Margaret E. Tahyar

Ms. Tahyar is a partner in Davis Polk’s Financial Institutions Group. [Full Bio]

Firm/Organization: Davis Polk & Wardwell LLP

Blogs: Briefing: Governance, Cyber Blog, FinReg

Latest Articles

Davis Polk Comments on Federal Reserve’s Proposed Rule on Confidential Supervisory Information

By Margaret E. Tahyar & Eric McLaughlin on August 19, 2019

Navigating the outdated rules on confidential supervisory information has become increasingly difficult in the digital world because the rules have their origin in the paper-based world of 1967, when they were first enacted. In the meantime, the amount and type of information made available by the banking agencies to banking organizations, and vice versa, has increased by several orders of magnitude. We estimate that banking organizations send the Federal Reserve, just one of the banking…

FinReg

Davis Polk Client Memorandum: Federal Reserve Announces Plan to Build Its Own Real-Time Gross Settlement System for Retail Payments

By Luigi L. De Ghenghi, Jai R. Massari, Margaret E. Tahyar, Adam B. Fovent, Ryan Johansen & Carol Rodrigues on August 9, 2019

The Federal Reserve has announced that it plans to build its own 24x7x365 real-time gross settlement (RTGS) system for retail payments, called the FedNow Service. In a 4-1 decision, with Vice Chairman for Supervision Quarles dissenting, the Federal Reserve stated that the FedNow Service would allow consumers and businesses to settle retail payments in real time through the U.S. commercial banking system at any time of the day or night, 365 days a year. The…

FinReg

Davis Polk Client Memorandum: Banking and Cannabis — Updated Briefing on the SAFE Banking Act and STATES Act

By Margaret E. Tahyar on July 22, 2019

For those following Congressional efforts to solve the challenges of banking the cannabis sector, we have updated our briefing on the two pending bills in light of the Senate Banking Committee hearing on Tuesday July 23 on “Challenges for Cannabis and Banking: Outside Perspectives.” We cover both of the two primary bills: the Secure and Fair Enforcement Banking Act (the SAFE Banking Act) and the Strengthening the Tenth Amendment Through Entrusting States Act (the STATES…

FinReg

Davis Polk Client Memorandum: Agencies Extend Volcker Rule Relief for Qualifying Foreign Excluded Funds

By Margaret E. Tahyar & Jai R. Massari on July 19, 2019

As widely expected, the Volcker Agencies extended relief from the Volcker Rule that was first granted to eligible foreign funds in 2017. The agencies’ action provides that the proprietary trading and covered fund prohibitions of the Volcker Rule do not apply: (1) to a foreign banking entity for activities or investments of a qualifying foreign excluded fund that is controlled by that foreign banking entity or (2) to that qualifying foreign excluded fund. Our client …

FinReg

CECL Delayed for Small and Private Companies, But 2020 Implementation is Likely Here to Stay

By John Banes, Margaret E. Tahyar, Shane Tintle & Tyler Senackerib on July 19, 2019

The Financial Standards Accounting Board (FASB) voted on Wednesday to propose delaying the implementation date of the Current Expected Credit Losses accounting standard (CECL) until 2023, for all companies other than larger SEC filers. The proposal would reduce the number of implementation dates from three to two. Under the proposal, companies that must file or furnish financial statements with the SEC and which, in the most common fact pattern, have a market capitalization of more…

FinReg

Kisor v. Wilkie: Auer Deference Lives On, But In What Form?

