Global Financial Markets: Recent Episodes
Mayer Brown
The Global Financial Markets podcast helps clients deal with the legal and business challenges resulting from the ongoing turbulence in worldwide financial markets. By mobilizing our global resources from multiple practices and offices, the podcast provides clients with knowledgeable and timely counsel on a broad spectrum of their legal needs.
Last month, the FDIC proposed rules related to FDIC pass-through insurance coverage. These rules could have a significant impact on bank-fintech partnerships, including some partnerships for programs that do not promise FDIC coverage to end customers. This webinar will analyze the proposed rules, and identify ways we think it could impact these partnerships (including some that may not be obvious). We’ll also weigh in on how industry leaders can shape the rule during the public comment period.
On July 30, 2024, the FDIC proposed revisions to the restrictions on brokered deposits. The revisions would undo many of the key elements of the 2020 revisions, and would dramatically expand the number of deposit brokers and the amount of deposits that are brokered. Please join Mayer Brown partners Jeffrey Taft and Matt Bisanz to understand what this rollback will mean for banks and deposit intermediaries.
Members of Mayer Brown’s Financial Services team summarize the main takeaways of the CFPB’s proposal to amend the Regulation X mortgage servicing rules. We focus on the proposal to amend the requirements for mortgage servicers to assist borrowers in default who seek payment assistance, the proposed amendments to foreclosure safeguards during that process, and the CFPB’s proposal regarding providing certain communications in languages other than English.
On July 8, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued interpretive guidance that requires certain legal entities that have been dissolved or otherwise ceased to exist to file beneficial ownership information reports under the Corporate Transparency Act. Please join Mayer Brown partners Adam Kanter and Matt Bisanz to understand what that means and how it may impact your organization.
On March 5, the Consumer Financial Protection Bureau issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge to a mere $8—representing approximately a 75% reduction from current levels. Within two days, the Final Rule faced a challenge in the Northern District of Texas by a coalition of trade groups including the United States Chamber of Commerce, the American Bankers Association, and the Consumer Bankers Association. The challenge seeks to invalidate the Final Rule on several constitutional, procedural, and substantive bases, as well as a temporary stay of the rule’s enforcement while the suit is litigated. Please join Mayer Brown attorneys Eric Mitzenmacher, Jan Stewart, and Joy Tsai as they discuss the rulemaking, the challenges it faces in litigation, and implications for card issuers and secondary market participants.
The CFPB has launched an aggressive campaign against so-called “junk fees.” This year the CFPB has released proposed rules targeting overdraft and non-sufficient funds fees and a final rule targeting credit card late fees. Along the same lines, two of the three latest editions of the Bureau’s Supervisory Highlights were marketed as special editions focused on junk fees. In this episode of our Global Financial Markets Podcast, Frank Doorley and Christa Bieker discuss what you need to know about the CFPB’s focus on fees that it asserts are hidden from the competitive process.
The end of 2023 saw a barrage of major proposals and other actions by US banking regulators. Many of these are contentious issues that have divided regulators and generated significant public controversy. Final proposals of some could be coming in 2024, but only if they can avoid being crowded out by the federal elections in the fall. Please join Mayer Brown partners Jeffrey Taft and Matt Bisanz as they discuss these proposals and how they may impact the banking industry.
Please join Mayer Brown partners Tameem Zainulbhai, Joanna Nicholas, Melissa Kilcoyne, Evan DeCresce and Jim Antonopoulos for a discussion on What to Expect in 2024 in the fields of structured finance and securitization. They will examine some key challenges and opportunities this new year will bring to market participants, and discuss trending issues and topics affecting the structured finance and securitization markets. Topics include the mortgage landscape, CLOs, trends in auto and equipment asset classes, trade receivables, and recent regulatory activity.
The authors of our recent Legal Update provide an overview of the SEC’s (Securities and Exchange Commission) recently adopted rule, which prohibits conflicts of interest in certain securitizations as required under the Dodd-Frank Act. Although not perfect, the final rule is a significant improvement over the proposal. However, all securitization participants will need to assess their securitization programs and implement various compliance programs before the final rule becomes effective on June 9, 2025.
Please join Mayer Brown lawyers Stuart Litwin, Christopher Horn and Michelle Stasny as they discuss the recently adopted rule.
The Consumer Financial Protection Bureau recently proposed an extensive framework of rules to ensure consumer access to certain information at their financial institutions. The rules would require financial institutions to make certain data relating to consumers' transactions and accounts available to consumers and authorized third parties, establish obligations for third parties accessing a consumer's data, and provide basic standards for privacy, security, and data access.
Please join Mayer Brown lawyers Matt Bisanz and Kelly Truesdale as they discuss the proposal and what it means for the financial services sector.
With less than 30 days until the Corporate Transparency Act’s beneficial ownership reporting requirement takes effect, questions still abound. While only new entities will be subject to reporting requirements at first, thousands of those are formed every day who will need to understand—and apply—these new regulations with limited guidance. Please join Mayer Brown partners Brad Resnikoff and Matt Bisanz as they discuss some of the most pressing issues.
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The US federal banking regulators recently finalized major changes to their decades-old Community Reinvestment Act (CRA) regulations, which will have significant consequences for many US banks. Please join Mayer Brown lawyers Kerri Webb, Kris Kully, and Jeffrey Taft as they discuss:
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How the final regulations differ from the proposal
- What the final regulations could mean for large and small banks and community development activity
- Where banks may find opportunities for new businesses and investments under the final regulations
While the recent US Basel Endgame proposal will affect many elements of the capital rules, it will especially impact operational risk, a new category of capital charge for most banks. Midsize and larger US banking organizations will need to develop extensive loss-event tracking and quantification systems to comply with new operational risk requirements. Smaller banking organizations, while not required to hold capital for operational risk, should consider implementing tracking systems, given the 10-year lookback requirement, and its potential applicability in acquisitions.
Please join Mayer Brown partners Jeffrey Taft and Matthew Bisanz for a discussion of the proposed operational risk requirements, and the key issues that banking organizations should consider during the comment period.
In late July 2023, US banking agencies proposed significant revisions to the risk-based regulatory capital requirements for certain midsize and larger US banking organizations. These proposals are critical, as the amount of capital a bank must maintain with respect to any particular loan, investment or activity is among the most significant factors in determining whether an activity is profitable, or even feasible. The proposals are not “capital neutral,” and will increase the capital charge for several aspects of the primary and secondary mortgage markets in the United States.
Please join Mayer Brown lawyers Haukur Gudmundsson, Christopher Smith, and Matthew Bisanz for an in-depth discussion of the proposed requirements, and what they mean for the mortgage industry.
While the recent US Basel Endgame proposal will affect many elements of the capital rules, it will have a particularly significant effect on market risk, where it may increase the capital requirement by more than 50%. Midsize and larger US banking organizations and others with significant trading activity also will need to develop extensive position identification, modeling, and governance systems to comply with new market risk requirements. Smaller banking organizations, while not required to hold capital for market risk, will at least need to implement revised position identification processes to ensure that they do not become subject to this part of the proposal.
