Partner
Norton Rose Fulbright US LLP
Tom Delaney is a Partner based in Washington, DC. He advises international and domestic financial services firms including banks, branches of foreign banks savings associations, ILCs, FinTechs, insurance companies, payment providers and investment funds with respect to US and cross-border compliance obligations. He advises on a wide range of issues, including compliance with the Bank Holding Company Act, the National Bank Act, the Federal Deposit Insurance Act and the Bank Secrecy Act. His strategic advice enables clients to resolve regulatory, supervisory, and structural impediments to their corporate objectives.
Additionally, Tom oversees the conduct of internal investigations, advises on remediation measures and aggressively defends financial services firms that become the target of enforcement proceedings and Congressional investigations.
Recent Articles & Comments
For the first time since the enactment of the USA PATRIOT Act, FinCEN has expanded the definition of "financial institution" to include investment advisers. These IA regulations have been in the making for over 20 years. Though FinCEN has retreated from previously proposed rulemakings that would have extended AML program requirements to the IA sector, concern over the growth in private equity, venture capital and hedge funds and evidence that IAs have been the subject of over 15 percent of…
The settlement agreement reflects risks associated with banking as a service, where a bank is in the background of providing transactional rail support to digital service providers that offer a more streamlined experience than would be the case if customers dealt with banks directly.
As the settlement agreement between the Bank and its Fed supervisor makes clear, such arrangements do not reduce the bank service provider's responsibility for performing risk management and AML…
For 50 years, the FDIC has been concerned about the correlation of brokered deposits and high-risk lending by insured institutions in troubled condition.
The FDIC found that brokered deposit use is associated with a higher probability of failure by insured institutions. When such institutions fail, the payouts can be substantial. For instance, when IndyMac bank failed in 2008, 30 percent of its deposits were brokered deposits. The estimated loss to the FDIC from IndyMac alone was $12…
Third party service arrangements, particularly those involving partnership with fintech partners, have been a growing source of concern for federal bank regulators. The guidance and accompanying RFI reflect this trend and underscore points that regulatory officials have made about the need for financial institutions to pay particular attention to the state of their risk management practices in relation to fintech partnerships.
Two notable aspects of the guidance are (i)…