Photo of Daniel C. McKay, II

Daniel C. McKay, II concentrates his practice in the representation of financial institutions and corporations and their officers, directors and shareholders in connection with mergers and acquisitions, securities offerings, corporate finance, corporate governance and regulatory and compliance matters. He has been involved in more than 150 bank or thrift  mergers and acquisitions/securities offerings, with aggregate consideration of these deals totaling over $50 billion.

On March 30, 2022, the Federal Deposit Insurance Corporation (the “FDIC”) issued a notice regarding a proposed Statement of Principles for Climate-Related Financial Risk Management for Large Financial Institutions (the “Principles”).  The notice also requests comments from the public on the proposed Principles.  The Principles are substantively similar to those issued by the Office of the Comptroller of the Currency on December 16, 2021.  As proposed, the Principles would create a high-level framework for the safe and sound management of exposures to climate-related financial risks.

Continue Reading UPDATE: FDIC Issues Proposed Statement of Principles for Managing Exposure to Climate-Related Financial Risks

On March 31, 2022, the Federal Deposit Insurance Corporation (the “FDIC”) published a Request for Information in the Federal Register (the “ROI”) soliciting comment from the public concerning the application of the laws, practices, rules, regulations, guidance, and statements of policy that apply to merger transactions involving banks, including mergers between banks and

On November 18, 2021, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve System (FRB) (each, an “Agency” and, collectively, the “Agencies”) finalized a uniform regulation, codified at 12 C.F.R. Part 53, 12 C.F.R. Part 225.300 and 12 C.F.R. Part 304, with the stated purpose of improving the sharing of information about cybersecurity incidents harmful to the U.S. banking system (the “Regulation”). Pursuant to the Regulation, banks will be required to notify their primary federal regulatory Agency within thirty-six (36) hours of “any significant computer-security incident.”

Continue Reading Federal Bank Regulators Expand Duty to Notify after a Cybersecurity Event

Effective January 1, 2021, the National Defense Authorization Act for Fiscal Year 2021 (the “Act”) became law. Among other provisions, the Act contains the most significant changes to the Bank Secrecy Act (the “BSA”) since 2001. Most significantly, the Act requires the Department of the Treasury, through the Financial Crimes Enforcement Network (“FinCEN”), to adopt regulations within one year that will establish a framework by which smaller, closely held businesses, regardless of the type of enterprise (e.g., corporation, limited liability company or partnership) will be required to disclose their beneficial ownership to FinCEN.

Continue Reading BSA/AML Update: Significant New Requirements Ahead

US National Capitol

On December 27, 2020, as part of a larger government funding bill, President Donald J. Trump signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Act”). The Act, among other things, restarts the Paycheck Protection Program (“PPP”), as administered by the Small Business Administration (“SBA”), provides borrowers with greater flexibility in using PPP loan proceeds and expands the types of expenses eligible for loan forgiveness. The following is a summary of these provisions; however, please note that the SBA is required to issue implementing regulations by January 6, 2020 and we expect further guidance on the Act’s provisions at that time.

Continue Reading It’s Back: Paycheck Protection Program 2.0