Please join Mayer Brown partners Jeffrey Taft and Matthew Bisanz for a discussion of the proposed market risk requirements and key issues banking organizations should consider during the comment period.
In late July 2023, US banking agencies released proposals to significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations. These proposals would have a critical impact on the banking industry, as the amount of capital a bank must maintain with respect to any particular loan, investment or activity is typically a significant—if not the most significant—factor in determining whether an activity is profitable, or even feasible. The proposals are not “capital neutral,” and may increase the capital charge for several aspects of the commercial real estate finance sector.
Please join Mayer Brown partners Eric Reilly, Miller Smith, and Matthew Bisanz for an in-depth discussion of the proposed requirements and what they mean for CRE.
The US federal banking regulators have jointly proposed long-term debt (“LTD”) requirements for certain midsize and larger US banking organizations. The LTD proposal would require many regional and larger banking organizations to issue approximately $70 billion of new LTD over the three-year implementation period. Additionally, affected organizations would need to restructure their top-tier holding company activities to comply with the clean holding company requirements, and conform funding arrangements with most subsidiary depository institutions to implement internal LTD measures.
Please join Mayer Brown partners Anna Pinedo, Christopher Chubb, and Matthew Bisanz for a high-level discussion of the proposed requirements and how banking organizations may respond.
Since the CFPB’s small business data collection rule became effective earlier this year, small business lenders have been making plans to implement the new and extensive data collection requirements. At the same time, the final rule has been the subject of litigation, with several financial institutions and trade associations suing the CFPB to enjoin the rule’s implementation. On July 31, a Texas court granted a preliminary injunction preventing the CFPB from implementing or enforcing the rule against the plaintiffs and their members. Please join Mayer Brown partners Tori Shinohara and Frank Doorley, with special guest Kate Rock of Guidehouse, for an update on the pending litigation, and a discussion of compliance considerations for lenders in the process of developing policies, procedures and processes to comply with the final rule.
The US federal banking regulators have jointly proposed extensive revisions to the regulatory capital requirements for midsize and larger US banking organizations. While these revisions will affect nearly all credit exposures, securitization exposures will be significantly affected by certain policy choices. Securitizations historically have benefited from highly favorable risk weights (albeit under strictly defined circumstances), and the revisions are expected to make this relief more complicated (and potentially more expensive) to obtain. Some of this is driven by corresponding revisions to international capital standards from 2017, but other aspects are driven by long-term skepticism among US regulators and an unwillingness to be seen as granting concessions to the industry.
Please join Mayer Brown lawyers Stuart Litwin, Christopher Horn, and Matthew Bisanz for a discussion of how the proposed revisions may impact securitization and structured finance.
In late July 2023, the US banking agencies released proposals to significantly revise the risk-based regulatory capital requirements for certain midsize and larger US banking organizations and change the method for calculating the capital surcharge for global systemically important banking organizations. These proposals are of critical importance because the amount of capital a bank must maintain with respect to any particular loan, investment or activity is typically a significant—if not the most significant—factor in determining whether the relationship is profitable or even feasible. The proposals are not “capital neutral” and would effectively increase the need for capital in a number of important respects. Please join Mayer Brown partners Anna Pinedo and Matt Bisanz as they focus on the implications of the Basel Endgame Proposal on capital and on capital markets related activities.
The primary mortgage market recently has flattened, with rising interest rates and fewer homes on the market. However, these factors, coupled with home price appreciation, have created a space for alternatives to traditional residential mortgage financing. These include single family rental (SFR), rent-to-own and home equity option contracts, i-buying, and home equity lines of credits (HELOCs).
Many of these products come with specific consumer regulatory and compliance requirements—plus the familiar residential mortgage regulations, which may apply differently to each product. And with the US primary home market sitting on an unprecedented amount of home equity, we expect that interest in these products will only continue to grow and that financing them will be of immediate and keen interest to market participants.
Please join us for the final episode of our three-part podcast series, where Mayer Brown partners Susannah Schmid, Dave Linley and Frank Doorley for a high-level review of these products: what they are, how they are financed in warehouses and securitizations, and what the consumer finance regulatory requirements are for each.
The US federal banking regulators have jointly proposed extensive revisions to the regulatory capital requirements for midsize and larger US banking organizations. The revisions are lengthy and would change the requirements for credit, market, and operational risk. Some of the revisions are long-expected (e.g., re-evaluation of use of internal models), but others are novel (e.g., capital charge for operational risk) or driven in response to the recent banking crisis. Further, the revisions are expected to materially increase the amount of capital that many larger banking organizations must hold, which may lead to a decline in bank lending and bank trading activities.
Mayer Brown partners Matthew Bisanz and Jeffrey Taft have a high-level discussion of the proposed revisions. Future episodes will explore how the revisions may affect securitization, capital markets, and fund finance.
In recent years, the US mortgage markets have faced mounting pressure from rising interest rates, declining originations, and heightened regulation. In part two of our three-part podcast series on the current state of the US mortgage markets, Mayer Brown experts will discuss the current challenging environment for mortgage origination, as well as recent trends seen in the RMBS and CMBS securitization markets. Listeners can also expect updates on recent improvements to the Ginnie Mae securitization programs, as well as developments we have observed in the MSR market. Please join Mayer Brown partners Krista Cooley, Eric Edwardson, Haukur Gudmundsson and Miller Smith as they discuss these updates and offer their thoughts on what’s to come.
In recent years, the US mortgage markets have faced mounting pressure from rising interest rates, declining originations, and heightened regulation, such as EU risk retention requirements. While deals continue to be struck, they are becoming increasingly complex and expensive. We have heard of a number of similar concerns from our clients with structures like warehouse finance facilities, and we have developed some ideas on how to address them through products like credit risk transfer trades. Please join Mayer Brown partners Brian Kuhl, Susannah Schmid, Miller Smith, and Matt Bisanz as they discuss these developments.
The last few months have seen a steady stream of emergency actions from the US banking regulators, along with legislative proposals from the Hill, that have spurred debate over the necessity of regulatory action. Some of these changes may be foregone conclusions, but others are just the early innings of a vigorous debate. Also key will be the way that accounting rules—and changes to those rules—affect banks and influence the way regulators move forward. Please tune in to hear Mayer Brown public policy and regulatory lawyers discuss what’s to come for the banking industry.
Many regional and community banks in the United States are under intense pressure from economic forces beyond their control. This has led to a contraction in the lending markets, and may even shut off the spigot for some asset classes.
Some banks might look to credit risk transfer (“CRT”) trades to keep the lending pipeline open. These cutting-edge transactions keep the loans on a bank’s balance sheet, while eliminating risk from the portfolio” and providing substantial capital relief. Further, by shifting risk to non-bank investors, CRTs provide a new opportunity for private equity and others to use the powder that they have accumulated over the last several years.
