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On Tuesday February 6, 2018, U.S. Treasury Secretary Steven Mnuchin, in a speech before the House Financial Services Committee, offered some insights into how the Treasury Department may respond the growing area of marijuana banking. As we reported in a January 5th client alert, the Justice Department rescinded Obama-era policies that provided guidance to federal prosecutors on marijuana enforcement in states where the distribution of marijuana is legal under state law. Those Obama-era policies…
Democrat Phil Murphy has been elected as the next Governor of the State of New Jersey. Murphy comes into the office with a double-digit victory over departing lieutenant governor Kim Guadagno (R), and the backing of a state legislature controlled by Democrats.  Governor-Elect Murphy, who has never served in elected office, promises to take the Garden State in a new direction. Read our full report on our sister site, the Technology Law Dispatch.…
Democrat Phil Murphy has been elected as the next Governor of the State of New Jersey. Murphy comes in to the office with a double-digit victory over departing lieutenant governor Kim Guadagno (R), and the backing of a state legislature controlled by Democrats.  Governor-Elect Murphy, who has never served in elected office, promises to take the Garden State in a new direction. Among the portions of his platform most likely to be of interest to…
On October 12, 2017, Travis Nelson of the Reed Smith’s Financial Services Regulatory Group, organized the annual Office of the Comptroller of the Currency (OCC) Alumni Association reception and dinner in Washington, DC. Travis is the current Secretary-Treasurer and former board President of the Association.  Attended by nearly 100 current and former OCC employees, it was a great opportunity to reconnect with former friends and colleagues and establish new relationships.  The event featured great speeches…
On Wednesday, October 11, 2017, Reed Smith Princeton attorneys Travis Nelson and Kristy Keiser will lead a discussion at the quarterly meeting of the Banking Law Section of the New Jersey State Bar Association. In addition to the meeting’s regularly scheduled agenda items, including planning for future CLE programs, and discussion of recent and pending legislation in the Garden State, the Banking Law Section meetings feature a Hot Topics discussion.  This month’s Hot Topics discussion…
Bob Jaworski will be speaking at the Mortgage Bankers Association of America’s annual Regulatory Compliance Conference in Washington, D.C.. The conference will be held on September 17-19, 2017 at the Grand Hyatt, Washington. Bob will be part of a Monday afternoon panel on “TRID Compliance Issues,” which will look at the major issues faced by compliance officers under the TILA RESPA Integrated Disclosures (TRID) rule, including the recent changes and some of the real problems with…
On May 31, 2017, acting through interagency guidance, the federal bank regulatory agencies (the “Agencies”) highlighted two approaches for addressing a perceived scarcity of licensed residential real estate appraisers. Federal law requires use of a state certified or licensed appraiser for most federally related transactions (“FRTs”).  For example, federal regulations require appraisals to be conducted for, inter alia, all residential transactions with a value of $250,000 or more, see, e.g., 12 C.F.R. § 34.43(a), and state-certified…
On December 2nd, please join Robert Jaworski, a partner in Reed Smith’s Financial Services Regulatory Group who will be speaking at the BankHorizons 2016 conference. Bob’s presentation will discuss: For banks that rely heavily on consumer business, compliance with the ever-increasing volume of regulations coming out of Washington over the last several years has imposed a major burden. That burden has yet to show signs of diminishing, particularly with multiple regulatory initiatives being unveiled by…
State attorneys General (AGs) continue to emerge as major regulators of financial services and show little sign of being cowed by their federal counterparts….or efforts to preempt state authority. This past week, representatives of the consumer protection divisions of the AGs of nearly all 50 states plus officials from the FTC and CFPB met in Phoenix to compare notes and coordinate activity on a range of issues impacting consumers. Among the issues addressed, none was…
On October 3rd, Maria Earley, a former enforcement attorney at the Consumer Financial Protection Bureau (CFPB), joined Reed Smith as a partner in the firm’s global Financial Industry Group (FIG) in Washington, D.C. “Reed Smith is proud to have earned the trust of some of the top banking and financial institutions in the world,” said FIG leader Ed Estrada. “Maria’s experience and reputation as a leading CFPB practitioner will further strengthen our ability to represent consumer financial…