Financial Services Committee June Newsletter
IN THIS ISSUE...
Message from Miriam Lefkowitz, Financial Services Committee Chair  
ACC Annual Meeting Financial Services Committee Panels  
The Regulatory Working Group 2016  
Upcoming and Past Events  
Applause! Applause!  
Networking Events  
Sponsor Highlight  
Leadership  
Networks
Virtual Library
Renew Your Membership
Update Your Records
Upcoming ACC Programs
Search Back Issues

Webcasts
Updates From ACC Committees

Message from Miriam Lefkowitz, Financial Services Committee Chair

Happy Spring to all members of the FSC!

As you will read in this newsletter, the committee has been involved in many educational, social and advocacy events since our last newsletter.  Among other accomplishments are:

  • FSC’s significant involvement in an ACC comment letter to the NY DFS addressing its rule which would impose criminal penalties to legal and compliance gatekeepers for certain AML breaches;
  • Heavy involvement in the ACC MYM, attended by over 400 professionals;
  • Several micro-networking events (mostly in SF, so far, but one is being finalized for NYC, soon).  If you want to help set one up near you, please reach out to Rebecca Fox who is our FSC expert on micro-networking events.
  • Jointly hosting a roundtable with the NJ chapter on May 10;
  • Legal QuickHits on the following topics:

o   Trends in Regulatory Disclosures

o   EFT Transfer Regulation

o   CFPB No-Action Letters

o   The Yates Memo

o   Bank Compliance Violations

  • And, of course, the ongoing Regulatory Working Group, co-sponsored  by the Real Estate Committee – which has hosted two very well received events and has an upcoming event in Boston:
    • Phoenix  - On April 5, the speakers were (i) Congresswoman Kyrsten Sinema, member of the Committee on Financial Services (which reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund) and member of the Subcommittee on Financial Institutions and Consumer Credit, Subcommittee on Oversight and Investigations, and the Task Force to Investigate Terrorism Financing; and (ii) Eric Spencer, State Election Director, Arizona’s Secretary of State Office.
    • New York City – On April 11, the speakers were (i) Sheldon Pollock, Assistant Director of Enforcement, U.S. Securities and Exchange Commission; and (ii) Winston Paes, Chief of the Business and Securities Fraud Section in the U.S. Attorney’s Office for the Eastern District of New York. They led an animated discussion on the Yates memo; how to manage multiple regulatory inquiries; best practices for in-house counsel in interacting with the SEC and DoJ; appropriate data management and cybersecurity practices, among other topics.
    • Boston – Please join us for the next Regulatory Roundtable in Boston featuring Carmen Ortiz, US Attorney for Boston, Massachusetts. More information is detailed below.

If you haven’t visied our committee page lately – check it out!  There are always current job openings, lists of new resources and links to many useful tools.  If you have not joined one of our monthly calls, you are missing out on a terrific and very brief overview of significant regulatory developments conducted by Pete Michaels from Greenberg Traurig, FSC’s sponsor.  He includes a page of links to primary and some excellent secondary resources every month. 

Please join our monthly teleconference calls which are generally held every fourth Wednesday of the month at 3:00 pm ET / 12:00 PT.   You can find our contact information on the Leadership page or just send an email to FSC@acc.com and it will reach the committee leaders. 

Thank you for your continuing interest and support for ACC and the Financial Services Committee.  We hope that you suggest topics that would be important to you and other members of the committee so we can all contribute to a worthwhile database of materials to benefit all of us.

Very truly yours,

Miriam Lefkowitz
2016 Chair of the ACC Financial Services Committee
Chief Legal Officer and VP, Summit Equities, Inc./Summit Financial Resources, Inc.
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ACC Annual Meeting Financial Services Committee Panels

The ACC Annual Meeting will take place October 16-19, 2016 in San Francisco, California. The FSC is excited and proud to sponsor and co-sponsor the following programs:

Monday, October 17, 2016, 11:00 am – 12:30 pm

Who’s the Regulator in the Room? Regulations on Kickbacks, Money Laundering and More

Presented by the ACC Real Estate and Financial Services Committees

This panel will be a moderated session of faculty from important US federal agencies and in-house counsel. With the regulators, we will cover ongoing and emerging compliance and examination issues, provide updates on regulatory changes and keep ACC members in tune with regulators’ views, recent findings, and consent orders and compliance trends. The regulators will be asked to discuss their approaches to examinations and investigations and suggest best practices for compliance in the current environment.