Please join Mayer Brown partners Stuart Litwin and Matt Bisanz as they discuss why now is the time for regional and community banks to consider CRTs.
The last few years have seen many changes and trends in the world of trade finance—not least because of well-publicized supply-chain disruptions around the globe. These and other factors have spurred changes in traditional products and pushed new structures to the fore. Please join Mayer Brown lawyers Evan DeCresce and Patrick Healy as they discuss some hot topics in trade finance.
The Financial Crimes Enforcement Network (“FinCEN”) recently waded into unexpected controversy with the release of proposed data fields for the beneficial ownership information (“BOI”) reporting regime that will take effect at the beginning of next year. FinCEN’s inclusion of “Unknown” and “Unable to identify” options for several of the proposed data fields has generated concern that incomplete BOI may be less valuable for some users, such as financial institutions. These concerns stand in contrast to the potential impossibilities and practical constraints that reporters of BOI face. Please join Mayer Brown partners Brad Resnikoff and Matt Bisanz as they discuss this controversy and how it may affect the implementation of the BOI reporting regime.
Can online lead generation be done while remaining compliant under Section 8 of the Real Estate Settlement Procedures Act (“RESPA”)? The answer is yes, but it is important to navigate the impermissible activities recently identified by the Consumer Financial Protection Bureau (“CFPB”). On February 7, 2023, the CFPB issued guidance in an advisory opinion addressing how it interprets RESPA and its implementing regulation, Regulation X, in the context of digital marketing and lead generation platforms for real estate settlement services. This guidance—the first issued by the CFPB on online lead generation—highlights several key compliance considerations for participants engaging in digital marketing of settlement services. Please join Mayer Brown lawyers Holly Bunting and Kerri Webb as they discuss the advisory opinion, how it impacts compliance under RESPA, and the questions raised by the CFPB’s interpretations.
Many US businesses with significant non-US investors may be required to file a BE-12 with the Bureau of Economic Analysis (“BEA”) this year as part of a survey that the BEA conducts every five years and most recently in 2018. The BE-12, also known as the Benchmark Survey of Foreign Direct Investment in the United States, is a collection of financial and operating data that must be filed by certain US businesses—even if they have not been contacted by the BEA. Determining whether a US business must file a BE-12 and completing the form can be a significant burden, particularly if the business has limited compliance resources or is not subject to extensive regulation that requires similar data gathering. Please join US regulatory lawyers Matt Bisanz and Kerri Webb as they talk about what the BE-12 means for US businesses and their non-US investors.
Please join us as the authors of our recent Legal Update provide an overview of the SEC’s (Securities and Exchange Commission) recently proposed rule to prohibit conflicts of interest in certain securitizations as required under the Dodd-Frank Act. A re-proposal of a 2011 proposed rule, the re-proposal shares some of the same issues and concerns and may be even worse in some respects. If adopted as re-proposed, the rule’s prohibition would have profound consequences for securitization markets.
Please join Mayer Brown partners Jessie Dougher, Jenna Hartnett, Melissa Kilcoyne and Miller Smith for a discussion of what awaits structured finance this year. They will examine some of the key opportunities and challenges 2023 will bring to market participants and discuss topics such as trends in auto and equipment securitizations, the SEC’s recent conflict of interest proposal and other things to watch in the current regulatory landscape, RMBS, CMBS and fintech.
Algorithms and artificial intelligence (AI) are increasingly being deployed in the financial services industry, with massive potential to automate and enhance processes, increase efficiency, improve customer service, and augment investment and lending analyses. However, with those potential benefits come challenges, such as the risk that AI applications may result in unintended bias or “unfair” discrimination against certain sub-groups. Please join Mayer Brown partners Niketa Patel, Tori Shinohara, and Jenn Rosa as they discuss potential risks and the current federal regulation landscape with respect to AI.
Litigation involving artificial intelligence (AI) or machine learning presents special risks due to the inherent difficulties of explaining how these tools work. Please Join Mayer Brown lawyers Reg Goeke, Alex Lakatos, and Christopher Leach as they discuss the risks of using AI tools, solutions that can help mitigate those risks, and explainability challenges that arise when litigating cases involving AI tools.
The end of 2022 saw a few noteworthy proposals and other actions by the US banking regulators. Final rulemakings on some proposals may come in 2023 but likely not before we see additional proposals in the first half of the new year. Some are long-awaited, and others are newly inspired, actions of the moment. Please join Mayer Brown partners Jeffrey Taft and Matt Bisanz as they discuss what’s happening and how it may impact the banking industry.
The National Association of Insurance Commissioners (“NAIC”) recently introduced a host of initiatives related to statutory accounting, credit quality designation and related regulatory risk-based capital affecting CLOs and other types of structured finance in which US insurance companies invest. Mayer Brown partners Paul Forrester and Larry Hamilton will discuss how these initiatives are affecting insurer investments in ABS now and potentially in the future.
The Fifth Circuit recently ruled that the Consumer Financial Protection Bureau’s (CFPB) funding structure is unconstitutional, casting doubt on all of the agency’s actions. But the CFPB is as active as ever. Please join Mayer Brown lawyers Ori Lev, Chris Leach, and Christa Bieker as they discuss the Fifth Circuit’s ruling and its implications as well as the agency’s recent policy, enforcement, and supervisory activities.
Private equity (“PE”) investment in US insurers has increased, with a particular emphasis on life insurance groups. In response, the National Association of Insurance Commissioners (“NAIC”) has taken a renewed interest in how PE investment might impact the safety and stability of the insurers involved. Mayer Brown partners Larry Hamilton and Sanjiv Tata will discuss the reasons behind this renewed regulatory interest and some of the areas that the NAIC has identified for particular scrutiny.
On October 10, 2022, the European Commission published its report on the functioning of the EU Securitization Regulation. The report includes the Commission’s legal interpretation of the jurisdictional scope of the Regulation. Mayer Brown partner Neil Hamilton will discuss the Report and its impact on US securitizations offered to European institutional investors.
The Financial Crimes Enforcement Network (“FinCEN”) recently published its final beneficial ownership information rule (the “BOI Rule”). The BOI Rule will have a significant impact on a number of businesses, including those in the commercial real estate and structured finance sectors. The BOI Rule addresses who will be required to file beneficial owner information with the Corporate Transparency Act (“CTA”) Registry, who will be exempt from filing, what must be filed and when the required reports must be made. Please join Mayer Brown partners Brad Resnikoff and Matt Bisanz to learn more about the BOI Rule and how to prepare to come into compliance with it.
Federal regulators have zeroed in on the auto industry in recent rulemaking, supervisory and enforcement activities. Mayer Brown partners Christopher Leach and Tori Shinohara discuss the FTC and CFPB’s focus on the auto industry, including the FTC’s proposed auto rule and recent supervisory and enforcement trends.
