Posts from: Andrew Gerlach

Financial CHOICE Act of 2017

Posted by H. Rodgin Cohen and Samuel R. Woodall III, Sullivan & Cromwell LLP, on

Thursday, June 15, 2017

H. Rodgin Cohen is Senior Chairman and Samuel R. Woodall III is Partner at Sullivan & Cromwell LLP. This post is based on a Sullivan & Cromwell publication by Mr. Cohen, Mr. Woodall, Jared M. Fishman, C. Andrew Gerlach, and Michael M. Wiseman. Additional posts addressing legal and financial implications of the Trump administration are available here.

[On June 9, 2017], the U.S. House of Representatives, voting almost entirely along party lines, passed H.R. 10, the “Financial CHOICE Act of 2017” (the “CHOICE Act”), a Republican proposal that would substantially restructure the post-crisis regulatory framework and provide significant regulatory relief to certain highly capitalized banking organizations. The vote was 233 to 186 and marks the first time either chamber of Congress has passed legislation that would significantly amend the post-crisis financial regulatory framework implemented under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”).

FinTech: New Regulatory Developments

Posted by Mitchell S. Eitel, Sullivan & Cromwell LLP, on

Sunday, April 17, 2016

Banks, Blockchain, CFPB, Consumer protection, Cybersecurity, Financial institutions, Financial regulation, Financial technology, Innovation, No-action letters, OCC, Oversight, Risk management, Tech companies
More from: Andrew Gerlach, Mitchell Eitel, Rebecca Simmons, Stephen Lam, Sullivan & Cromwell

This post is based on a Sullivan & Cromwell LLP publication authored by Mitchell S. Eitel, C. Andrew Gerlach, Rebecca J. Simmons, Stephen H. Lam. The complete publication, including footnotes, is available here.

On March 31, 2016, the Office of the Comptroller of the Currency (the “OCC”), the regulator of federally chartered national banks and savings associations, released a white paper that sets forth the OCC’s perspective on supporting responsible innovation in the federal banking system (the “White Paper”). The release of the White Paper represents the most significant effort by a U.S. federal financial regulator to provide guidance for financial institutions and companies regarding the development of products and services in the financial technology (“FinTech”) sector and identifies the principles that the OCC plans to use as it continues to develop its comprehensive framework for understanding and evaluating innovative products, services and processes.

Recovery Planning for Large National Banks

Posted by C. Andrew Gerlach, Sullivan & Cromwell LLP, on

Sunday, January 3, 2016

This post is based on a Sullivan & Cromwell LLP publication by C. Andrew Gerlach, Rebecca J. Simmons, Mark J. Welshimer and Connie Y. Lam. Mr. Gerlach, Ms. Simmons, and Mr. Welshimer are partners in the Financial Services Group; and Ms. Lam is a firm associate.

On December 16, 2015, the Office of the Comptroller of the Currency (the “OCC”) solicited public comment, through a Notice of Proposed Rulemaking (the “NPR”), [1] on proposed guidelines to establish standards for recovery planning by certain large insured national banks, insured Federal savings associations and insured Federal branches of foreign banks (the “Guidelines”).
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Volcker Rule: Agencies Release New Guidance

Posted by Whitney A. Chatterjee, Sullivan & Cromwell LLP, on

Friday, June 19, 2015

Banks, CFTC, FDIC, Federal Reserve, Financial institutions, Financial regulation, Hedge funds, OCC, Private equity, Private funds, Proprietary trading, SEC, Securities regulation, Volcker Rule
More from: Andrew Gerlach, Eric Diamond, Ken Li, Whitney Chatterjee, Sullivan & Cromwell

Whitney A. Chatterjee is partner at Sullivan & Cromwell LLP. This post is based on a Sullivan & Cromwell publication authored by Ms. Chatterjee, C. Andrew Gerlach, Eric M. Diamond, and Ken Li; the complete publication, including Appendix, is available here.

[June 12, 2015], the staffs of the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading Commission (collectively, the “Agencies”) provided two important additions to their existing list of Frequently Asked Questions (“FAQs”) addressing the implementation of section 13 of the Bank Holding Company Act of 1956, as amended (the “BHC Act”), commonly known as the “Volcker Rule.”

The Volcker Rule imposes broad prohibitions on proprietary trading and investing in and sponsoring private equity funds, hedge funds and certain other investment vehicles (“covered funds”) by “banking entities” and their affiliates. The Volcker Rule, as implemented by the final rule issued by the Agencies (the “Final Rule”), provides exclusions from the definition of covered fund for certain foreign public funds and joint ventures.

Agencies Release New Volcker Rule FAQ

Posted by Yaron Nili, Co-editor, HLS Forum on Corporate Governance and Financial Regulation, on

Tuesday, March 17, 2015

Bank Holding Company Act, Banks, CFTC, FDIC, Federal Reserve, Financial institutions, Financial regulation, Foreign banks, OCC, Proprietary trading, SEC, Volcker Rule
More from: Andrew Gerlach, Eric Diamond, H. Rodgin Cohen, Whitney Chatterjee, Sullivan & Cromwell

The following post comes to us from Sullivan & Cromwell LLP, and is based on a Sullivan & Cromwell publication by Whitney A. Chatterjee, H. Rodgin Cohen, C. Andrew Gerlach, and Eric M. Diamond; the complete publication, including footnotes and appendix, is available here.

On February 27, 2015, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading Commission (collectively, the “Agencies”) provided an important addition to their existing list of Frequently Asked Questions (“FAQs”) addressing the implementation of section 13 of the Bank Holding Company Act of 1956, as amended (the “BHC Act”), commonly known as the “Volcker Rule.”

The Volcker Rule imposes broad prohibitions on proprietary trading and investing in and sponsoring private equity funds, hedge funds and certain other investment vehicles (“covered funds”) by “banking entities” and their affiliates. The Volcker Rule, as implemented by the final rule issued by the Agencies (the “Final Rule”), provides an exemption from the covered fund prohibitions for foreign banking entities’ acquisition or retention of an ownership interest in, or sponsorship of, a covered fund “solely outside of the United States” (the “SOTUS covered fund exemption”).

Banking Agencies Release Limited Volcker Rule Guidance

Posted by Yaron Nili, Co-editor, HLS Forum on Corporate Governance and Financial Regulation, on

Monday, June 30, 2014

Banks, CFTC, Compliance and disclosure interpretation, FDIC, Federal Reserve, Financial institutions, Financial regulation, OCC, Proprietary trading, SEC, Securities regulation, Volcker Rule
More from: Andrew Gerlach, Camille Orme, Robert Reeder, Whitney Chatterjee, Sullivan & Cromwell

The following post comes to us from Sullivan & Cromwell LLP, and is based on a Sullivan & Cromwell publication by Robert W. Reeder III, Camille L. Orme, Whitney A. Chatterjee, and C. Andrew Gerlach. The complete publication, including appendix, is available here.

On June 10, 2014, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation (collectively, the “Banking Agencies”) and the Securities and Exchange Commission (the “SEC”) released substantially identical Frequently Asked Questions (“FAQs”) addressing six topics regarding the implementation of section 13 of the Bank Holding Company Act of 1956, as amended, commonly known as the “Volcker Rule.”

Posts from: Andrew Gerlach

Financial CHOICE Act of 2017

FinTech: New Regulatory Developments

Recovery Planning for Large National Banks

Volcker Rule: Agencies Release New Guidance

Agencies Release New Volcker Rule FAQ

Banking Agencies Release Limited Volcker Rule Guidance

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