Are you aware of the rules and concepts for the transactions with affiliates requirements? Many banks engage in transactions with their affiliates.
Transactions with affiliates rules under Sections 23A and 23B of the Federal Reserve Act and Regulation W promulgated thereunder provide a framework for types of permissible transactions, applicable requirements and limitations on such transactions, as well as certain transactions that are prohibited altogether. Banks structuring any type of transaction with an affiliate - from a transfer of assets to the receipt of services - must comply with these regulatory requirements. Enforcement actions based on violations of the transactions with affiliates rules are not uncommon. To ensure that bankers and their lawyers are aware of these fundamental rules, this topic reviews the concepts of transactions with affiliates requirements, as well as developments and agency guidance imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Anyone involved on the legal or business side of structuring transactions between banks and their affiliates will benefit from this information.
Agenda
Faculty
Will C. Giles
White & Case LLP
- Counsel in the Global Financial Institutions Advisory Practice of White & Case LLP, based in the firm’s Washington, DC office
- Advises on a variety of financial regulatory matters involving the regulation of U.S. and non-U.S. banking organizations
- Extensive prior experience advising the Federal Reserve Board and its senior staff on a wide range of legal matters as a Special Counsel in the Board’s Legal Division, including matters involving the Federal Reserve Act and Regulation W
- Can be contacted at 202-637-6281 or [email protected]
Kevin L. Petrasic
Davis Wright Tremaine
- Partner and head of the Global Financial Institutions Advisory Practice of White & Case LLP, based in the firm’s New York and Washington, D.C., offices
- Advises national and international financial firms, including banks, securities brokerage and insurance firms, and other financial services providers, on a broad range of regulatory, legislative, transactional, and compliance issues under federal and state banking laws, including before the Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and the Consumer Financial Protection Bureau
- Extensive experience in Dodd-Frank compliance, bank/thrift and holding company regulation, credit card and consumer financial compliance laws, UDAAP issues, data privacy/protection, cybersecurity and data breach issues, compliance laws impacting payments systems, mergers and acquisitions, anti-money laundering issues and OFAC compliance, depository institution charter powers and activities, mortgage markets, and corporate governance
- Broad government experience, including serving as special counsel, managing director of external affairs, director of congressional affairs, legislative counsel, and assistant chief counsel at the U.S. Treasury Department’s Office of Thrift Supervision, as well as counsel to the former House Banking Committee
- Adjunct professor of banking law at the George Washington University Law School in Washington, D.C.
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