Financial Institutions

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COVID-19: UK Financial Support for Businesses through Purchases of Commercial Paper and Lending to SMEs

The UK Government has launched two funding mechanisms to assist firms with the potential impact of COVID-19 on their businesses: the Covid Corporate Financing Facility (CCFF) and the Coronavirus Business Interruption Loan Scheme (CBILS). Gibson Dunn lawyers provide an overview of the CCFF and CBILS and provides practical guidance as to how firms can make use of these facilities.

Client Alert | March 27, 2020

New York Department of Financial Services Emergency Regulations — Mandatory Forbearances for Residential Mortgage Loans

On March 24, 2020, the New York Department of Financial Services promulgated emergency regulations implementing a recent executive order issued by Governor Cuomo. The order aims to ensure that banks grant 90-day forbearances for borrowers that are suffering financial hardship as a result of the COVID-19 pandemic.

Client Alert | March 25, 2020

Emergency Lending Round 2: Primary Market Corporate Credit Facility, Secondary Market Corporate Credit Facility, Term Asset-Backed Lending Facility and Expansion of Other Programs

On March 23, 2020, in an unprecedented action, the Board of Governors of the Federal Reserve System invoked its emergency lending authority under Section 13(3) of the Federal Reserve Act to create additional programs to stabilize important financial markets.  It announced three facilities: the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility (SMCCF) and the Term Asset-Backed Securities Loan Facility (TALF)

Client Alert | March 24, 2020

New York State Department of Financial Services Round-Up – February 2020

The Round-Up summarizes recent key developments from the New York State Department of Financial Services (DFS) as of February 2020.

Client Alert | February 24, 2020

The Federal Reserve’s New “Control” Framework: Somewhat Greater Opportunities for Minority Investments

Gibson Dunn lawyers describe the most significant aspects of a new final rule issued by the Board of Governors of the Federal Reserve System. The rule, which will be effective on April 1, 2020, expands the relationships that an investor can have with a target institution and still be deemed to be non-controlling under the Bank Holdings Company Act of 1956.

Client Alert | February 13, 2020

Dodd-Frank 2.0: Agencies Propose Substantial Revisions to the Covered Funds Provisions of the Volcker Rule

On January 30, 2020, the five regulatory agencies (Agencies) responsible for implementing the Dodd-Frank Act’s Volcker Rule issued, in some cases with dissent, a proposed rule (Funds Proposal) that would make substantial revisions to the “covered funds” provisions of their Volcker regulations.

Client Alert | February 6, 2020

Developments in the Defense of Financial Institutions – The International Reach of the U.S. Money Laundering Statutes

As part of a series of regular analyses of the unique impact of white collar issues on financial institutions, Gibson Dunn lawyers examine how DOJ has stretched U.S. money laundering statutes—perhaps to a breaking point—to reach conduct that occurred outside of the United States.

Client Alert | January 9, 2020

Brexit – Reporting of Derivatives under EMIR

Gibson Dunn lawyers set out what steps UK counterparties to derivatives transactions should take now in relation to their reporting arrangements to ensure a smooth transition on and after Brexit.

Client Alert | December 10, 2019

New York State Department of Financial Services Proposes New Regulation Easing Information Sharing Between Regulated Entities and Professional Advisors

In November 2019, the New York State Department of Financial Services (DFS) proposed a new regulation allowing regulated entities to share “confidential supervisory information” with their legal counsel and independent auditors without first obtaining approval from DFS.

Client Alert | November 22, 2019

U.S. Banking Agencies Finalize Regulation on “High Volatility Commercial Real Estate” Capital Treatment

On November 19, 2019, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (Agencies) finalized their regulation (Final Rule) on High Volatility Commercial Real Estate (HVCRE) that had been proposed in September 2018.

Client Alert | November 21, 2019

Comptroller of the Currency and Federal Deposit Insurance Corporation Propose Rules on Maximum Interest Rate Authority

On November 18, 2019, the U.S. Office of the Comptroller of the Currency (OCC) issued a proposed regulation (OCC Proposal) that would codify, for national banks and federal thrifts, the common law “valid when made” doctrine of usury law.

Publications | November 20, 2019

Revised Section 13(3) of the Federal Reserve Act

New York partner Arthur Long is the author of “Revised Section 13(3) of the Federal Reserve Act,” [PDF] published in Business Law Today on March 22, 2019.

