On May 20th the U.S. Commodities Futures Trading Commission (the “CFTC”) Division of Enforcement (the “Division”) announced new guidance for Division staff to consider when recommending civil monetary penalties in an enforcement action (the “CMP Guidance” or the “Guidance”). As
Cov Financial Services
Developments in the Financial Services Industry
Cov Financial Services, published by Covington & Burling LLP, focuses on legal issues at the intersection of financial services and regulatory policy. The blog covers topics such as true lender litigation, fintech partnerships, cryptocurrency theft and related class actions, cybersecurity risks in financial services, and regulatory developments including climate-related financial risk management for large financial institutions. It addresses challenges faced by banks, fintech companies, and other financial entities in navigating complex compliance, enforcement, and litigation matters. The content reflects ongoing trends in financial regulation, consumer protection, and emerging risks in digital assets and lending practices.
Latest from Cov Financial Services - Page 7
OCC Issues Final Rule Clarifying Permissible Interest on Loans Sold to Third Parties by National Banks and Federal Savings Associations
On May 29, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued a final rule to clarify that the interest on a loan originated by a national bank (or a Federal savings association), if permissible when the…
SEC Orders Equity Exchanges and FINRA to Submit New Single National Market System Plan for Equity Market Data
On May 6, the Securities and Exchange Commission (“SEC”) issued an order (“Order”) directing the registered equity exchanges and the Financial Industry Regulatory Authority (“FINRA”) (together, the “Self-Regulatory Organizations” or “SROs”) to submit to the SEC a new National Market…
CFTC Extends Certain Comment Periods for Pending Proposed Rules in Response to Covid-19
On April 10, 2020 the Commodity Futures Trading Commission ( the “CFTC” or the “Commission”) extended certain currently-open comment periods for several pending proposed rules in light of the COVID-19 pandemic. The Commission completed voting to adopt the relatively short…
CFTC Announces Fourth Wave of No-Action Relief in Response to COVID-19
On March 31, 2020, the Commodity Futures Trading Commission’s (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) announced the release of a targeted, temporary no-action letter aimed at foreign affiliates of futures commission merchants (FCMs). This relief is meant…
Basel Committee on Banking Supervision Releases Report on Open Banking
On November 19, the Basel Committee on Banking Supervision (the “BCBS”) released a report on open banking and application programming interfaces (“APIs”), focusing specifically on aspects of open banking related to customer-permissioned data sharing, including sharing between a customer’s bank…
Leaders of the SEC, CFTC, and FinCEN Issue Joint Statement Emphasizing AML Obligations for Digital Asset Activities
By Jean Veta & Nikhil Gore
On Friday, the leaders of the Securities and Exchange Commission (“SEC”), Commodity Futures Trading Commission (“CFTC”), and Financial Crimes Enforcement Network (“FinCEN”) (collectively, the “Agencies”) issued a “Joint Statement on Activities Involving Digital Assets” (the “Joint Statement”). The Joint Statement…
CFTC Settles Wheat Manipulation Case against Kraft and Mondelēz
On August 14, 2019, the U.S. District Court for the Northern District of Illinois entered a consent order (the “Consent Order”)—agreed to by the U.S. Commodity Futures Trading Commission (the “CFTC”), Kraft Foods Group Inc. (“Kraft”) and Mondelēz Global LLC…
Federal Banking Agencies and FinCEN Release Statement on Risk-Focused BSA/AML Supervision
On July 22, 2019, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (collectively, the “federal banking agencies”), and the U.S. Department…
SEC Issues Guidance on Changes to Stock Exchange Fees for Market Data and Connections
On May 21, 2019, the U.S. Securities and Exchange Commission (the “SEC”) issued guidance to national securities exchanges and the Financial Industry Regulatory Authority (“FINRA”) (referred to as “SROs”) clarifying the SEC’s expectations with respect to their market data fees.…