The Consumer Financial Protection Bureau (CFPB) has been active on numerous fronts over the last several months. Mayer Brown partner Ori Lev and associates Christa Bieker and Brian Stief discuss:
- The CFPB’s efforts to expand the scope and uses of its statutory authorities
- Trends in the CFPB’s supervisory and enforcement activity
- The CFPB’s recent focus on fees and consumer reporting
- The new Office of Competition and Innovation
The first half of 2022 saw a few noteworthy proposals and other actions by the US banking regulators. Final rulemakings on some proposals could come in the second half of the year, but others may be delayed until 2023. In either case, we expect to see significant action on some of these issues through the issuance of supervisory guidance, review of pending requests and applications, and heightened examiner attention. Mayer Brown lawyers Jeffrey Taft, Matthew Bisanz and Kerri Webb discuss some of the key regulatory issues for banks to follow.
The residential finance industry faces substantial headwinds in the current economic environment. After a record-breaking performance in 2021, the industry is now keenly focused on reduced volumes and compressed margins, decreased inventory and rising interest rates. Volatile markets may be stressful, but they also present opportunities for growth and development. Mayer Brown has an interdisciplinary team of lawyers from our restructuring, financial services, M&A and finance practices ready to tackle the challenges and opportunities that may arise in the coming months. Krista Cooley, Eric Edwardson, Chris Pochon, Lauren Pryor, Susannah Schmid and Sean Scott discuss this timely topic.
It’s not the easiest time to be in the mortgage business. Mortgage investors and servicers continue to deal with the fallout from the COVID-19 pandemic and its effects on borrowers. Rising interest rates could drain the plentiful supply of refinance business from prior years and deter hopeful homebuyers from seeking new financing. And now the New York legislature has added another layer of complexity by passing a bill that would significantly impact the residential mortgage foreclosure process in New York. The New York legislation has been approved by both houses of the New York legislature and, if enacted, would significantly constrain lenders’, servicers’ and investors’ ability to efficiently prosecute foreclosure actions and potentially jeopardize their ability to recover their mortgage debt. Join Mayer Brown lawyers Krista Cooley, Tom Panoff and Frank Doorley for an overview of the legislation and a discussion of what it may mean for residential mortgage loan servicers in New York and which of its provisions are potentially retroactive.
Four states—and counting—have enacted laws requiring providers of a wide range of commercial financing to give applicants detailed disclosures of the sort previously seen only in the consumer credit industry. California enacted the pioneering law in 2018, and New York, Utah and Virginia (so far) have followed suit. The most recent examples, the Utah and Virginia laws, have also included a requirement that financers register with the state, increasing the compliance burden for covered entities.
These laws impose an array of implementation challenges and present a variety of questions of interpretation—not the least of which is when they take effect. Mayer Brown lawyers Jeff Taft, Krista Cooley, Frank Doorley and Dan Pearson discuss:
- An overview of the new laws
- What they mean for providers of commercial financing now
- What we can expect to see in the future as effective dates approach and additional states introduce their own commercial financing disclosure and registration bills
The UK National Security and Investment Act 2021 (the “Act”) entered into force on January 4, 2022 and enables the UK government to screen, block and unwind certain transactions on national security grounds. A new body, the Investment Security Unit (“ISU”), is responsible for the operation of the new regime. The Act provides for mandatory prior notification and approval of certain transactions in 17 sensitive sectors, and for the retrospective “call-in” of other transactions. The new regime does not only apply to M&A. The new powers could also potentially apply to lending (especially secured financings) and restructuring and, until the ambit of the legislation becomes clearer, a cautious approach is advised.
Lenders are well advised to consider whether the Act would apply to their lending and restructuring transactions, and the implications for the deal timetable and execution risk. Mayer Brown partners David Harrison and Trevor Borthwick give an overview of the new powers and discuss the key factors to consider at each stage of a lending transaction: signing/closing, trigger events during the tenor of the facility and enforcement/restructuring.
Since January 2021, the Biden administration has signaled that it intends to ramp up anti-money laundering (AML) regulation and enforcement. That was reinforced late last year when the administration issued its comprehensive Strategy on Anti-Corruption, which declared that combating illicit finance is one of its principal goals. The strategy highlights how regulators and law enforcement officials will leverage recent AML legislation and enhanced regulations that encourage transparency, increase obligations for gatekeepers and foster global cooperation to ratchet up AML enforcement actions, all of which creates greater compliance challenges and risk for financial institutions. Mayer Brown partners Glen Kopp, Gina Parlovecchio and Brad Resnikoff discuss how to better understand the strategy and the related developments in AML regulation and enforcement.
In response to the recent devastating events in Ukraine, many jurisdictions have imposed a broad range of new sanctions and export controls focused on the Russian state and certain Russian businesses and individuals. The new sanctions and export control regimes of the EU, the UK and the US have been evolving in real time over the past couple of weeks, and there are important but subtle differences between those regimes. However, the consequences of non-compliance can be severe, so it is important for everyone to have a broad understanding of the rules, especially as they can impact transactions that are not obviously related to Russia or Ukraine. Please join Mayer Brown partners Jason Hungerford, Ash McDermott and David Duffee for an overview of the rules and how they impact the syndicated loans market in expected and unexpected ways.
Rohit Chopra took over the helm of the CFPB last fall and has already started to make his mark on the agency, bringing a decidedly antitrust focus to his new role. Mayer Brown partners Ori Lev and Stephanie Robinson for a discussion of Chopra’s first six months, including the CFPB’s use of its Section 1022 authority, notable enforcement actions and other policy developments.
After two years of responding to the pandemic, US banking regulators likely will refocus this year on forward-looking issues. In particular, the following issues are expected to occupy a significant portion of the regulators’ time in 2022:
- Regulatory Capital Rule Revisions
- Climate-Related Risk Management Expectations
- Digital Asset Activities
- Fintech Bank Charters
- Third-Party Vendor Risk Management
- Investment Fund Relationships
- Community Reinvestment Act
Mayer Brown partners Jeffrey Taft and Matthew Bisanz discuss these anticipated hot issues.
Late last year, a federal district court ruled that securitization trusts holding student loans might be liable for the alleged unfair and deceptive collection practices of the trusts’ servicers. This is the first time that the US Consumer Financial Protection Bureau (CFPB) has sought to hold a securitization trust liable for acts of its servicers and the first judicial decision addressing the CFPB’s argument that such trusts are covered persons subject to the CFPB’s UDAAP authority. The decision could have broad-ranging implications not just for this asset class but for the securitization of consumer loans generally. Mayer Brown partners Barbara Goodstein, Ori Lev and Steve Kaplan discuss the background of the case, the court’s recent ruling and the potential implications for both primary and secondary market participants in consumer loan securitizations.
