Cabinet News & Views

In This Issue ...

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

Priorities for Derivatives Markets from ISDA's Annual General Meeting

By Peter Y. Malyshev

Partner | Financial Regulation

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.

By Mercedes Kelley Tunstall

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.

By Mercedes Kelley Tunstall

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.”

By Michael Sholem

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.

By Daniel Meade

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.

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.