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

FDIC and Federal Reserve Board Request Comment on CAMELS Ratings

By Luigi L. De Ghenghi, Randall D. Guynn, Gabriel D. Rosenberg & Margaret E. Tahyar

October 21, 2019

The FDIC and the Federal Reserve Board have solicited public comment on the use of the Uniform Financial Institutions Rating System, more commonly known as CAMELS ratings. The release asks 10 questions, which focus on the ways in which the agencies use the CAMELS system, their consistency in doing so, and the implication of CAMELS ratings on expansion plans and enforcement actions. The release specifically states that it is not a proposal to modify the…

FinReg

“Off the Rack”: Federal Reserve Finalizes Tailoring Rules with Few Changes

By John Banes, Luigi L. De Ghenghi, Randall D. Guynn, Jai R. Massari, Margaret E. Tahyar, Daniel E. Newman, Christopher M. Paridon, Karen Pelzer, Ryan Johansen & Greg Swanson

October 11, 2019

The Federal Reserve has finalized its rules to further tailor the regulatory framework for enhanced prudential standards and the U.S. Basel III capital and liquidity requirements applicable to domestic banking organizations and foreign banking organizations (Final Tailoring Rules). Compared to the proposed rules that the U.S. banking agencies issued in October 2018 (for domestic firms) and in April 2019 (for foreign firms), the Final Tailoring Rules make very few changes. We will publish visual memoranda…

FinReg

Cannabis Legalization? — Updated Briefing on the SAFE Banking Act, the STATES Act and the MORE Act

By Margaret E. Tahyar & Jeanine P. McGuinness

September 24, 2019

Congress now has three different cannabis bills and three different approaches before it. One approach, taken by the Secure and Fair Enforcement Banking Act (the SAFE Banking Act), is to focus specifically on the difficulties faced by the banking, insurance and payments sectors. Another approach, taken by the Strengthening the Tenth Amendment Through Entrusting States Act (the STATES Act), defers to state law, mandating that cannabis-related activities that are legal under state law should also…

FinReg

Better Late Than Never: SEC Proposes Guide 3 Update

By John Banes, Luigi L. De Ghenghi, Randall D. Guynn, Nicholas A. Kronfeld, Margaret E. Tahyar, Shane Tintle, Daniel E. Newman & Elizabeth S. Weinstein

September 23, 2019

In a long-awaited milestone, the SEC has proposed an update of Guide 3, the industry guide for banking organizations. The proposal eliminates a number of the current requirements under Guide 3 and streamlines many of those that remain. The three “new” credit quality ratios in the proposal are, in practice, already included in most registrants’ disclosures, and thus are not significant new requirements. Our memorandum includes a table comparing the disclosures under Guide 3 with…

FinReg

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

By Margaret E. Tahyar, Randall D. Guynn & Eric McLaughlin

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, Randall D. Guynn, Jai R. Massari, Margaret E. Tahyar, Adam B. Fovent, Ryan Johansen & Carol Rodrigues

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 & Jeanine P. McGuinness

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 Randall D. Guynn, Margaret E. Tahyar & Jai R. Massari

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

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 Randall D. Guynn, Neil H. MacBride, Paul J. Nathanson, Margaret E. Tahyar, Ryan Johansen, Joseph Kniaz, Eric B. Lewin & Caroline Stern

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…

Margaret E. Tahyar

FDIC and Federal Reserve Board Request Comment on CAMELS Ratings

“Off the Rack”: Federal Reserve Finalizes Tailoring Rules with Few Changes

Cannabis Legalization? — Updated Briefing on the SAFE Banking Act, the STATES Act and the MORE Act

Better Late Than Never: SEC Proposes Guide 3 Update

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?

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