Balance REV to Fund $1B Class Action Against IAG
IMF Bentham Reaches Settlement with UGL
Financial Services and Markets Act 2000 (Benchmarks)(Amendment) Regulations 2019
On 13 September 2019, the Financial Services and Markets Act 2000 (Benchmarks)(Amendment) Regulations 2019 (Regulations) were made and published on legislation.gov.uk, together with an explanatory memorandum. The Regulations make various amendments to the Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (2018 Regulations) which relate to the UK implementation of the European Benchmarks Regulation (BMR).
The Regulations amend the definition of a “miscellaneous benchmarks person” in regulation 5(2)(e) of the 2018 Regulations to…
PRA waiver by consent of continuity of access rules
On 13 September 2019, the PRA published a waiver by consent of the Continuity of Access (CoA) rules in the Depositor Protection Part of the PRA Rulebook (DPP). The PRA introduced rues in the DPP requiring firms to put in place systems to ensure eligible depositors have continued access to Financial Services Compensation Scheme (FSCS) covered deposits in resolution or insolvency by facilitating a transfer of such deposits. The unmodified rules required all firms subject…
Commission FAQs on PSD2 and SCA
On 13 September 2019, the European Commission (Commission) published a set of FAQs on the revised Payment Services Directive (PSD2). The FAQs provide an overview of PSD2 and how it benefits consumers. They also detail the requirements of Strong Customer Authentication (SCA), which came into force on 14 September 2019, and set out the exemptions for certain accounts. The FAQs also cover the effect that PSD2 will have on the payments markets.…
Financial Services Report – Fall 2019
We start this issue with a feeling of déjà vu all over again. Decisions made during the mortgage crisis are back in the news with a powerhouse legal ruling and the Treasury’s initial thinking on how to turn back time. First, the Fifth Circuit issued an en banc decision finding the Federal Housing Finance Agency single-director structure is unconstitutional and that GSE investors may pursue their claim that FHFA exceeded its authority by directing the…
Annual Levy Abolition discussed in parliament
11th Circ.: Florida Public Policy Precludes Coverage for Voluntary Settlement of Criminal Charges
D&O insurance typically defines the term “Claim” to include criminal charges after indictment. However, the coverage available under the policy for criminal proceedings is excluded in the event of a final adjudication determining that precluded misconduct actually took place. But what happens to the coverage if there is no final adjudication but rather the criminal charges are resolved through a negotiation that results in a monetary payment by the criminal defendants? In a recent decision,…
$1.15M Compass Bank TCPA Class Settlement Approved
Mayer Brown Lawyers Featured at MBA Regulatory Compliance Conference
Several of Mayer Brown’s Consumer Financial Services partners will be featured at the upcoming Regulatory Compliance Conference in Washington DC, sponsored by the Mortgage Bankers Association.
On Sunday, September 22, Tori Shinohara will address Fair Lending and Equal Opportunity Laws.
On Monday, September 23, Phil Schulman will address marketing and advertising activities in compliance with the Real Estate Settlement Procedures Act (RESPA).
In addition, on Monday, Krista Cooley will discuss FHA Rules and Regulations.
On Tuesday, Keisha …