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
This proposal is the second shoe to drop in terms of the SEC and FinCEN's initiative to impose AML program requirements on RIAs and ERAs. In February FinCEN issued a Notice of Proposed Rulemaking that would require RIAs and ERAs to adopt AML compliance programs that include procedures for identifying suspicious transactions and filing SARs.
A CIP rule is a fundamental aspect in terms of enabling financial institutions to be confident that they understand the identity of their…
The proposal is likely to have several potentially negative consequences for financial institutions. In particular, it will further increase compliance burdens by requiring financial institutions to implement procedures and standards around incentive-based compensation arrangements, which are likely to be subject to significant scrutiny during the examination process. If the outcome is that banks, including their boards of directors will be subject to more "gotcha" moments from their…
The report confirms often heard complaints at industry meetings with respect to interactions between bankers and examiners. Nearly 25% of bankers complained about poor communications with respect to applications processing and reports of examinations. Nearly 33% disagreed with examination conclusions, specified corrective actions or application decisions.
It is not typical for a federal government agency to interject itself into a state rulemaking process and more unusual when that agency attempts to blur the lines between consumer protection law and the CRA, which was designed to ensure that determinations regarding bank locations are made on an equitable basis. Leaving aside the question of whether it is proper for a federal agency to involve itself in a state rulemaking, the larger concern for lenders is the CFPB's advocacy for applying…