Hot Topics In Financial Services: A View From Morgan Stanley CLO

Perkins Coie LLP White Collar & Investigations partners Lee Richards III and David Massey are joined by Eric Grossman, the Chief Legal Officer of Morgan Stanley, for an in-depth discussion of hot topics in the financial services enforcement area, including big banks’ readiness for another financial crisis; Environmental, Social, and Governance (ESG) investing; the “gamification” of trading; SPACs; corporate criminal investigations and resolutions; and the influence of politics on law enforcement. Mr. Grossman also reflects on the importance […]

By | September 14th, 2021 ||

Banking Agencies Extend Comment Period For Risk Management Guidance On Third-Party Relationships

The Federal Reserve Board, FDIC and OCC extended the comment period for proposed risk management guidance concerning third-party relationships of banking organizations from September 17, 2021, to October 18, 2021.

As previously covered, the proposed guidance would provide banking organizations with a suggested framework for the development of third-party relationship risk management practices, and identify applicable principles for each stage in the life cycle of a third-party relationship.

The proposal is intended to promote consistency across the banking agencies, as it […]

By | September 9th, 2021 ||

Proposed Legislation Would Require Financial Institutions To Report Data For Accounts With Annual Activity Of $600

In May 2021, as part of the American Families Plan, the Biden Administration proposed that financial institutions should report consumer and business account activity exceeding $600 annually. Proponents of the legislation claim that it will give the Internal Revenue Service (“IRS”) additional information to assist with audits while the proposed legislation has raised compliance and privacy concerns from critics.

The proposed American Families Plan legislation would require that financial institutions report transaction data for any […]

By | September 7th, 2021 ||