By Neil H. MacBride, Paul J. Nathanson, Margaret E. Tahyar, Ryan Johansen, Joseph Kniaz, Eric B. Lewin & Caroline Stern on June 27, 2019

The Supreme Court in Kisor v. Wilkie has declined to overrule Auer v. Robbins and Bowles v. Seminole Rock & Sand Co., instead narrowing deference to a federal agency’s interpretation of its own ambiguous regulations by putting in place new guideposts around its use. What this means for Auer remains to be seen: the concurrence remarked that the Auer “doctrine emerges maimed and enfeebled—in truth, zombified” and the Kisor decision “is more a stay of…

FinReg

Additional Clarity Could be Coming on the CFPB’s “Abusive” Acts or Practices Authority—But Don’t Hold Your Breath

By Jon Leibowitz, Joseph Kniaz & Margaret E. Tahyar on June 27, 2019

The main lesson from the CFPB symposium on “abusive acts or practices” is that there won’t be any clarity anytime soon. In response to long-lasting concerns from the financial services industry that the indefinite scope and meaning of what amounts to an “abusive” act or practice generates uncertainty and impedes innovation, the agency publicly announced in its Fall 2018 Unified Agenda that it was considering rulemaking or “other activities” to help clarify the meaning of…

FinReg

SCOTUS Expands Scope of FOIA Trade Secrets and Commercial Information Exemption

By Michael Flynn, Michael Kaplan, Neil H. MacBride, Paul J. Nathanson, Annette L. Nazareth, Margaret E. Tahyar & Eric B. Lewin on June 26, 2019

The Supreme Court has updated an important Freedom of Information Act (“FOIA”) exemption for the digital age. In Food Marketing Institute v. Argus Leader Media, the Supreme Court this week significantly expanded the scope of FOIA Exemption 4, which shields from disclosure “trade secrets and commercial or financial information obtained from a person and privileged or confidential.” Our client memorandum discusses the case and its implications in additional detail. View as a PDF…

FinReg

A Tale of Two Guidances—New Principal Deputy Associate Attorney General Claire McCusker Murray Speaks on DOJ Efforts to Rein in Subregulatory Guidance

By Margaret E. Tahyar & Eric B. Lewin on May 23, 2019

There are two kinds of guidances, according to recently appointed Principal Deputy Associate Attorney General Claire McCusker Murray, which should be treated quite differently.[1] Her explanation is worth quoting at length: The key is to distinguish between two categories of guidance, the part that mirrors what the law requires and everything else. The rest might include, for example, language suggesting obligations that go beyond what the law requires, language that represents the agency’s…

FinReg

Bipartisan Support for Cannabis Banking Safe Harbor Reaches New High with Letter from Attorneys General

By Margaret E. Tahyar on May 9, 2019

A bipartisan group of 38 state and territorial attorneys general has signed an open letter to Congress calling for legislative change for banking and financial institutions wishing to provide services to cannabis businesses. The letter describes the severe financial restrictions faced by cannabis businesses that operate legally under state law but which cannot access the financial system because of federal illegality. It is the clearest, most bipartisan support for federal cannabis banking relief yet. The…

Margaret E. Tahyar

Davis Polk Comments on Federal Reserve’s Proposed Rule on Confidential Supervisory Information

Davis Polk Client Memorandum: Federal Reserve Announces Plan to Build Its Own Real-Time Gross Settlement System for Retail Payments

Davis Polk Client Memorandum: Banking and Cannabis — Updated Briefing on the SAFE Banking Act and STATES Act

Davis Polk Client Memorandum: Agencies Extend Volcker Rule Relief for Qualifying Foreign Excluded Funds

CECL Delayed for Small and Private Companies, But 2020 Implementation is Likely Here to Stay

Kisor v. Wilkie: Auer Deference Lives On, But In What Form?

Additional Clarity Could be Coming on the CFPB’s “Abusive” Acts or Practices Authority—But Don’t Hold Your Breath

SCOTUS Expands Scope of FOIA Trade Secrets and Commercial Information Exemption

A Tale of Two Guidances—New Principal Deputy Associate Attorney General Claire McCusker Murray Speaks on DOJ Efforts to Rein in Subregulatory Guidance

Bipartisan Support for Cannabis Banking Safe Harbor Reaches New High with Letter from Attorneys General

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