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May 10, 2016, Covington Alert
On May 5, 2016, the Financial Crimes Enforcement Network (“FinCEN”) issued its long-awaited final rule on beneficial ownership with respect to customer due diligence requirements. The final rule requires covered financial institutions to adopt due diligence procedures to identify and verify a legal entity customer’s beneficial owner(s) at the time a new account is opened.
December 5, 2016, Covington Alert
On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the Office of the Comptroller of the Currency (“OCC”) would move forward with issuing special purpose national bank charters to financial technology (“fintech”) companies. The OCC released a whitepaper1 outlining its authority to issue charters to fintech companies, its approach to ...
February 14, 2013, Covington Advisory
WASHINGTON, DC, December 20, 2010 — Covington & Burling LLP is pleased to announce that former Comptroller of the Currency John C. Dugan is rejoining the firm as a partner. Mr. Dugan will chair the firm’s Financial Institutions Group, and will advise clients on a range of legal matters affected by significantly increased regulatory requirements resulting from ...