Mayer Brown partners James Antonopoulos, Amanda Baker, Steven Garden, Brian Kuhl, Eric Mitzenmacher, Ger O’Donnell and Jan Stewart discussed “What to Expect in 2022” in the structured finance markets. They examined some of the key opportunities and challenges this new year will bring to market participants and discuss trending topics and the current regulatory landscape. Topics included updates on ABS filings with the SEC, consumer regulations, fintechs, RMBS, LIBOR and tax.
Last month, the US Office of the Comptroller of the Currency (OCC) issued the second part of its initiative to address the effects of climate change—draft principles for managing exposure to climate-related financial risks. Those principles and the OCC’s earlier call to action to bank boards portend that the rapid implementation of climate risk management practices could occupy a significant amount of management and board time this year. And while targeted at OCC-regulated banks with over $100 billion in total assets, the draft principles may be of interest to banking organizations of all sizes and charters. Mayer Brown partners Paul Forrester and Matthew Bisanz and associate Kerri Webb discuss how to understand these new OCC principles.
Phase 6 of the Global Margin Rules applies from September 1, 2022, and may affect pension funds and other counterparties. September 2022 seems a long way off, but market deadlines are looming as early as January 2022. Join Margin Reform CEO Shaun Murray and Mayer Brown partners Edmund Parker and Edward Jewitt as they discuss this expansion, which captures pension funds with over £/€8bn of uncleared derivatives and imposes documentation and logistical challenges far more complicated than the 2016 variation margin round.
Last month, the US Office of the Comptroller of the Currency (OCC) issued a call to action on climate change to the boards of directors of large OCC-regulated banks. Based on that call to action, all bank boards should consider asking their institutions about enhancing climate change-related risk management practices. While this will be a long-term effort that will include further guidance from the agency, it is clear that the OCC expects banks to begin work now and refine their practices over the next year. Please join Mayer Brown partner Paul Forrester and senior associate Matt Bisanz to better understand the OCC’s new expectations for larger banks and how they may be relevant to all US banks.
As inbound investment into the United States from overseas continues to grow, many investors from the Middle East and South East Asia are seeking means by which they can invest in US assets in a manner that complies with their religious beliefs. Please join Mayer Brown partner Barry Cosgrave for an overview of Islamic finance and some of the key structures that are used to put these structures into effect. Barry will focus on the background of Islamic finance and the anatomy of a transaction. He will also review one of the most commonly used structures and how it can be adapted for a multitude of purposes within the finance, structured finance, debt capital markets and investment management industries.
Please join Mayer Brown senior Public Policy, Regulatory & Political Law partners Andrew Olmem and Jonathan Becker as they provide an update on several of the most important issues under debate in Washington. They will discuss the prospects for the passage of the Biden administration’s Build Back Better Plan and infrastructure bill; whether and how Congress will increase the statutory debt limit; the direction of antitrust policy under the Biden administration; and the status of nominations for the Federal Trade Commission, Department of Justice’s Antitrust Division, a Federal Reserve chair and other Board of Governors nominees.
Lenders to and investors in Buy Now, Pay Later (BNPL) businesses should be alert to the due diligence issues that may arise in this fast-growing industry. Please join Mayer Brown partners Amanda Baker, Steve Kaplan, Eric Mitzenmacher and Elizabeth Raymond for an overview of emerging issues in this space. Our lawyers will focus on the unique regulatory issues raised by BNPL products and possible ways to address those issues. They will also review how BNPL companies are financing their growth and the active transactional market that has developed in this industry.
The Consumer Financial Protection Bureau (CFPB) has been active on many fronts, notwithstanding the absence of a Senate-confirmed director. Please join Mayer Brown partners Ori Lev and Stephanie Robinson and associate Christa Bieker to discuss CFPB developments over the past months.
The way consumers purchase goods and services is rapidly changing, and insurance is no exception. AI, advanced analytics, smart devices and other technologies are enabling new capabilities, and insurance companies, together with their Insurtech and Big Tech partners, are finding innovative ways to reach and service customers using these tools. Join Mayer Brown partners Rohith George, Paul Chen and Yevgeniy Markov and senior associates Yuliya Feldman and Julian Dibbell as they discuss trends and highlight regulatory, commercial and contractual issues in this exciting space.
Join Mayer Brown partners Tamer Soliman, Thomas So and Duncan Abate as moderator as they discuss the Biden administration’s impact on the vitally important US-Sino relationship. The discussion will consider changes in the ongoing trade war, political and human rights issues and other bilateral concerns.
Following the Federal Housing Finance Agency's (FHFA) recent restrictions on Government Sponsored Enterpise (GSE) investments in loans secured by second homes and investment properties, private label securitizations have become more attractive. Join Mayer Brown partners Haukur Gudmundsson, Kris Kully, Tameem Zainulbhai and associate Jenna Siebold as they provide an overview of these transactions.
Banking as a Service (“BaaS”) refers to arrangements where licensed banks integrate their digital banking services directly into the products of other non-bank businesses. Join Mayer Brown partners David Beam, Rohith George and Joe Pennell and associate Julian Dibbell as moderator as they discuss these arrangements and how they compare to traditional technology outsourcing and other types of bank-fintech partnerships. The conversation will cover some of the key regulatory and contractual issues that arise when setting up these arrangements and other factors that financial institutions should consider when evaluating whether and how to enter the BaaS space.
Elizabeth Espín Stern and Carl Risch, partners in Mayer Brown’s Global Mobility & Migration practice, will provide an overview of the immigration challenges facing the Biden administration, focusing on business immigration and workforce mobility. They will also provide an update on the COVID-19 travel restrictions and an overview of the US Department of State’s current policy for granting national interest exceptions for executive and business travel to the United States.
The cornerstone of the $6.5 trillion-plus interest rate derivatives market, the ISDA Definitions booklet—which provides contractual terms, elections and fallbacks for the derivatives market—is receiving its first major “root and branch” update since 2006. Mayer Brown partners Ed Parker, Chris Arnold, Patrick Scholl, Bradley Berman and Vincent Sum continue their discussion of the key changes—what these mean for the participants and how the new definitions will work—with this call focusing on how the 2021 ISDA Definitions will impact products and geographies.
Ed Parker, Chris Arnold and Patrick Scholl, partners in Mayer Brown’s Derivatives & Structured Products groups, will discuss the release of the 2021 ISDA Definitions. The cornerstone of the $6.5-trillion-plus interest rate derivatives market, the ISDA Definitions—which provides contractual terms, elections and fallbacks for the derivatives market—is receiving its first major “root and branch” update since 2006. Ed, Chris and Patrick will discuss the key changes, what these mean for the participants and how the new definitions will work.
With President Biden signing last week the executive order “Climate-Related Financial Risk,” the administration appears to be accelerating its efforts to incorporate ESG factors into financial regulation. To understand how these developments are likely to play out, please join Mayer Brown partners Paul Forrester and Andrew Olmem, who will discuss the future of ESG regulation for US financial institutions and markets.
