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Where Things Stand
May 12, 2022

Our partner Peter Malyshev checks in this week from Spain, where he is attending the first in-person International Swaps and Derivatives Association (“ISDA”) annual general meeting since the COVID-19 pandemic. In recent weeks, Peter also attended the first in-person Futures Industry Association Law and Compliance (“FIA L&C”) annual conference in Washington, D.C., along with a number of other Cadwalader partners.

In many ways, things are really getting back to normal. In the financial regulatory space in the U.S. and the UK, that means increased guidance on crypto and ESG, along with continued attention to more traditional areas of focus, including new legislation (or calls for legislation) and CFPB activity on fair lending. We also take a bit of a deeper look this week at the interagency proposal on Community Reinvestment Act rules. 

So how do you feel about where things are right now? We’d love to hear from you. Just write to us here.

Daniel Meade and Michael Sholem
Co-Editors, Cabinet News and Views

Partner | Financial Services

The first in-person ISDA annual general meeting after the COVID-19 pandemic is wrapping up today in Madrid, Spain. This conference follows the Futures Industry Association Law and Compliance annual conference held in Washington, D.C. at the end of April, and the topics addressed were essentially similar, albeit approached from a different angle.

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Partner | Financial Regulation

The Consumer Financial Protection Bureau issued an advisory opinion on May 9, confirming that for purposes of the Equal Credit Opportunity Act and its implementing regulation, Regulation B, the intended breadth of the provisions prohibiting discrimination on the basis of race, color, religion, national origin, sex, marital status and age is to cover not just applicants for credit, but also customers who have already been extended credit.

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Partner | Financial Regulation

Earlier this week, Department of the Treasury Secretary Janet Yellen provided testimony and responded to questions from the Senate Banking Committee regarding volatility in cryptocurrencies that are designated to be “stablecoins.”

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Partner | Financial Services

On May 10, 2022, Prince Charles announced in the Queen’s Speech that the Government would bring in new legislation to “strengthen” the UK’s financial services industry to ensure that it acts “in the interest of all people and communities.” The Government will introduce a Financial Services and Markets Bill during the course of the coming year.

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Partner | Financial Regulation

The Federal Deposit Insurance Corporation, the Federal Reserve Board and the Office of the Comptroller of the Currency issued a notice of proposed rulemaking to amend and update the rules implementing the Community Reinvestment Act. The comment period on the proposal will be open until August 5, 2022. 

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Raphael Mokades is the Founder and Managing Director of Rare, the award-winning leader in diversity graduate recruitment. We caught up with Raphael about timely topics and best practices in diversity hiring and recruitment and to hear some of the high-level advice that he is providing to clients.

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Maurine R. Bartlett
Senior Counsel
T. +1 212 504 6218
maurine.bartlett@cwt.com

Brian Foster
Partner
T. +1 212 504 6736
brian.foster@cwt.com

James Frazier
Partner
T. +1 212 504 6963
james.frazier@cwt.com

Mark Howe
Partner
T. +1 202 862 2236
mark.howe@cwt.com

Gregg Jubin
Partner
T. +1 202 862 2485
gregg.jubin@cwt.com

Philip S. Khinda
Partner
T. +1 202 862 2262
philip.khinda@cwt.com

Ivan Loncar
Partner
T. +1 212 504 6339
ivan.loncar@cwt.com

Peter Y. Malyshev
Partner
T. +1 202 862 2474
peter.malyshev@cwt.com

Daniel Meade
Partner
T. +1 202 862 2294
daniel.meade@cwt.com

Jed Miller
Partner
T. +1 212 504 6821
jed.miller@cwt.com

Michael Newell
Partner
T. +44 0 20 7170 8540
michael.newell@cwt.com

Rachel Rodman
Partner
T. +1 202 862 2210
rachel.rodman@cwt.com

Richard M. Schetman
Senior Counsel
T. +1 212 504 6906
richard.schetman@cwt.com

Lary Stromfeld
Partner
T. +1 212 504 6291
lary.stromfeld@cwt.com

Jonathan M. Wainwright
Senior Counsel
T. +1 212 504 6122
jonathan.wainwright@cwt.com

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