News & Analysis as of

Risk Management Biden Administration Financial Services Industry

Ballard Spahr LLP

Republicans ask federal banking agencies to withdraw rules, guidance

Ballard Spahr LLP on

Republicans on the House Financial Services Committee have sent letters to financial regulators asking them to rescind a variety of measures the regulators issued during the Biden Administration....more

Ballard Spahr LLP

House Financial Services Committee Announces AI Working Group

Ballard Spahr LLP on

On January 11, 2024, the House Financial Services Committee announced the formation of a bipartisan Working Group on Artificial Intelligence (“AI”). The working group is to be led by the Chairman of the Digital Assets...more

ArentFox Schiff

2024 Estate Planning Outlook: Transfer Tax Changes are on the Horizon

ArentFox Schiff on

The Tax Cuts and Jobs Act of 2017 (TCJA) significantly increased the lifetime estate and gift tax exemption from $5.6 million to $11.18 million for individuals, with adjustments for inflation starting in 2018. For 2023, the...more

Latham & Watkins LLP

OCC, FRB, and FDIC Finalize Joint Principles for Climate-Related Financial Risk Management

Latham & Watkins LLP on

Guidance for the largest US financial institutions is intended to promote climate risk management consistent with general safety and soundness practices. On October 30, 2023, the three US federal bank regulatory agencies...more

Orrick, Herrington & Sutcliffe LLP

Biden administration presents roadmap for mitigating crypto risks

On January 27, the Biden administration presented a roadmap for mitigating cryptocurrency risks to ensure that cryptocurrencies do not undermine financial stability, investors are protected, and bad actors are held...more

Tucker Arensberg, P.C.

Biden Warns of Imminent Cyberattacks and New Regulations– Is Your Business Prepared?

Tucker Arensberg, P.C. on

Our clients in financial services, technology, and manufacturing industries, take note of this important new piece of legislation. On March 21, 2022, President Biden warned American businesses to prepare for imminent...more

Goodwin

CFPB Launches New Initiative Focused on Rural Communities

Goodwin on

In This Issue. The Consumer Financial Protection Bureau (CFPB) announced a new initiative focused on financial issues faced by rural communities and also updated its examination procedures to cover unfair discrimination; the...more

Goodwin

FinCEN Warns Against Evasion of Russian Sanctions

Goodwin on

In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more

Holland & Knight LLP

DOL Requests Information on Protection of Retirement Plans from Climate Risks

Holland & Knight LLP on

The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) on Feb. 14, 2022, issued a Request for Information (RFI) to gather input regarding the protection of pensions and retirement savings...more

Latham & Watkins LLP

10 Key Focus Areas for UK-Regulated Financial Services Firms in 2022

Latham & Watkins LLP on

Environmental, social, and governance (ESG) considerations have come to the forefront of firms’ regulatory change agendas in recent years, and this focus looks set to continue in 2022. The past year has witnessed significant...more

Goodwin

President Biden Issues Sweeping Executive Order on Promoting Competition in the American Economy

Goodwin on

In This Issue. President Joe Biden issued a sweeping executive order aimed at cracking down on anticompetitive practices and reducing consolidation across multiple industry sectors, including financial services; the Federal...more

Perkins Coie

Fintech Legal Report - July 2021

Perkins Coie on

President Biden Issues an Executive Order on Competition with Implications for Financial Institutions - On July 9, 2021, President Biden issued an Executive Order on Promoting Competition in the American Economy. The...more

McDermott Will & Schulte

Climate Change and State Insurance Regulation: What Could Change After President Biden’s May 20 Executive Order

US President Joe Biden’s May 20, 2021, executive order laid out an aggressive, whole-of-government plan to address climate change risk, including a set of directives that will have a major impact on the operations of the...more

Pillsbury Winthrop Shaw Pittman LLP

Congressional and Government Investigations in 2021: What to Expect from the Biden-Harris Administration and How to Prepare

As savvy investigators in Congress and the Biden-Harris Administration prepare for new and expanded government investigations, it is time for potential targets to assess and address their vulnerabilities. Investigators in...more

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