Publications | November 19, 2019

Steps Toward Reforming U.S. Housing Finance

During the fall of 2019, the U.S. financial agencies have taken initial, but substantial, steps towards reforming the U.S. housing finance system.

Client Alert | November 11, 2019

Best Practices for AML Compliance Self-Assessments

The Bank Secrecy Act requires financial institutions to establish an anti-money laundering (AML) compliance program to prevent and detect financial crime.

Article | October 4, 2019

UK Supreme Court Decides Suspending UK Parliament Was Unlawful

On September 23, 2019, the UK’s highest court ruled that Prime Minister Boris Johnson’s decision to suspend (or “prorogue”) Parliament for five weeks, from September 9, 2019 until October 14, 2019, was unlawful.

Client Alert | September 24, 2019

Dodd-Frank 2.0: U.S. Agencies Revise the Volcker Rule on Proprietary Trading

On August 20, 2019, the Office of the Comptroller of the Currency and the Board of Directors of the Federal Deposit Insurance Corporation approved an expected rewrite of the regulation on proprietary trading, along with some minor amendments to the provisions governing private equity funds and hedge funds.

Client Alert | September 9, 2019

Gibson Dunn Adds Leading Bank Regulatory and Enforcement Litigator Matthew Biben

Gibson, Dunn & Crutcher LLP is pleased to announce that Matthew L. Biben has joined the firm as a partner in the New York office. Biben, formerly a co-lead of Debevoise & Plimpton LLP’s Banking Industry Group, will serve as Co-Chair of Gibson Dunn’s Financial Institutions Practice Group and continue his financial institutions practice with a focus on complex regulatory and litigation matters.

Press Releases | August 19, 2019

Gibson Dunn Lawyers Recognized in the Best Lawyers in America® 2020

The Best Lawyers in America® 2020 has recognized 158 Gibson Dunn attorneys in 54 practice areas. Additionally, 48 lawyers were recognized in Best Lawyers International in Belgium, Brazil, France, Germany, Singapore, United Arab Emirates and United Kingdom.

Firm News | August 15, 2019

New UK Prime Minister – what has happened?

An update on the political state of play in the United Kingdom after Boris Johnson was selected as Prime Minister, covering Brexit and other developments.

Client Alert | July 26, 2019

EMIR Refit Enters into Force on June 17, 2019 – Impacts and Action Items for End-Users

On May 28, 2019, final text was published in the Official Journal of the European Union (OJEU) for substantive amendments to the European Market Infrastructure Regulation (EMIR).

Client Alert | June 5, 2019

Impact of CFTC’s Proposed Amendments to Swap Data Reporting Requirements on Reporting and Non-Reporting Counterparties

On May 13, 2019, the Commodity Futures Trading Commission (CFTC) published a notice of proposed rulemaking titled Proposed Amendments to the Commission’s Regulations Relating to Certain Swap Data Repository and Data Reporting Requirements.

Client Alert | May 16, 2019

LSTA, LMA and APLMA Publish Sustainability Linked Loan Principles

Sustainability linked loans, a fast-growing loan product introduced in the United States last year, got a significant boost this week with the promulgation of the Sustainability Linked Loan Principles by the leading syndicated lending industry associations. 

Client Alert | March 22, 2019

Developments in the Defense of Financial Institutions – Calculating the Financial Exposure

Our financial institution clients frequently inquire about how best to address their regulatory and financial exposure in inquiries by the U.S. Department of Justice ("DOJ") and regulators in the United States.

Client Alert | January 18, 2019

Gibson Dunn Ranked in the 2019 UK Legal 500

The UK Legal 500 2019 ranked Gibson Dunn in 13 practice areas and named six partners as Leading Lawyers. The firm was recognized in the following categories:

Firm News | November 21, 2018

Brexit – The Draft Divorce Deal and Its Fall-Out

Negotiators for the European Union and the United Kingdom have agreed a draft withdrawal agreement that sets out how and when the UK will leave the EU (commonly known as "Brexit").  A separate, non-binding draft declaration sets out the aspirations for the future trading relationship.

