News & Analysis as of August 14, 2025

Financial Institutions

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Hiring & Firing refers to the process of recruiting, interviewing and offering employment and the process of evaluating performance and dismissing employees. Hiring & Firing is a highly regulated area and can create tremendous liability for employers who fail to properly adhere to acceptable employment practices. Some of the potential pitfalls in this area stem from discriminatory hiring practices, improper performance evaluations, and retaliatory firings. less -

Senators request investigation into FHFA board overhaul and workforce reductions

Orrick, Herrington & Sutcliffe LLP on 4/21/2025

On April 15, ten U.S. Senators sent a letter addressed to Mr. Brian M. Tomney, Inspector General of the FHFA, requesting that the FHFA OIG review recent actions taken by FHFA leadership to overhaul the boards at Fannie Mae...more

NYDFS seeks to hire displaced federal financial employees amidst Trump administration cuts

Orrick, Herrington & Sutcliffe LLP on 3/17/2025

On March 11, the Superintendent of NYDFS, Adrienne Harris, reportedly announced her agency’s intention to hire federal financial agency employees affected by recent job cuts under the Trump administration. Harris highlighted...more

FDIC OIG responds to senators’ letter on FDIC bank examiners

Orrick, Herrington & Sutcliffe LLP on 3/3/2025

On February 19, the Office of Inspector General (OIG) for the FDIC responded to a letter from Sen. Elizabeth Warren (D-MA) and others concerning the FDIC’s decision to rescind over 200 jobs for bank examiners. As previously...more

FDIC parts ways with probationary employees

Orrick, Herrington & Sutcliffe LLP on 2/21/2025

On February 18, the FDIC will reportedly undergo significant workforce reductions and terminate approximately 170 probationary employees as part of ongoing personnel cuts at the Corporation. Probationary employees, who may...more

FDIC Closing in on Implementing the Fair Hiring in Banking Act With Proposed Regulations for Section 19

Ogletree, Deakins, Nash, Smoak & Stewart,... on 1/23/2024

The Federal Deposit Insurance Corporation (FDIC) is close to finalizing revisions to regulations regarding Section 19 of the Federal Deposit Insurance Act to align them with the Fair Hiring in Banking Act (FHBA), which eased...more

The Informed Board - Spring 2023

Skadden, Arps, Slate, Meagher & Flom LLP on 5/25/2023

Changing CEOs is one of the most critical decisions any board faces. In this issue of The Informed Board, we offer tips on how to avoid the mistakes we most often see. We also explain the problems companies could face if the...more

Congress Eases Criminal Offense Restrictions for Employment With Financial Institutions

Ogletree, Deakins, Nash, Smoak & Stewart,... on 1/27/2023

Included in the defense spending bill signed by President Biden in December 2022 is a section with key provisions for financial institutions that will ease restrictions on hiring candidates with criminal records....more

Returning To The Office In The Financial Industry

Jackson Lewis P.C. on 3/9/2021

As COVID-19 vaccinations progress and as our economic and social lives begin to return to normal, employers are faced with new challenges. These challenges are particularly difficult for banks and credit unions, which not...more

Financial Institutions and the FCPA

Foodman CPAs & Advisors on 1/10/2020

The Foreign Corrupt Practices Act (FCPA) prohibits payment of bribes to foreign officials to assist with obtaining or retaining business. It requires companies whose securities are listed in the US to maintain books and...more

FDIC Loosens Restrictions on Hiring Bank Personnel with Criminal Histories

Littler on 9/6/2018

The Federal Deposit Insurance Corporation (FDIC) recently published its final rule on modifications to the Statement of Policy (SOP) for Section 19 of the Federal Deposit Insurance Act, 12 U.S.C. § 1829 (“Section 19”), which...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 2/27/2017

It may lack some of the flourish of a BBG missive, but you can be sure that plenty of insiders are paying close attention to Mr. Buffet’s annual letter to Berkshire Hathaway shareholders....more

Lessons Learned From FCPA Enforcement Against JP Morgan for Sons and Daughters Referral Program

The Volkov Law Group on 11/23/2016

Last week, the Justice Department and the SEC finally brought to a close the Sons and Daughters or Princelings investigation. Pending investigations against four other companies still remain to be resolved....more

FTC provides guidance on FCRA requirements for employer background checks

Ballard Spahr LLP on 9/10/2015

When examining banks and companies subject to CFPB supervisory authority for FCRA compliance, CFPB examiners will look at whether the bank or company has followed FCRA requirements for use of background checks on employees...more

Hiring Practices: A New or Old FCPA Compliance Challenge?

The Volkov Law Group on 9/3/2015

Contrary to the opinion of many in the FCPA space, the BNY Mellon settlement and the looming actions against six major financial institutions for hiring practices is not a big shock or surprise. The SEC is not raising a new...more

SEC Unveils First FCPA Enforcement Action Focused On Hiring Practices: BNY Mellon

The Volkov Law Group on 8/24/2015

The SEC is having a good year in the FCPA enforcement arena. As a former prosecutor, my eyes would sometimes glaze over when discussing civil enforcement actions. The SEC, however, has turned its FCPA enforcement program into...more

Dodd-Frank and Diversity

Morgan Lewis on 8/11/2015

As the dust settles on the recent final interagency policy statement, employers should discuss with qualified counsel how to develop and encourage a diversity and inclusion strategy within the existing law....more

Six Federal Regulators Issue Final Interagency Policy Statement on Diversity Policies and Practices of Regulated Entities

Katten Muchin Rosenman LLP on 6/19/2015

On June 9, the Federal Reserve Board, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency and Securities and Exchange...more

2015: The Year of FCPA Liability for Financial Institutions?

The Volkov Law Group on 2/2/2015

For years, we have all heard about the coming wave of FCPA enforcement against financial institutions, investment banks, private equity firms and others who interact with sovereign wealth funds overseas....more

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