JANUARY 29, 2019
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Financial Institutions Legal News
In house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review on-line edition.

Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.

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As a result of the Democrats taking control of the House of Representatives, the House Financial Services Committee will be chaired by a Democrat for the first time since 2010. Representative Maxine Waters (D-CA) has officially taken over her role as the chair of the House Financial Services Committee. The committee will consist of 34 Democrats and 26 Republicans. As chair, Representative Waters will have the power to, among other things, schedule bill markups and hearings and to control who testifies before the committee.  More on Financial Services Committee Here >
Industrial Loan Companies (ILCs) are a different kind of financial institution. The ILC is a state-chartered FDIC-insured depository financial institution with certain advantages common to banks but without all of the corresponding regulatory overlay. This is one reason why aspiring fintech companies may consider foregoing the pursuit of a federal OCC “fintech” charter in favor of a state ILC charter.  This prospect has gained traction recently amid growing uncertainty about the future of the Office of the Controller’s new federal fintech charter.  More on the future of Fintech Banking Here >
Last week, the Department of Justice (“DOJ”) and the Securities & Exchange Commission (“SEC”) announced charges connected to a large-scale, international conspiracy to hack into the SEC’s Electronic Data Gathering, Analysis and Retrieval (“EDGAR”) system and profit by trading on stolen material, non-public information. The conduct underlying these cases was one of the principal reasons that the SEC created its Division of Enforcement “Cyber Unit” to target cyber-related securities fraud violations.  More on Hack of SEC's EDGAR System Here >
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