknat and Lauren McDermott Microsoft has announced that beginning April 8, 2014, its Windows XP operating system will no longer be updated with security patches. This announcement has critical data security implications for financial institutions whose electronic...

Should Bank Directors’ Fiduciary Duties Be Expanded?

A recurring question is whether bank directors should be held to a more stringent fiduciary duty than are the directors of other kinds of companies. The question has been raised in the current wave of failed bank litigation, as the FDIC has tried to argue, for example, that bank directors are not entitled...

This is Real Law: Looking Ahead: Regulatory Risks for Financial Institutions in 2015

Sometimes the surprise is that there are no other surprises. That realization might be dawning now on many financial institutions across the country, and their legal counsel, as 2014 draws to a close and the outlook for 2015 appears to be remarkably predictable. Sure, pressures are mounting on those...

Money Laundering Allegations and Follow-On Securities Litigation

In the wake of the 9/11 terrorist attacks, Congress enacted or expanded a number of laws regarding the global financial system in order to combat money laundering and promote national security. As I have noted in prior post (most recently here ), regulatory enforcement activity under these laws represents...