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Practical Law: Financial Services and the US Cannabis Sector

We recently wrote an article for Thomson Reuters’ Practical Law outlining the state of play for the financial services sector’s relationship with the U.S. cannabis sector.  Our article summarizes the...

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Banking and Cannabis — Updated Briefing on the SAFE Banking Act and STATES Act

There is now a serious effort underway by the usually divided Congress to find a way for the growing cannabis sector to enter the mainstream financial sector.  Our newest visual memorandum updates our...

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Bipartisan Support for Cannabis Banking Safe Harbor Reaches New High with...

A bipartisan group of 38 state and territorial attorneys general has signed an open letter to Congress calling for legislative change for banking and financial institutions wishing to provide services...

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Bank Secrecy Act Reform Legislation Advanced Unanimously by House Financial...

The House Financial Services Committee unanimously recommended to the full House on May 9, 2019 a bill that would reform the U.S. anti-money laundering (AML) regime.  H.R. 2514, the Coordinating...

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Davis Polk Financial Services Regulatory Reform Tool—Summer Spotlight Edition

Financial services regulatory reform continues to evolve in 2019.  As we observe the changing landscape, here is the Summer Spotlight Edition of our reference tool, which provides context and...

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Davis Polk Client Memorandum: Banking and Cannabis — Updated Briefing on the...

For those following Congressional efforts to solve the challenges of banking the cannabis sector, we have updated our briefing on the two pending bills in light of the Senate Banking Committee hearing...

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Davis Polk Financial Services Regulatory Reform Tool—Fall Focus Edition

Financial services regulatory reform continues to evolve in 2019.  As we observe the changing landscape, here is the Fall Focus Edition of our reference tool, which provides context and summarizes...

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U.S. Imposes Additional Sanctions on Central Bank of Iran

In response to what Treasury Secretary Steven Mnuchin called “Iran’s brazen attack against Saudi Arabia,” and following President Trump’s tweet ordering Treasury to “substantially increase Sanctions on...

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Cannabis Legalization? — Updated Briefing on the SAFE Banking Act, the STATES...

Congress now has three different cannabis bills and three different approaches before it. One approach, taken by the Secure and Fair Enforcement Banking Act (the SAFE Banking Act), is to focus...

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Davis Polk Client Memorandum: United States Sanctions Turkish Government over...

On October 14, 2019, President Trump issued an Executive order authorizing sanctions targeting the Turkish government in connection with its military operations in northern Syria. The U.S. government...

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Banking Hemp: The Banking Regulators Move Forward

For hemp-related customers, banks no longer need to file suspicious activity reports according to a guidance statement issued by the Federal Reserve, FDIC, OCC and FinCEN, in consultation with the...

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U.S. Department of Commerce Proposes Rule Governing Information and...

On November 27, 2019, the United States Department of Commerce issued an advance notice of proposed rulemaking seeking public comment on “regulations that would govern the process and procedures that...

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Davis Polk Financial Services Regulatory Reform Tool—2020 Vision Edition

Financial services regulatory reform will continue to be active in 2020, with developments percolating in all three branches of government.  As we observe the changing landscape, here is the 2020...

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“Maximum Pressure” to the Max: United States Sanctions Additional Sectors of...

On January 10, 2020, President Trump issued Executive order 13902 (“E.O. 13902”) which authorizes the U.S. Department of the Treasury to impose additional sanctions targeting the construction, mining,...

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Memorandum on CARES Act Oversight and Enforcement Risks for Companies and...

We have published a memorandum on what companies and lenders need to know about oversight under the CARES Act and related enforcement risks. By reference to the global financial crisis, the memorandum...

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President Trump Signs Sanctions Law to Address Human Rights Violations in China

On June 17, 2020, President Trump signed into law the Uyghur Human Rights Policy Act of 2020 (the “Act”). The Act requires the President to submit to Congress within 180 days a report identifying...

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FinCEN and the Federal Reserve Board Propose Travel Rule Amendments to Lower...

The Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board (together the Agencies) last week proposed amendments (the Proposed Rules) to the Travel Rule regulations and related...

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The Anti-Money Laundering Act of 2020 – Key Takeaways

The Anti-Money Laundering Act of 2020 implements the most extensive revisions to anti-money laundering law since the USA PATRIOT Act of 2001. The changes will affect both traditional financial...

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The Road Ahead for Financial Regulatory Reform in a Time of Democrats in Control

Today, we released our deck “The Road Ahead for Financial Regulatory Reform in a Time of Democrats in Control.” This deck describes our view of the road ahead for financial regulatory reform under a...

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Davis Polk Financial Services Regulatory Reform Tool—Spring Forward Edition

Financial services regulatory reform will continue to be active in 2021, with the Biden Administration focused on activity at the intersection of financial regulation and social policy.  As we observe...

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