Norman Roos

Photo of Norman Roos

Norman Roos, a member of Robinson+Cole's Business Transactions Group, concentrates his practice on transactional, regulatory, and technology matters relating to the financial services and real estate industries. He is also a member of the firm's Financial Services Cyber-Compliance Team and advises financial institutions concerning data privacy and security matters, particularly in relation to policy planning and implementation.

Mr. Roos is counsel to the Connecticut Mortgage Bankers Association, Inc., and is president-elect of the American College of Mortgage Attorneys where he has served on the Board of Regents and as Connecticut State Chair. A member of the Connecticut Bar Association, Mr. Roos is Past Chair of the Financial Institutions Law Section. He has served on a number of Connecticut Law Revision Study Committees including those on Uniform Common Interest Ownership Act, Electronic Communications, Mortgagor Liability, and Electronic Recording of Land Records. Read his full bio here.

Latest Articles

The Financial Crimes Enforcement Network (FinCEN) is the U.S. Treasury Department bureau charged with monitoring financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes. Under FinCEN’s Bank Secrecy Act/Anti-Money Laundering regulations, money transmitters and other money service businesses are required to develop anti-money laundering/countering the financing of terrorism (AML/CFT) policies, including know your customer and suspicious activity reporting (SAR) procedures. The advent of blockchain and the ensuing…
The Financial Stability Board issued its Crypto-assets regulators directory on April 5, 2019, in anticipation of this week’s upcoming G20 Meeting. The directory contains a listing of the regulatory and standard-setting bodies in each FSB jurisdiction having responsibility for the supervision of crypto-assets and the enforcement of relevant legal and regulatory requirements. The directory will be provided to the G20 Finance Ministers and Central Bank Governors on April 11. The purpose of the directory is to…
Industrial Loan Companies (ILCs) are a different kind of financial institution. The ILC is a state-chartered FDIC-insured depository financial institution with certain advantages common to banks but without all of the corresponding regulatory overlay. This is one reason why aspiring fintech companies may consider foregoing the pursuit of a federal OCC “fintech” charter in favor of a state ILC charter. This prospect has gained traction recently amid growing uncertainty about the future of the Office…
The Commodity Futures Trading Commission’s LabCFTC recently released “A CFTC Primer on Smart Contracts” as part of LabCFTC’s effort to engage with innovators and market participants on a range of financial technology (FinTech) topics. The Primer offers a clear and concise explanation of “smart contracts” and their potential impact on the CFTC’s mission to foster open, transparent, competitive, and financially sound futures and derivatives markets.…
On November 12, the Financial Stability Board (FSB) published a Cyber Lexicon, designed to help financial institutions around the globe address “financial sector cyber resilience.” The Cyber Lexicon sets forth definitions for 54 “core terms related to cybersecurity and cyber resilience in the financial sector.” “Cyber Resilience,” one of the 54 definitions, is defined as “The ability of an organization to continue to carry out its mission by anticipating and adapting to cyber threats…
In its July 2018 report on “A Financial System that Creates Economic Opportunities,” the U.S. Treasury Department outlined its proposals to identify improvements to the regulatory landscape to “better support nonbank financial institutions, embrace financial technology, and foster innovation.” The Treasury Report contains over 80 specific recommendations for “Embracing Digitization, Data and Technology,” “Aligning the Regulatory Framework to Promote Innovation,” “Updating Activity-Specific Regulations” and “Enabling the Policy Environment.” Under the heading of “Enabling…
In an effort to promote the development of new financial technology (fintech) products, Mick Mulvaney, Acting Director of the Consumer Financial Protection Bureau (CFPB), announced last week the creation of the Office of Innovation. Mulvaney said the new division, to be run by Paul Watkins under the umbrella of the CFPB, is designed to foster an “environment where companies can advance new products and services without being unduly restricted by red tape that belongs in…
On June 27, 2018, the State of Connecticut Treasurer’s Office announced that about $1.4 million had been stolen from Connecticut Higher Education Trust (CHET) college-savings accounts. This theft resulted from data security breaches that occurred in early June, 2018. Connecticut State Treasurer Denise L. Nappier confirmed that TIAA-CREF Tuition Financing Inc. (TIAA-CREF), the CHET Direct program manager, disclosed that 44 unauthorized withdrawals, totaling $1,416,635, had been made from 21 CHET accounts. State and federal agencies…
While many traditional financial institutions hesitate to embrace cryptocurrencies such as bitcoin, a recent news report suggests that Fidelity Investments, the fourth largest U.S. asset manager, is looking to enter the fray. Business Insider reported last week that Fidelity has posted internal job listings for systems engineers “to help engineer, create, and deploy a digital asset exchange to both a public and private cloud.” Another job listing looked for experience related to “first-in-class custodian services…
President Trump recently signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, which is already making waves in the financial sector for its repeal of certain Dodd-Frank provisions that were passed in the wake of the 2008 financial crisis. Banks and other financial institutions should take note, however, that the Act also contains provisions designed to facilitate the modernization of  certain banking practices. As one example, the new law includes the Making…