News & Analysis as of

Proposed Regulation Financial Services Industry

Skadden, Arps, Slate, Meagher & Flom LLP

UK’s Proposed New Captive Insurer Regime: Key Developments and Next Steps

What is new: The UK government has proposed a new regulatory framework for captive insurance companies, aiming to simplify regulations and enhance competitiveness in the financial services sector. Why it matters: The...more

Troutman Pepper Locke

CFPB Withdraws Proposed FCRA Data Broker Rule

Troutman Pepper Locke on

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed its decision to withdraw the proposed rule titled “Protecting Americans from Harmful Data Broker Practices (Regulation V)” in the Federal Register....more

A&O Shearman

European Commission consultation on draft Delegated Regulation amending Delegated Regulation on fees relating to supervision of...

A&O Shearman on

The European Commission (EC) has published a draft Delegated Regulation amending Commission Delegated Regulation (EU) 2022/930 regarding fees relating to the supervision by ESMA of consolidated tape providers (CTPs)....more

Barnea Jaffa Lande & Co.

Regulated payment services and financial services in Israel – summary and outlook for 2025

2024 was characterized by a multitude of regulatory directives to payment companies and to payment initiation companies as part of the preparations for the licensing obligation that came into effect in June 2024. This year...more

A&O Shearman

Mansion House: UK Financial Conduct Authority Feedback on Advice Guidance Boundary Review and Next Steps

A&O Shearman on

The U.K. Financial Conduct Authority has published feedback to its December 2023 advice guidance boundary review. The review included a number of proposals to improve how people can access help with their pensions and retail...more

Ballard Spahr LLP

California’s DFPI seeks comments on additional products and services to be registered under the CCFPL

Ballard Spahr LLP on

In the wake of the Office of Administrative Law’s approval of its registration and reporting requirements for providers of income-based advances, private postsecondary education financing, debt settlement services, and...more

BCLP

The FCA’s Updated ‘Naming and Shaming’ Proposals: A “Solution Looking for a Problem”?

BCLP on

The FCA has today published a further consultation paper (CP24/2 (Part 2)) in relation to its ‘naming and shaming’ proposals (the “Updated Consultation”). The publication follows widespread industry criticism of the FCA’s...more

Perkins Coie

CFPB Finalizes Proposed Open Banking Rule on Personal Financial Data Rights

Perkins Coie on

Background on Open Banking and the CFPB - The Consumer Financial Protection Bureau (CFPB) recently finalized a rule on personal financial data rights (Rule), implementing Section 1033 of the Consumer Financial Protection Act...more

Davis Wright Tremaine LLP

Opportunity Knocks – Litigating Financial Regulation in a Second Trump Administration

During the Biden-Harris Administration, the relationship between financial institutions and their regulators chilled considerably. The financial services industry works daily with its regulators—especially through the...more

Proskauer - Regulatory & Compliance

UK Doubles-Down on Sustainable Finance

On 14 November 2024, Rachel Reeves set out in her first Mansion House Speech that “sustainable finance” was to be one of the UK’s five priorities in the government’s Financial Services Growth and Competitiveness Strategy (the...more

Troutman Pepper Locke

House Resolution Introduced to Disapprove the CFPB Advisory Opinion on Medical Debt Collection Practices

Troutman Pepper Locke on

On November 13, Representative Gary J. Palmer (R-AL) introduced House Joint Resolution 220, which seeks congressional disapproval of an advisory opinion published by the Consumer Financial Protection Bureau (CFPB or Bureau)...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Standard Formula: A Guide to Solvency II – Chapter 12: Undertakings in Difficulty

Undertakings in difficulty, in the context of Solvency II, refers to insurers that are either failing or likely to fail to meet their solvency capital requirement (SCR) or their minimum capital requirement (MCR) (together,...more

Ballard Spahr LLP

FDIC Issues Notice of Proposed Regulations for Enhanced Recordkeeping for Third-Party Custodial Accounts