Monday, October 17, 2016, 2:30 pm – 4:00 pm

Supreme Court Issues and Cases Update

Presented by the ACC Financial Services Committee

A panel comprised of federal appellate court judges and other experts will highlight current key issues and cases for the US Supreme Court. Join these esteemed faculty as they delve into significant legal topics that are relevant across the spectrum of in-house lawyers.

Tuesday, October 18, 2016, 11:00 am – 12:30 pm

Compliance for the Small Law Department

Presented by the ACC Compliance & Ethics, Small Law Department and Financial Services Committees

You are familiar with the US Federal Sentencing Guidelines and have heard about compliance best practices, but wonder: “How in the world am I going to do that?” As a small legal department, the demands are great, resources are scarce, and, often, the business people don’t completely understand your role. The Guidelines acknowledge differences between large and small organizations in meeting the requirements for an effective ethics and compliance program. The question is often the “how” of implementation. What are regulators’ expectations for companies with limited resources? What are cost- and time-efficient methods to address constant regulatory scrutiny and change? This program will explore the critical issues for prioritizing with limited resources while regulations continue to increase. This session will also focus on creative strategies to do more with less, such as using risk-based prioritization, tailoring compliance to meet business needs and objectives, and finding third-party vendors to provide support at a reasonable cost.

Tuesday, October 18, 2016, 2:30 pm – 4:00 pm

Best Practices for Vendor Management and Cybersecurity

Presented by the ACC Financial Services Committee

This program will explore the best practices for companies that manage vendors and cybersecurity concerns. Some of the significant questions to be addressed include: What are some best practices for vendor due diligence? How can vendor cybersecurity risks be addressed and mitigated, both contractually and otherwise? What role, if any, should in-house counsel have in vendor management?
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The Regulatory Working Group 2016

Regulatory Roundtable – Boston, Massachusetts

Please join the ACC Financial Services and Real Estate Committees for a Regulatory Roundtable featuring Carmen Ortiz, US Attorney for Boston, Massachusetts.

Our distinguished speaker will discuss:

  • Her background and rise to US Attorney;
  • The Yates memo and individual accountability;
  • FINRA; and
  • Plans for 2017 – continuing to prioritize national security, white collar crime and public corruption.

This event is sponsored by International Society of Primerus Law Firms (sponsor of the Real Estate Committee) and is a great opportunity to “meet the regulators,” gain insights and ideas, ask questions, and provide your own feedback. It also provides members a chance to get some previews into where regulators may be going in terms of enforcement actions, or what the regulators believe are the best practices for in-house counsel and companies to follow, both before and during an investigation.  

To register or to become a member of the Regulatory Working Group, please contact LaToya Tapscott at tapscott@acc.com.

 

Regulatory Roundtable – New York, New York

On April 11, 2016, a Regulatory Roundtable was held in New York, New York featuring Sheldon Pollack, Assistant Director of Enforcement, US Securities and Exchange Commission and Winston Paes, Chief of the Business and Securities Fraud Section in the US Attorney’s Office for the Eastern District of New York. The distinguished speakers discussed the Yates memo, how to manage multiple regulatory inquiries from different regulators, best practices for in-house counsel in interacting with the SEC and DOJ and appropriate data management and cybersecurity practices. There was a great turnout following the day’s events at the ACC Midyear Meeting and active discussion and Q&A sessions. 

[PICTURED: Miriam Lekowitz (Chair Financial Services), Laura Dorman (Former Chair Financial Services), Winston Paes (Chief of Fraud U.S. Attorney's Office), Sheldon Pollack (Assistant Director of Enforcement, U.S. Securities and Exchange Commission), Dawn Haghighi (Chair Real Estate Committee), Tori Payne (ACC Associate Vice President), and Mary Blatch (ACC Director)]
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Upcoming and Past Events

Legal Quick Hits

The FSC hosts member calls typically the fourth Wednesday of every month at 3 pm EST to provide an opportunity to engage with the leadership, to learn about opportunities, and to join Legal Quick Hit presentations from experts with experience in financial services. Legal Quick Hit presentations are 20-45 minutes in length and cover hot topics that impact our clients. We look forward to welcoming all members to our meetings. Missed the call? No problem! You can catch up on any FSC announcements, events and Legal Quick Hits you missed here.

