Who is this post for? If you are an officer or director of a crypto firm, or a firm with significant exposure to the losses of a crypto firm, and if you’re concerned about your personal assets being subject to claims from investors and accompanying legal defense costs, then this FAQ is for you.
Financial
The FCA introduces new D&I-related disclosures
On 20 April 2022, the UK Financial Conduct Authority (“FCA”) published its Policy Statement PS 22/3 on disclosures regarding diversity and inclusion targets for the boards and executive committees of UK-listed companies. These measures reflect the growing importance of Environmental, Social and Governance (“ESG”) considerations, and have gained particular traction in the financial services sector,…
Federal Deposit Insurance Corporation Issues Proposed Statement on Principles of Climate-Related Financial Risk Management for Large Financial Institutions
On March 30, 2022, the Federal Deposit Insurance Corporation (“FDIC”) released a proposed policy statement related to sound management of exposures to climate-related financial risks (the “Proposal”). The Proposal is targeted at FDIC-supervised financial institutions with more than $100 billion in total consolidated assets (“covered banks”) and is intended to provide a high-level framework for…
Transfer of Crypto Values – New German Money Laundering Regulation –
I. Overview
On 1 October 2021, the new German Regulation on Increased Duties of Care for the Transfer of Crypto Value (Kryptowertetransferverordnung – “KryptoWTransferV”) entered into force. In a nutshell, by this Regulation the German legislator implemented the so-called ‘Travel Rule’ for transfers of crypto values (Kryptowerte) as suggested by the Financial Action Task Force…
Congress Repeals the OCC’s True Lender Rule
On June 30, President Biden signed into law a joint resolution to repeal the Office of the Comptroller of the Currency’s (OCC) so-called true lender rule. The rule was repealed under the Congressional Review Act (CRA), which allows Congress to repeal new federal regulations by passing a joint resolution of disapproval that must be later…
Second Circuit Rejects New York State Department of Financial Services’ Lawsuit Against the Office of the Comptroller of the Currency
On June 3, 2021, in Lacewell v. OCC, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) dismissed the New York State Department of Financial Services’ (“DFS”) lawsuit against the Office of the Comptroller of the Currency (“OCC”). DFS challenged the OCC’s decision to commence accepting applications for special-purpose national…
OCC to Reconsider June 2020 Community Reinvestment Act Final Rule
On Tuesday, May 18, 2021, the Office of the Comptroller of the Currency (“OCC”) announced that it will reconsider its June 5, 2020 final rule (“final rule”) overhauling its regulations implementing the Community Reinvestment Act (the “CRA”). The final rule, which applies only to national banks, federal savings associations, and insured federal branches (“OCC-regulated banks”),…
Federal Reserve Proposes Guidelines on Requests for Accounts and Payment Services at Federal Reserve Banks
On Wednesday, May 5, 2021, the Board of Governors of the Federal Reserve System (“Federal Reserve”) issued a notice requesting public comment on proposed guidelines articulating a series of principles to be used by Federal Reserve Banks in evaluating requests for Reserve Bank master accounts and payment services (the “Proposed Guidelines”). The Federal Reserve intends…
Treasury Secretary Yellen to Appoint Acting Comptroller of the Currency
On May 3, 2021, media outlets reported that Treasury Secretary Janet Yellen will appoint Michael Hsu to serve as Acting Comptroller of the Currency. Mr. Hsu currently serves as an Associate Director of the Division of Supervision and Regulation at the Board of Governors of the Federal Reserve System, where he heads the Large Institution…
CFPB Rescinds Abusiveness Policy Statement
On March 11, 2021, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) announced it was rescinding its “Statement of Policy Regarding Prohibition on Abusive Acts or Practices” (the “2020 Policy Statement”). The rescission is the latest in a series of actions under Acting Director David Uejio that demonstrate a recalibration in the Bureau’s regulatory…