Ballard Spahr LLP on

On September 17, 2024, the FDIC board approved a notice of proposed rulemaking that would increase recordkeeping obligations for bank deposits received from third party, non-bank companies that accept those deposits on behalf...more

Troutman Pepper Locke

California Privacy Protection Agency Announces Proposed Regulations for Data Broker Registration

Troutman Pepper Locke on

On July 5, the California Privacy Protection Agency (CPPA) published a Notice of Proposed Rulemaking regarding Data Broker Registration pursuant to Senate Bill 362 (the Delete Act). The Delete Act requires the CPPA to...more

Mayer Brown Free Writings + Perspectives

DFA Era Incentive-Based Compensation Rule

In recent remarks, Securities and Exchange Commission Commissioner Lizarraga called on the SEC to move forward to implement the rulemaking mandate in Section 956 of the Dodd-Frank Act.  The Commissioner was speaking at an...more

Troutman Pepper Locke

California DFPI’s Proposed EWA Legislation Rejected by Office of Administrative Law

Troutman Pepper Locke on

As discussed here, in March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would interpret the definition of “loan” to include...more

BCLP

Response to FCA's CP24/2

BCLP on

We strongly disagree with the FCA’s proposals, set out in CP24/2, to announce that it has opened enforcement investigations into firms where it considers this to be in the public interest. We set out our objections in detail...more

McDermott Will & Schulte

Update für Kryptowerte-Dienstleister: Referentenentwurf zur Überführung nationaler Krypto-Regulierung in das MiCAR-Regime

Das Bundesministerium der Finanzen (BMF) hat am 5. April 2024 einen Referentenentwurf für zwei Rechtsverordnungen veröffentlicht, die den Übergang der nationalen Krypto-Regulierung in das europäische MiCAR-Regime erleichtern...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 4, Issue 2, March 2024

Volume 4, Issue 2, 2024 Welcome! Welcome to the second issue of Promissory Notes - our banking and finance e-newsletter - for 2024. Business today is characterized by relentless change. To assist our clients in navigating...more

Orrick, Herrington & Sutcliffe LLP

California DFPI proposes new regulations under the Debt Collection Licensing Act

On February 9, the California Department of Financial Protection and Innovation (DFPI) published a proposed rule to adopt new regulations under the Debt Collection Licensing Act (DCLA). Under the DCLA, a debt collector...more

Goodwin

2023 Year in Review: Data Privacy and Cybersecurity

Goodwin on

Welcome to the Data Privacy and Cybersecurity chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - Amendments to key rules and regulations will take effect in 2024,...more

WilmerHale

“Decentralized Finance (DeFi),” Fintech, Regtech, and the Financial Services Industry (Ch. 8A)

WilmerHale on

Decentralized Finance (DeFi) is an umbrella term used to describe financial services provided outside of the traditional markets, that rely on blockchain technologies to create innovative products instead of relying on...more

Skadden, Arps, Slate, Meagher & Flom LLP

The New CCI Regulations: Changes to the UK PRIIPs Regime

Following a series of consultations, and as part of its wider overhaul of the UK’s financial services regime, in November 2023, the UK government published a draft statutory instrument that will replace existing European...more

Ballard Spahr LLP

New research suggests proposed Regulation II revisions lowering debit card interchange fees will cost consumers up to $2 billion...

Ballard Spahr LLP on

In October 2023, the Federal Reserve Board issued a proposal to lower the maximum interchange fee that a large debit card issuer can receive for a debit card transaction. The due date for comments on this proposal, originally...more

McGlinchey Stafford

Welcome to 2024: DIDMCA Opt-Out and True Lender Legislative Proposals to Watch

McGlinchey Stafford on

The new year brings with it four new jurisdictions to watch regarding proposed true lender legislation and Depository Institutions Deregulation and Monetary Control Act (DIDMCA) opt-outs. The District of Columbia, Florida,...more

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