Join Krista Cooley and Frank Doorley of Mayer Brown’s Consumer Financial Services team as they discuss recent state licensing and enforcement developments important to participants engaged in financing, purchasing or investing in consumer and small business credit.
Andrew Olmem and Jonathan Becker, partners in Mayer Brown’s public policy group, will provide an overview of the spending priorities in the Biden administration’s nearly $2 trillion infrastructure proposal, titled the “American Jobs Plan.” They will focus on the Biden administration’s proposal to fund various infrastructure programs and initiatives and possible opportunities for developers and investors. They also will discuss how Congress will shape the proposal into legislation and the legislative process for considering the legislation.
On this call, Anna Pinedo, Jeff Taft and Matt Bisanz from Mayer Brown will discuss how the revisions affect banks and deposit brokers and what the industry needs to know in advance of the January 1, 2022, compliance date.
Big changes are in store at the Consumer Financial Protection Bureau (CFPB) in light of the election and the nomination of Rohit Chopra as the agency’s director. Please join Mayer Brown partners Ori Lev and Stephanie Robinson to discuss the last few months of Kathy Kraninger’s tenure as director, what Acting Director Dave Uejio is doing and what we can expect from Mr. Chopra.
Please join David Duffee and Jennifer Kratochvil for a discussion of ICE Benchmark Administration’s (IBA) consultation on the cessation of US dollar LIBOR settings, and the related guidance from the US bank regulators, and what all of that means for the US dollar loan market. David will examine the implications for fallback language in existing agreements, the adoption of new fallback language, the treatment of legacy LIBOR loan contracts and the pricing of new US dollar loans.
Please join Mayer Brown partners Lucia Nale and Debra Bogo-Ernst for an examination of these issues as they’ve developed over the past year and their predictions for 2021.
Please join Mayer Brown partners Paul Forrester, Cory Miggins, Russell Nance, Keith Oberkfell, Andrew Olmem, Jeffrey Taft and Tameem Zainulbhai for a discussion on “What to Expect in 2021” in the structured finance markets. They will examine some of the key challenges and opportunities this new year will bring to market participants and discuss trending topics and the current regulatory landscape affecting the securitization markets, including in the residential mortgage space. Topics will include what to expect from the new administration and updates on regulations, LIBOR, tax, CLOs, ABS and RMBS.
Please join Mayer Brown partners Larry Platt and Andrew Olmem for a discussion on the prospects of regulatory reform for nonbank financial companies and what it could mean for the future of US financial markets, especially the US mortgage market.
The Consumer Financial Protection Bureau (CFPB) has finalized its rulemaking trio to reshape the boundaries of Qualified Mortgages (QMs). Please join Mayer Brown partners Larry Platt and Kris Kully for a description and analysis of the new QM era.
After much anticipation, the US Consumer Financial Protection Bureau (CFPB) has issued the first significant rule implementing the Fair Debt Collection Practices Act (FDCPA) since the FDCPA was enacted more than 40 years ago. The rule clarifies how the pre-internet era FDCPA regulates debt collectors in the age of cell phones, email and social media. Please join Mayer Brown lawyers Stephanie Robinson, Anjali Garg and Dan Pearson on December 3 for a 30-minute discussion of the key provisions and takeaways from the rules.
A Biden administration could impact regulatory policy and enforcement priorities—and, consequently, the economy—considerably. Please join Mayer Brown partners Michael Levy, Andrew Olmem and Larry Platt as they discuss the potential reverberations in the global financial markets.
Please join Mayer Brown lawyers Stuart Litwin, Gabriela Sakamoto, Jan Stewart and Adam Wolk for a discussion of some of the key components of these transactions and ways in which these structures could be used by other companies looking to leverage critical assets to raise capital.
This GFM teleconference will explore various aspects of investing in MSRs, including requirements and options to hold direct and indirect alternatives to licenses and agency qualification, including considerations in forming funds to hold investments tied to the performance of specific pools of servicing rights.
The Consumer Financial Protection Bureau’s structure was ruled unconstitutional by the US Supreme Court, but the agency was allowed to continue operating subject to presidential oversight. Please join Mayer Brown lawyers Stephanie Robinson and Ori Lev on October 8 for their regular CFPB quarterly update, covering the agency’s activities since the Seila Law decision.
Please join Mayer Brown lawyers Steve Kaplan, Eric Mitzenmacher and Jeff Taft for a discussion of the key takeaways for bank partner programs, investors purchasing loans and secondary market participants funding the acquisition of or arranging the securitization of such loans.
On July 15, 2020, the Consumer Financial Protection Bureau filed a lawsuit against a Chicago-based mortgage lender, alleging that the company “redlined” African-American neighborhoods in the Chicago Metropolitan Statistical Area and discouraged prospective applicants from applying for mortgage loans on the basis of race. This marks the first time that a federal regulator has taken a public redlining action against a non-bank mortgage lender. Please join Mayer Brown attorneys Tori Shinohara and Jim Williams for a discussion of key takeaways for mortgage lenders.
Please join Mayer Brown partners Anna Pinedo and Ed Parker, and associates Marla Matusic and Matthew Bisanz, for a discussion of the revisions to the Volcker Rule.
Last month, the US Supreme Court ruled that the structure of the Consumer Financial Protection Bureau (CFPB) was unconstitutional, but that the agency could continue to operate so long as its Director is answerable to the President. Please join Mayer Brown partners Ori Lev and Stephanie Robinson for a discussion of the Supreme Court’s ruling.
Phe Consumer Financial Protection Bureau (CFPB) is continuing its rulemaking process to reshape its Ability to Repay Rule and the scope of residential mortgage loans protected by Qualified Mortgage (QM) status. Please join Mayer Brown partners Larry Platt and Kris Kully for a discussion of these proposed revisions and their effects.
Please join Mayer Brown partners Thomas Delaney, Carol Hitselberger and Jeffrey Taft, and associate Matthew Bisanz, for a discussion of the revisions to the Volcker Rule.
As demand for sustainable finance continues to surge, our finance, environmental and regulatory professionals are all constantly working on the latest ESG-related developments for various financial market participants. Mayer Brown partners Ed Parker and Mark Uhrynuk, counsel Tim Baines and Bradley Berman, senior associates Emma Khoo and Harjeet Lall, and transaction lawyer Johannes Mönch discuss recent developments.
Please join Mayer Brown partners Debra Bogo-Ernst and Eric Mitzenmacher and associate Anjali Garg as they discuss the Heroes Act and various other federal and state debt collection-related actions that may offer a glimpse into the future of debt collection as we know it.
The economic contraction caused by the COVID-19 pandemic is having a significant impact on US state and local government finances. Mayer Brown partners Joe Seliga, John Schmidt, David Narefsky, Sean Scott, Stephanie Wagner and Mitch Holzrichter discuss the fiscal realities now facing US state and local governments.
