Major banking & finance legal developments in June included not only the overturning of the Chevron doctrine but also several rulemakings from banking regulators. In addition, a significant development in the Flagstar Bank case saw the Supreme Court grant a petition for certiorari, vacating the judgment and remanding the case to the United States Court of Appeals for the Ninth Circuit for further consideration consistent with the high court’s recent decision in Cantero v. Bank of America. Banking and Finance Law Daily keeps you up to date on breaking banking and finance law news with a comprehensive daily report. Find out more: https://lnkd.in/ef8aBHNB #BankingLaw #FinanceLaw #Chevron
Wolters Kluwer Legal & Regulatory US’ Post
More Relevant Posts
-
Explore how the potential overturning of the Chevron standard by the Supreme Court of the U.S. could revolutionize the power dynamics between regulatory agencies and the banking industry. #LegalUpdate #BankingRegulations #SupremeCourtDeliberations #fintech #banking #news #finance https://lnkd.in/eHVuaakB
To view or add a comment, sign in
-
Strategy & Execution For an Evolving Financial Services Industry | CEO Direct Report and Board Experience | JD | MBA | Commercial & Consumer Banking | Broker Dealer & RIA | FinTech
The Supreme Court struck down “Chevron deference” today, which required courts to defer to federal agencies in their interpretations of ambiguous statutes. Chevron deference has been the law of the land for 40 years. Few remember the regulatory environments that preceded it. In the 1960s and 1970s, the Office of the Comptroller of the Currency fought repeatedly to liberalize its interpretations of the Bank Company Holding Act (BHCA) in response to vastly changed market conditions from the 1930s. Comptroller William B. Camp was often thwarted in his efforts. In 1971, the Supreme Court established the “subtle hazards” doctrine in the case Investment Co. Institute v. Camp. In essence, the court evaluated the purposes of the law and struck down any OCC decision that might touch upon the “subtle hazards” that Glass-Steagall sought to prevent. The case specifically invalidated OCC approval for banks to operate a collective investment fund. However, the doctrine was the death of many efforts to make banks more competitive in the financial services landscape. Many laws deregulating banks have been passed since 1971, so the end of Chevron does not mean that banks will lose any powers they have today. That said, a landmark decision like this one can have both benefits and costs. Personally, I’ll save my celebrating until after a few post-Chevron cases work their way through the legal system. #Chevron #OCC #SCOTUS
To view or add a comment, sign in
-
Co-Founder and Managing Director at Klaros Group | Regulatory Strategy Expert for Banks and Fintechs| x OCC District Counsel and Assistant Director | x Director at Promontory Financial Group
Guess what ends along with the end of the Chevron two-step? The banking agencies’ winning streak in court. For the last 40 years, the banking agencies have repeatedly been given the judicial benefit of the doubt in their interpretations of the statutes they administer. Under the Chevron two-step: 👢 The court decided whether Congress had directly addressed the question in the law at issue. 👢 IF NOT, the court upheld the agency’s reasonable interpretation of that law. In overturning Chevron, the Supreme Court clearly communicated that federal agencies will no longer enjoy that cha-cha-cha: ⚖ “[A]gencies have no special competence in resolving statutory ambiguities. Courts do.” That means the courts will decide every open question about bank regulatory law from now on. It also means that banks may abandon their traditional reluctance to sue the agencies over decisions they do not like. I am in no way advocating for litigation, but it’s not hard to imagine lawsuits over: ❓ Basel III Endgame ❓ Climate Risk Management Guidance ❓ Bank Merger Act Proposal ❓ Refusals to grant ILC charters to commercial companies ❓ Various CFPB rulemakings #banking #bankregulation #chevron
To view or add a comment, sign in
-
🔔 The Financial Action Task Force (FATF) has issued an update to its #risk-based guidelines pertaining to Recommendation 25, following the revisions made in February 2023. This update primarily focuses on ensuring #transparency regarding #beneficial #ownership and legal arrangements. The revised guidance, aligned with the February 2023 amendments, complements the existing guidelines for Recommendation 24 concerning legal entities. This update seeks to enhance global transparency regarding beneficial ownership. ❗Strengthened FATF standards and guidance in this domain will aid in the identification of #corrupt individuals, #sanctions violators, #money #launderers, and tax evaders who conceal or launder illicit proceeds or activities through shell companies or other intricate structures, including trusts or legal arrangements. ⬇ ⬇ ⬇
To view or add a comment, sign in
-
The upshot of Chevron’s demise is more nuanced for financial institutions than for other regulated industries, primarily because of the robust supervisory powers of the federal banking agencies, issues of safety and soundness, and the way federal banking statutes often look to the federal banking agencies to implement various provisions in regulation. Read more. #Chevron #Banking #Regulation
What Banks Need to Know Post-Chevron | Insights | Venable LLP
venable.com
To view or add a comment, sign in
-
The FSCA South Africa continues to take actions against entities that fail to comply with #copytrading licensing requirements, aiming to protect the public from this high-risk financial activity, writes RUAN JOOSTE. #mirrortrading #FSPs #FinanceNews #trading #investment
Copy trading, while permissible, still requires a discretionary FSP licence
citywire.com
To view or add a comment, sign in
-
In a previous article published on April 2020 titled "Is the Money Mine? – Issues Arising from a Joint Bank Account", our Head of Specialist & Private Client Disputes Bock Eng Sim and Partner Vincent Ho wrote of how the courts rely on presumptions such as those of resulting trust and advancement in their determination of ownership of monies in a joint account, in particular, where one of the account holders is deceased. In these instances, the courts’ approach is to first discern the intention of the parties in light of the surrounding facts and circumstances, and if they are unable to do so, to then apply relevant presumptions. But would it make a difference if the joint account holders are alive and able to speak for themselves? In this article "No Presumptions – Who Owns the Money in the Joint Bank Account? (Part 2)", our Partners Bock Eng and Vincent examine this issue in the light of recent cases handed down by the Singapore courts. Click below to read the full article.
No Presumptions – Who Owns the Money in the Joint Bank Account? (Part 2)
wongpartnership.com
To view or add a comment, sign in
-
LCI Updates: The Financial Services Authority (OJK) has issued Regulation of the Chairperson of the Board of Commissioners of OJK Number 10 Year 2024 regarding Issuance and Reporting of Regional Bonds and Regional Sukuk (OJK Regulation 10/2024) as an endeavor to encourage the expansion of regional government fiscal financing sources through the utilization of funding sources in the capital market. https://lnkd.in/gUUjHRV5 #economy #legalcentric
LCI Updates - Issuance of OJK Regulation on Issuance and Reporting of Regional Bonds and Regional Sukuk
legalcentric.com
To view or add a comment, sign in
-
Operating within the regulations builds trust and transparency. This is a reminder to do the right thing in the right way.
The FSCA South Africa continues to take actions against entities that fail to comply with #copytrading licensing requirements, aiming to protect the public from this high-risk financial activity, writes RUAN JOOSTE. #mirrortrading #FSPs #FinanceNews #trading #investment
Copy trading, while permissible, still requires a discretionary FSP licence
citywire.com
To view or add a comment, sign in
-
Details for the Reconciliation Dialogue is in our events section. Reserve your spot today. #Reconciliation #NTRC #IndigenousBusinessProfessionals #CommunityEngagement #Provurement #SupplyChain #PostSecondary #Educators
To view or add a comment, sign in
19,360 followers