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So Long, Summer
September 1, 2022

We say it every year: how did the summer go by so quickly? Well, it has, and as we approach Labor Day in the United States, we hope all of our readers in the U.S. and Europe can squeeze in a few more summer highlights before we all buckle in for what will likely be a busy September.

Have a great holiday weekend. 

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

Profile photo of contributor Daniel Meade
Partner | Financial Regulation
Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

On August 18, the Federal Deposit Insurance Corporation issued Financial Institutions Letter 40-2022, which provided supervisory guidance for state non-member banks and multiple non-sufficient funds fees. The FDIC stated that it is issuing the guidance because of its observations in consumer compliance exams where consumers are charged multiple NSF fees for the same transaction when a merchant resubmits the transaction for payment. The FDIC has also observed that some institutions’ disclosures did not adequately describe the institution’s re-presentment practice. 

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Profile photo of contributor Mercedes Kelley Tunstall
Partner | Financial Regulation

The FBI’s August 29 Public Service Announcement warns the public (i.e., investors) about smart contract vulnerabilities on DeFi platforms.

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Profile photo of contributor Daniel Meade
Partner | Financial Regulation

The DOJ recently published an opinion from the Office of Legal Counsel regarding the FDIC Board. The OLC opinion concluded that “the Chairperson of the FDIC Board does not have the authority to prevent a majority of the Board from presenting items to the Board for a vote and decision.”

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Profile photo of contributor Michael Sholem
Partner | Financial Services

On August 19, the European Securities and Markets Authority announced the publication of its response to a consultation on the European Commission’s proposals to amend the regime for the provision of “third country” (meaning non-EU) benchmarks into the EU under the Benchmarks Regulation. The Commission’s consultation, which concluded on August 12, 2022, asked for views on whether the rules applicable to the use of benchmarks administered in a third country, which will fully enter into application in January 2024, are fit for purpose and if not, how should the BMR’s third country regime be amended.

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Mercedes Kelley Tunstall
Co-Editor, Partner
T. +1 202 862 2266
mercedes.tunstall@cwt.com

Alix Prentice
Co-Editor, Partner
T. +44 0 20 7170 8710
alix.prentice@cwt.com

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

Sukhvir Basran
Partner
T. +44 0 20 7170 8620
sukhvir.basran@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

Andrew Karp
Partner
T. +1 212 504 6962
andrew.karp@cwt.com

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

Peter Y. Malyshev
Partner
T. +1 202 862 2474
philip.khinda@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

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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