Premier Banking Law News and Insights

The  results of a new survey on the implication of recent market volatility and the pandemic on the LIBOR transition showed that participants were progressing on "operation[s], risk, infrastructure, systems re-tooling, interactions with critical third parties, [and] meeting governance guidelines." The report, by Sia Partners, followed-up on a  previous study* which identified significant operational, legal,...

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A broker-dealer settled FINRA charges for operating without sufficient net capital. The firm was also cited for related reporting failures, including filing inaccurate Financial and Operational Combined Uniform Single ("FOCUS") reports. FINRA alleged that the broker-dealer's operation without sufficient net capital was in violation of Exchange Act Rule 15c3-1 ("Net Capital Requirements") and FINRA...

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Private student loan borrowers received some good news last week, as nine US states announced a coordinated effort to partner with private student loan servicers and offer relief for private student loan borrowers (the "Multi-State Initiative"). The measures announced by these states are very similar to those announced by New York on...

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