Affiliate Transactions: Sections 23A and 23B Of The Federal Reserve Act
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Many banks engage in transactions with their affiliates. Transactions with affiliates rules under Section 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.
Any bank structuring any type of transaction with an affiliate - from a transfer of assets to the receipt of services - must comply with some aspects of 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 webinar 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 benefit from this information.
About The Presenters
- What Are Section 23A and Section 23B of the Federal Reserve Act and Regulation W Thereunder?
- When Do These Statutes Apply?
- Who Is and Who Is Not an Affiliate?
- What Transactions Are Covered By, and What Transactions Are Exempt From, Section 23A and Section 23B?
- What Are the Limits on Affiliate Transactions?
- What Other Requirements Apply to Affiliate Transactions?
- What Changes Did the Dodd-Frank Act Make to the Affiliate Transaction Requirements and How Are Those Changes Being Implemented?
Helen Y. Lee
Kevin L. Petrasic
- Of counsel in the Financial Institutions Advisory Practice of White & Case LLP based in the Firm's Washington, D.C. office
- Advises U.S. as well as non-U.S. banking organizations and other financial service providers on regulatory and transactional matters arising under the U.S. federal banking and securities laws
- Practice includes advising clients on all regulatory aspects of banking operations from assisting with the establishment of bank offices and addressing chartering or licensing issues, to advising on permissible activities and structure considerations, as well as addressing enforcement and other supervisory matters
- Represents clients in managing communications with regulators that include requests for formal or informal opinions, submission of comment letters regarding proposed rulemakings, negotiation of enforcement orders, and activity applications pending before federal and state regulators including the Office of the Comptroller of the Currency, Federal Reserve Board (Washington, D.C. and Reserve Banks), Federal Deposit Insurance Corporation (Washington, D.C. and Regional Offices), Consumer Financial Protection Bureau, California Department of Business Oversight, and New York State Department of Financial Services
- Occasionally serves as a guest lecturer of Banking Law at her alma mater, The George Washington University Law School in Washington, DC
- Partner and head of the 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
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