Please join Mayer Brown partners Ori Lev and Stephanie Robinson for an update on recent developments at the US Consumer Financial Protection Bureau (CFPB).
With various key regulatory changes fast approaching under EMIR Refit, please join Mayer Brown partner Ed Parker and senior associates Emma Khoo and Marcel Hörauf as they discuss what market participants will need to know in order to comply with the coming changes.
Borrowers that obtained loans under the SBA’s Paycheck Protection Program (“PPP”)—and chose to keep them—will soon progress to a new phase of the lending process. In the coming weeks, they will work through loan forgiveness requests with their lenders and, in some cases, eligibility audits by the SBA. Please join Mayer Brown partners Eric Mitzenmacher and Andrew Kugler and counsel Joanna Nicholas as they discuss key aspects of the PPP forgiveness process and best practices for mitigating risk and operational burdens during SBA audits.
As the deadline for IBOR replacement draws ever closer, our global derivatives team will be discussing IBOR transition and considerations to be borne in mind for market participants across a variety of products. Please join Mayer Brown partners Ed Parker and Patrick Scholl, counsel Nanak Keswani and Bradley Berman, and senior associate Emma Khoo for a discussion.
Please join Mayer Brown partners Marcia Madsen, Stephanie Robinson and Richard Rosenfeld as they discuss what you need to know and what you need to do in regards to regulatory scrutiny during the current pandemic.
On April 30, the Federal Reserve Board announced it is expanding the scope and eligibility for the Main Street Lending Program in order to further help credit flow to small and medium-sized businesses that were in sound financial condition before the COVID-19 pandemic. Partners Frederick C. Fisher, Jeffrey P. Taft and Adam C. Wolk; and associate Logan S. Payne discuss.
Amid unprecedented market conditions, and with debt relief and stabilisation measures being introduced across the globe, please join Mayer Brown partners Ed Parker, Chris Arnold, Patrick Scholl and Matthew Kluchenek; counsel Nanak Keswani; and senior associate Emma Khoo as they discuss the key considerations.
On April 10, 2020, Ginnie Mae announced the terms of its much-anticipated Pass-Through Assistance Program for Issuers of mortgage-backed securities that are in need of funding for the increased amount of servicer advances due to the COVID-19 pandemic. Mayer Brown partners Eric Edwardson, Michael McElroy and Laurence Platt discuss.
Mayer Brown partners Paul Forrester, Eric Evans and Ethan Hastert as they discuss the use of technology solutions (including artificial intelligence and other technology-assisted review tools) to facilitate the timely collection, categorization, review, analysis, and remediation of IBOR-related contracts and other documents.
With forbearance now available for consumers under agency loans for up to a year and with states starting to follow suit, how will non-bank mortgage servicers fund the resulting shortfalls to investors and other third parties? Partners Jon Van Gorp, Krista Cooley and Laurence Platt discuss.
As the COVID-19 pandemic takes hold in Europe and the US, there has been some encouraging news from China as the number of new cases has slowed dramatically. International business leaders are recognising that China is at a different stage in the COVID-19 pandemic cycle compared to many other major economies. Ian Lewis discusses.
On March 19, Northern California counties issued orders directing their residents to shelter in place in an effort to reduce the risk that the novel coronavirus COVID-19 would be transmitted. Partners Thomas Delaney, Henninger Bullock and Marcia Madsen discuss.
In response to the national emergency and global pandemic caused by the COVID-19 outbreak, federal housing finance authorities have issued temporary borrower relief measures. Partners Holly Bunting and Krista Cooley discuss.
With the fluidity of the COVID-19 federal response, we have decided to update this special edition COVID-19 teleconference in order to cover the latest moves being made by the federal government.
The novel coronavirus known as COVID-19 has raised a number of issues specific to public companies that file reports with the US Securities and Exchange Commission (SEC). In this special edition COVID-19 update call, Michael Hermsen and Laura Richman will discuss.
The federal banking regulators, SEC, and CFTC have jointly proposed revisions to the Volcker Rule that address the prohibitions and restrictions regarding covered fund activities in the same way that the agencies’ August 2019 rulemaking primarily focused on the Volcker Rule’s restrictions on proprietary trading. The agencies intend for the proposed revisions to clarify, streamline, and ease the compliance burden of the covered funds provisions of the Volcker Rule.
The Board of Governors of the Federal Reserve System (Board) has finalized revisions to its approach for determining whether one company has control over another for purposes of the US Bank Holding Company Act of 1956 and the Home Owners’ Loan Act, as amended. While in many respects the revisions incorporate a more transparent and predictable framework for interpreting controlling influence issues into the Board’s regulations, they also introduce new concepts and raise critical questions about how the Board will implement the approach in practice.
The UK finally exited the EU on January 31… but what does that mean? What has been agreed upon, what will happen next and how will it work in practice? Mayer Brown partner Chris Chapman and counsel Chris Roberts discuss.
The Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) are proposing to make major changes to their decades-old Community Reinvestment Act (CRA) regulations, which could have significant consequences for many US banks. Mayer Brown partners Jeff Taft and Stephanie Robinson discuss.
On October 8, 2019, the US Internal Revenue Service released proposed regulations addressing the US federal tax consequences of replacing an interbank offered rate (IBOR) with a successor rate. The proposed regulations generally provide the circumstances in which the replacement of an IBOR with a fallback rate, or an addition of a fallback mechanic to an existing instrument, will not result in a deemed exchange of the instrument under Section 1001 of the Internal Revenue Code of 1986, as amended. The proposed regulations also provide guidance on other considerations with respect to the transition away from IBORs. Mayer Brown partners Russell Nance and Steven Garden and associate Brennan Young provide an overview of the proposed regulations.
Mayer Brown partners Jim Antonopoulos, Amanda Baker and Susannah Schmid discussed the topic “What to Expect in 2020” in the structured finance markets.
A year into Kathy Kraninger’s tenure as Director of the Consumer Financial Protection Bureau, what does the agency look like and how does it differ from the old CFPB? Please join Mayer Brown lawyers Ori Lev, Stephanie Robinson and Christa Bieker for an updated on the CFPB.
Over the last several months, the US Securities and Exchange Commission (SEC) and its staff have taken several steps that could significantly impact the advice provided by proxy advisory firms and how that advice is relied upon, as well as the shareholder proposals submitted for inclusion in annual meeting proxy statements. Laura Richman and Michael Hermsen discuss.
Capital Relief Trades (CRTs) - often referred to as synthetic securitizations - are used by banks to transfer risk on reference pools of assets to non-bank investors, reduce the risk weight of assets held by these banks and improve capital ratios. Historically, the CRT market has been dominated by issuers in the United Kingdom and other European jurisdictions, and, while the United States has lagged behind Europe in CRT issuance, there are reasons to believe this trend will change in the coming years. Mayer Brown partners Carol Hitselberger, Julie Gillespie and Ed Parker discuss why US banks are interested in CRT, the operational requirements for synthetic securitizations under the US capital rules and structuring considerations important to these transactions.
