As AI use proliferates, the advisory reminds CFTC-regulated entities of their existing obligations and the CFTC’s intention to monitor for ongoing risks.
By Douglas K. Yatter, Yvette D. Valdez, Margaret Graham, Hanyu (Iris) Xie, Adam Bruce Fovent, Mia Stefanou, and Deric Behar
On December 5, 2024, the staff of the Commodity Futures Trading Commission’s (CFTC) Divisions of Clearing and Risk, Data, Market Oversight, and Market Participants published an advisory on the use of artificial
Regulators seek to provide clarity and transparency on the bank merger review process, but changes may increase application complexity and unpredictability.
By Arthur S. Long, Pia Naib, and Deric Behar
Consistent with ongoing initiatives to strengthen US antitrust regulation,1 the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Department of Justice (DOJ) recently announced changes that may reshape the landscape of bank mergers. These updated rules, policies, and guidelines
The Proposal clarifies the FDIC’s bank merger approval process but may prove challenging for new large bank consolidations with the FDIC as the primary regulator.
By Arthur S. Long, Pia Naib, and Deric Behar
On March 21, 2024, the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved Proposed Revisions to its Statement of Policy on Bank Merger Transactions (the Proposal). The Proposal adopts a principles-based approach and aims to update, strengthen, and clarify the FDIC’s
The joint statement provides helpful guidance on the civil rights implications of considering an individual’s immigration status under the ECOA.
By Parag Patel, Justin Talarczyk, and Deric Behar
On October 12, 2023, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) issued a joint statement (the Joint Statement) to clarify the civil rights implications of considering an individual’s immigration status under the Equal Credit Opportunity Act (ECOA). The Joint Statement is intended to assist creditors and borrowers in understanding these implications.
The ECOA and its implementing regulations (known as Regulation B) do not expressly prohibit the consideration of immigration status. However, they do prohibit creditors from using immigration status to discriminate on the basis of national origin, race, or any other protected characteristic.[i] The DOJ and CFPB are responsible for enforcing the antidiscrimination provisions of ECOA, which are crucial for ensuring fair, competitive, and nondiscriminatory lending markets.[ii]
The CFTC and the DOJ both now pursue enforcement actions against trading in commodities based on misappropriation of confidential information.
By Douglas K. Yatter, Sohom Datta, and Cameron J. Sinsheimer
Among the many changes resulting from the Dodd-Frank Act, one that has been slow to develop, but broad in its significance, is the assertion of authority by the CFTC to police insider trading in commodities markets. Starting in 2015, the agency began bringing enforcement actions against individuals and