Publications | November 19, 2018

SEC Announces First Enforcement Action Against Digital Token Platform as Unregistered Securities Exchange

On November 8, 2018, the U.S. Securities and Exchange Commission (SEC) announced that it had taken its first enforcement action against a digital "token" trading platform on the basis that the platform operated as an unregistered national securities exchange.

Client Alert | November 15, 2018

Webcast: Spinning Out and Splitting Off – Navigating Complex Challenges in Corporate Separations

In the current strong market environment, spin-off deals have become a regular feature of the M&A landscape as strategic companies look for ways to maximize the value of various assets. In this program, a panel of lawyers from a number of these key practice areas provided insights based on their recent experience structuring and executing spin-off transactions. They walked through the hot topics, common issues and potential work-arounds.

Webcasts | October 30, 2018

IRS Provides Much Needed Guidance on Opportunity Zones through Issuance of Proposed Regulations

On October 19, 2018, the Internal Revenue Service (the "IRS") and the Treasury Department issued proposed regulations (the "Proposed Regulations") providing rules regarding the establishment and operation of "qualified opportunity funds" and their investment in "opportunity zones."

Client Alert | October 22, 2018

SEC Warns Public Companies on Cyber-Fraud Controls

On October 16, 2018, the Securities and Exchange Commission issued a report warning public companies about the importance of internal controls to prevent cyber fraud.  The report described the SEC Division of Enforcement's investigation of multiple public companies which had collectively lost nearly $100 million in a range of cyber-scams typically involving phony emails requesting payments to vendors or corporate executives.

Client Alert | October 17, 2018

Financing Arrangements and Documentation: Considerations Ahead of Brexit

Since the result of the Brexit referendum was announced in June 2016, there has been significant commentary regarding the potential effects of the UK's withdrawal from the EU on the financial services industry.

Client Alert | October 11, 2018

Why We Think the UK Is Heading for a “Soft Brexit”

Our discussions with politicians, civil servants, journalists and other commentators lead us to believe that the most likely outcome of the Brexit negotiations is that a deal will be agreed at the “softer” end of the spectrum, that the Conservative Government will survive and that Theresa May will remain as Prime Minister at least until a Brexit deal is agreed (although perhaps not thereafter).

Client Alert | October 10, 2018

OFAC Issues Economic Sanctions Guidance on Digital Currencies

Over the last several months, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has expressed a clear interest in protecting the U.S. financial system from illicit activities in the digital currency space and has posited that transactions involving digital currencies be treated similarly to transactions involving traditional fiat currency.

Client Alert | October 5, 2018

New York Office of the Attorney General Publishes Report on Virtual Currency Platforms and Their Potential Risks

This Alert reviews the New York State Office of the Attorney General's (the "OAG") Virtual Markets Integrity Initiative Report (the "Report"), which was published on September 18, 2018.

Client Alert | September 27, 2018

Dodd Frank 2.0: U.S. Federal Banking Agencies Propose New HVCRE Capital Regulations

On September 18, 2018, the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System, and Federal Deposit Insurance Corporation (together, the Banking Agencies) proposed revisions to their Basel III capital rules regarding so-called High Volatility Commercial Real Estate (HVCRE) loans.

Client Alert | September 24, 2018

Jeffrey Steiner Named a Cryptocurrency, Blockchain and Fintech Trailblazer

The National Law Journal named Washington, D.C. counsel Jeffrey Steiner a 2018 Cryptocurrency, Blockchain and Fintech Trailblazer [PDF]. Steiner is recognized for leading one of the Dodd-Frank rulemaking teams for OTC derivatives while at the U.S.

Firm News | September 10, 2018

Dodd-Frank 2.0: Potential Reform to the Federal Reserve Board’s “Control Rules” — What Is at Stake and Who May Benefit

2018 has seen significant but pragmatic developments in the implementation of bank regulation by the Board of Governors of the Federal Reserve System (Federal Reserve) under its new Vice Chairman for Bank Supervision, Randal Quarles.

Client Alert | August 20, 2018

The U.S. Office of the Comptroller of the Currency Will Permit Special Purpose National Bank Charters for Fintech Firms

Last week, the Office of the Comptroller of the Currency (OCC) announced that it would begin accepting proposals from Fintech firms to charter special purpose national banks (SPNBs).