For the past several years, the False Claims Act has been at the forefront of enforcement efforts involving Federal Housing Administration (FHA)-approved mortgagees by the US Department of Housing and Urban Development (HUD) and the US Department of Justice (DOJ). This week, HUD released proposed changes to its loan-level certifications and final changes to its annual certifications and defect taxonomy with the stated goal of addressing some of the uncertainty FHA lenders face in connection with the False Claims Act. Mayer Brown partner Krista Cooley discusses.
There is lots of news coming out of the Consumer Financial Protection Bureau (CFPB) these days, spanning a gamut of topics, from constitutional issues to personnel changes. Mayer Brown partners Ori Lev and Stephanie Robinson discuss the developments of the past few months, including the surprising agency decision to assert that it is unconstitutionally structured and developments in supervision, enforcement and rulemaking.
The expected phase-out of LIBOR will affect trillions of dollars in investments across a wide range of financial products. The market has been working to adapt new transactions to a post-LIBOR world, but legacy transactions will also be affected. Whether and how those contracts can be modified to account for the unavailability of LIBOR - and how courts will respond to the changed facts - are open questions. Mayer Brown partners Matthew Ingber, Chris Houpt and Sagi Tamir discuss the current efforts to replace LIBOR, litigation risks that market participants may face, and how to plan for those risks.
The US federal banking and functional regulators are finalizing revisions to the proprietary trading and compliance program provisions of the Volcker Rule, which implement some, though not all, of the changes that had been proposed by the agencies in a May 2018 notice of proposed rulemaking. Mayer Brown lawyers David Sahr, Donald Waack and Matthew Bisanz discuss.
Retirement plans operated by US employers collectively hold trillions of dollars in assets, so they have naturally become a target for litigation under their governing statute, the Employee Retirement Income Security Act, commonly known as ERISA. Under ERISA, plan fiduciaries are subject to duties of loyalty and prudence, which can be enforced by the US Department of Labor or by private civil actions. Class actions targeting ERISA plan fiduciaries have been on the rise. Financial institutions are potentially implicated for the plans that they provide to their own employees and for the services that they provide to their clients. Mayer Brown partners Nancy Ross and Brian Netter discuss recent trends in ERISA litigation.
In July 2019, the Federal Deposit Insurance Corporation (FDIC) proposed changes to its securitization safe harbor rule, which relates to the treatment of financial assets transferred in connection with a securitization or participation transaction. Mayer Brown partners Haukur Gudmundsson, Jan Stewart and Jeff Taft discuss.
The Brexit process seems to have been going nowhere fast for two years. But now, with a new prime minister and the increasing chance of a no-deal Brexit, it looks more and more likely that departure from the European Union will take place on October 31, 2019. The departure of the UK from the EU would be the first stage of a fundamental change in how the UK operates in the world and how businesses will need to operate in and with the UK. Mayer Brown partner Chris Chapman and counsel Chris Roberts discuss this important issue.
Mayer Brown partners Brad Peterson and Stephanie Duchene as they discuss various types of insurtech collaborations, from simple technology licensing to complex platform deals, and the accompanying regulatory and contractual issues to consider in each.
Six months into Kathy Kraninger's tenure as Director of the Consumer Financial Protection Bureau (CFPB), the agency seems to be settling into its new rhythm and has been busy on the regulatory and enforcement front, while personnel changes create opportunities for Kraninger to shape the Bureau for years to come. In this episode Ori Lev and Stephanie Robinson examine the issues.
Despite everyone's best efforts, things will sometimes go wrong with AI systems, and the parties involved may find themselves in litigation or arbitration. When this happens, the parties will need to peer into the black box to reconstruct what the computer did and why it did it. But the usual electronic discovery tools and evidentiary principles for electronic records might not work for an AI system, especially a machine learning system that continuously learns based on new data. During this episode Eric Evans, Reginald Goeke and Alex Lakatos discuss some of these challenges.
The US Commodity Futures Trading Commission and the US Securities and Exchange Commission have been aggressive in enforcing violations of the statutes that they administer. With respect to the CFTC, enforcement has been among the most vigorous in the history of the CFTC, including more enforcement actions, more penalties, more large-scale matters, more accountability and more partnering with criminal law enforcement at home and abroad. In regard to the SEC, it remains aggressive and continues to bring enforcement actions at a historic rate. During this episode Matthew Kluchenek and Richard Rosenfeld focus on a quick overview of the derivatives and futures regulators, their roles and jurisdiction at the outset and enforcement trends and near-term enforcement expectations.
The Board of Governors of the Federal Reserve System has released for public comment proposals to tailor (i) the enhanced prudential standards that apply to larger foreign banking organizations (FBOs) and (ii) the resolution planning requirements that apply to larger FBOs and larger US bank and holding companies (collectively, larger banking organizations). Mayer Brown partners David Sahr, Jeffrey Taft and Don Waack and senior associate Matthew Bisanz discuss these important developments.
Mayer Brown partners David Sahr and Don Waack and senior associate Matthew Bisanz discuss important developments related to proposed revisions by The Board of Governors of the Federal Reserve System to its regulations for evaluating controlling influence issues under the Bank Holding Company Act.
Mayer Brown partner Anna Pinedo offers a brief overview of the technology and of smart contracts and discuss the concerns that prompt frequent issuers of debt securities to consider blockchain debt issuances.
Mayer Brown partners Stephanie Robinson and Krista Cooley highlight the principles the DFS believes should be accounted for when designing and implementing a whistleblowing program.
Mayer Brown partners Ori Lev and Stephanie Robinson cover the first three months with Kathy Kraninger as director of the CFPB.
Mayer Brown partner Tom Delaney and senior financial analyst and government affairs advisor John Mirvish discuss the leadership of the Senate Banking and House Financial Services committees and the likely legislative and oversight issues that will occupy their agendas during the 116th Congress.
Mayer Brown partners Amanda Baker, Sagi Tamir and Ryan Suda discuss the proposed Japanese risk retention rule and its implications for securitization transactions including collateralized loan obligations (CLOs).
Mayer Brown partner Tim Keeler and associate Mickey Leibner discuss the major provisions of the US-Mexico-Canada Trade Agreement (USMCA) and analyze the next steps for the agreement in the 116th Congress.
Mayer Brown partner Tim Keeler and associate Mickey Leibner discuss the major provisions of the US-Mexico-Canada Trade Agreement (USMCA) and analyze the next steps for the agreement in the 116th Congress.
Mayer Brown partners Jim Antonopoulos, Lance Workman and Susannah Schmid discuss trending topics and the current regulatory landscape affecting the securitization markets and offer predictions for 2019.