Upcoming Legal Quick Hits:

The US Department of Labor’s Fiduciary Rule, What Do You Need to Know?

Speaker: Marcia Wagner, The Wagner Law Group

Date/Time: Wednesday, May 25, 2016, 3:00 PM EST

Presented by ACC’s Financial Services Committee and Sponsored by Greenberg Trauig LLP 

This webinar will give you an overview of the Department of Labor’s finalized regulation expanding the definition of an investment advice fiduciary under ERISA and its accompanying exemptions under ERISA’s prohibited transaction rules that set new conditions on the receipt by fiduciaries of commissions and other types of variable compensation resulting from plan investment transactions.  This rule is the most far-reaching regulatory change affecting the retirement industry since the enactment of ERISA.  Counsel for plan sponsors will want to know how it may affect their clients’ fiduciary obligations, as well as client relationships with plan vendors and what to expect in terms of vendor documentation and disclosures that they may be asked to review. Advisers to plan investment and service providers will learn what needs to be done to prepare for the new rule and to qualify under its new impartial conduct standards.

To register, please click here.

 

Current Trends and Priorities of the US Consumer Financial Protection Bureau (CFPB)

Speaker: Gerald Sachs, Of Counsel in the Global Banking and Payment Systems Practice at Paul Hastings

Date/Time: Wednesday, June 22, 2016, 3:00 PM EST

Presented by ACC’s Financial Services Committee and Sponsored by Paul Hastings

Gerry will discuss a few recent enforcement cases brought by the CFPB and what guidance those can provide to industry participants, as well as its recently announced proposed small dollar lending regulation and what may be on the horizon for other regulations.

To register, please click here.
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Applause! Applause!

Have you started an exciting new position or been promoted?  Do you know a fellow FSC member that deserves accolades?  We would like to feature all of the great accomplishments of our members in our upcoming quarterly newsletters.  Contact us at fs@acc.com.
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Networking Events

FSC Micro-Networking Happy Hour

The San Francisco Financial Services partnered with Greenberg to host a happy hour at Blanc et Rouge in San Francisco on March 8th.  The event was well attended with 20 members representing banks, online platforms, startups and more.  We look forward to hosting another event in the near future – stay tuned!

Also, we will be hosting an event in the New York/New Jersey area in Spring/Summer 2016. Keep your eye out for this and other exciting events to come!

Do you have an idea for a micro-networking event or would you like to host an event in your area? Let us know! Contact Rebecca Fox or contact us at fs@acc.com.
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Sponsor Highlight

Greenberg Traurig, LLP is the sponsor of the FSC. Greenberg Traurig is an international, multi-practice law firm with approximately 1800 attorneys serving clients from 37 offices in the United States, Latin America, Europe, Asia, and the Middle East.  The firm is among the “Power Elite” in the 2014 BTI Client Relationship Scorecard report, which assesses the nature and strength of law firms' client relationships.  For additional information, please visit www.gtlaw.com or follow Greenberg Traurig on Twitter, Facebook, LinkedIn.



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Leadership

Chair:  Miriam Lefkowitz, Summit Financial Resources, Inc./Summit Equities, Inc., Chief Legal Officer

Vice-Chair:  Howard Lindenberg, Freddie Mac, Managing Associate General Counsel

Secretary:  Christina Rogers, MUFG Union Bank, N.A., Counsel

Communications Co-Chair:  Allison Cambria, Deutsche Bank AG, Vice-President and Counsel

Communications Co-Chair:  Rebecca Fox, LendingClub, Associate General Counsel 

Membership Chair:  Rebecca Fox, LendingClub, Associate General Counsel 

Program Chair:  Douglas Cohen, Triad Securities Corp., General Counsel

Program Chair:  Kareem Dale, Discover Financial Services, Inc., Director, Senior Counsel

Publications Chair:  Deborah Silodor, Amalgamated Bank, General Counsel

Immediate Past Chair:  Laura Dorman, Berkeley Research Group, Director & Associate General Counsel
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