Client Alert | August 6, 2018

2018 Mid-Year Securities Enforcement Update

I. Significant Developments A. Introduction For a brief moment in time, after several years with as many as 3 of the 5 commissioner seats vacant, the SEC was operating at full force, with the January 2018 swearing in of newest commissioners Hester Peirce and Robert Jackson.

Client Alert | July 30, 2018

The Politics of Brexit for those Outside the UK

Following the widely reported Cabinet meeting at Chequers, the Prime Minister's country residence, on Friday 6 June 2018, the UK Government has now published its "White Paper" setting out its negotiating position with the EU.

Client Alert | July 12, 2018

Developments in the Defense of Financial Institutions

To Disclose or Not to Disclose: Analyzing the Consequences of Voluntary Self-Disclosure for Financial Institutions One of the most frequently discussed white collar issues of late has been the benefits of voluntarily self-disclosing to the U.S.

Client Alert | July 12, 2018

2018 Mid-Year FCPA Update

The steady clip of Foreign Corrupt Practices Act ("FCPA") prosecutions set in 2017 has continued apace into the first half of 2018, largely quieting any questions of enforcement of this important statute under the current Administration.

Client Alert | July 9, 2018

Webcast: Developments in Virtual Currency Law and Regulation

The past year has seen an explosion in virtual currency offerings, as well as significant legal and regulatory developments as U.S. regulators have tried to keep pace with the industry.

Webcasts | June 27, 2018

Revisions to the FFIEC BSA/AML Manual to Include the New CDD Regulation

On May 11, 2018, the federal bank regulators and the Financial Crimes Enforcement Network ("FinCEN") published two new chapters of the Federal Financial Institution Examination Council Bank Secrecy Act/Anti-Money Laundering Examination Manual ("BSA/AML Manual") to reflect changes made by FinCEN to the CDD regulation.

Client Alert | June 14, 2018

Dodd Frank 2.0: Reforming U.S. HVCRE Capital Treatment

On Tuesday, May 22, 2018, the U.S. House of Representatives passed the Economic Growth, Regulatory Relief, and Consumer Protection Act (Reform Bill), which had already passed the Senate on a bipartisan basis.

Client Alert | May 24, 2018

CFTC Chairman and Chief Economist Co-Author “Swaps Reg Reform 2.0”

On April 26, 2018, Commodity Futures Trading Commission ("CFTC") Chairman J. Christopher Giancarlo and the CFTC's Chief Economist Bruce Tuckman released a co-authored white paper titled Swaps Regulation Version 2.0: An Assessment of the Current Implementation of Reform and Proposals for Next Steps ("White Paper"), which analyzes and assesses the CFTC's current implementation of the swaps reforms promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank").

Client Alert | May 15, 2018

Webcast: Anti-Money Laundering and Sanctions Enforcement and Compliance in 2018 and Beyond

Gibson Dunn partners provide an overview of significant trends and key issues in Bank Secrecy Act (BSA)/Anti-Money Laundering (AML) and sanctions enforcement and compliance.

Webcasts | May 3, 2018

FinCEN Issues FAQs on Customer Due Diligence Regulation

On April 3, 2018, FinCEN issued its long-awaited Frequently Asked Questions Regarding Customer Due Diligence Requirements for Financial Institutions, FIN-2018-G001.

Client Alert | April 23, 2018

The Federal Reserve’s New Take on Bank Capital: Two Modest, but Thoughtful, Proposals

Last week, the Board of Governors of the Federal Reserve System (Federal Reserve) issued two proposals relating to capital requirements for large banking organizations that provide a glimpse into its thinking on recalibrating post-Financial Crisis regulation.

Client Alert | April 19, 2018

Trump Administration Imposes Unprecedented Russia Sanctions

On April 6, 2018, the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") significantly enhanced the impact of sanctions against Russia by blacklisting almost 40 Russian oligarchs, officials, and their affiliated companies pursuant to Obama-era sanctions, as modified by the Countering America's Adversaries Through Sanctions Act ("CAATSA") of 2017.

Client Alert | April 12, 2018

Webcast – Challenges in Compliance and Corporate Governance -14th Annual Briefing

In this webcast, a panel reviews key regulatory and corporate governance developments in 2017 and offers valuable insight on how to address challenges forecasted for 2018.

Webcasts | January 24, 2018