The transition away from LIBOR was born from the financial crisis. For years regulators have been pushing for an alternative to the dominant market benchmark. The underlying market was illiquid. The rate was set by opinion, not transactions. It was…
Author: Neil Bloomfield
Neil Bloomfield has more than a decade of experience advising major financial institutions, and other highly regulated entities in responding to government investigations, including responding to global investigations into LIBOR and other reference rates, foreign exchange trading, and the allegations raised by the Panama Papers. He also frequently advises clients as they implement programs to comply with regulatory requirements, including requirements created by Recovery and Resolution Planning and CCAR. View Mr. Bloomfield's full bio.
Valecia McDowell and Ed O’Keefe to Serve as Panelists for 2020 SIFMA C&L Annual Seminar
Charlotte White Collar, Regulatory Defense and Investigations Member Valecia M. McDowell and Financial Regulatory Advice and Response Member Edward O’Keefe will both serve as speakers at the 2020 SIFMA C&L Annual Seminar. Neil BloomfieldNeil Bloomfield has more than a decade of experience advising…
Bloomfield serves as panelist for 19th Annual Banking and Finance Forum
Charlotte Financial Regulatory Advice & Response Co-Head Neil Bloomfield served as a panelist for Mecklenburg County Bar’s 19th Annual Banking and Finance Forum which took place on November 22. Bloomfield joined others from Wells Fargo, Bank of America, and Bryan…
U.S. Regulator Suggests Easing Post-Crisis Derivatives Rules
By Neil Bloomfield. In another sign of progress, the Federal Deposit Insurance Corporation (FDIC) proposed easing a rule that requires banks to put cash aside to safeguard derivatives trades among affiliates. The proposal would remove the current requirement for members…
Fraud As An Operational Risk For Banks
By Neil Bloomfield and Kristina Whittaker. Operational risk is a continuing and increasing focus of the Office of the Comptroller of the Currency, and, as a result, it needs to be a greater priority of the institutions it regulates. The…
Revised Interagency Examination Procedures for the Flood Disaster Protection Act
By Neil Bloomfield. The Task Force on Consumer Compliance of the Federal Financial Institutions Examination Council (FFIEC) recently published the modified interagency examination procedures for the Flood Disaster Protection Act (FDPA) designed to promote consistency and communication of supervisory expectations…
Federal Reserve Discloses Plan for “FedNow” a Real Time Payment System
By Neil Bloomfield. The Federal Reserve Board (Federal Reserve) recently announced it will develop a “new round-the-clock real-time payment and settlement service”, named the FedNow℠Service to support faster payments in the United States. FedNow will be a national instant payment…
SEC Staff Issues Statement on Preparing for Impending LIBOR Transition
On July 12, 2019, the U.S. Securities and Exchange Commission (SEC) joined the call to prepare for the transition away from LIBOR. The staff of several Divisions of the SEC (the Divisions of Corporation Finance (DCF), Investment Management (DIM), and…
“At the Next Critical Stage in the Transition Away from LIBOR” – Federal Reserve Vice Chair Urges Companies, Financial Institutions to Begin Shift from LIBOR to Secured Overnight Financing Rate (SOFR)
Noting that we are at “the start of the next critical stage in the transition away from LIBOR,” Federal Reserve Vice Chair for Supervision Randal K. Quarles delivered taped remarks at the June 3, 2019 Alternative Reference Rates Committee…
Moore & Van Allen Attorneys and Practices Recognized in 2019 Chambers & Partners Guide
Moore & Van Allen PLLC is pleased to announce that Chambers & Partners has ranked seven firm practice groups and 26 firm attorneys in the 2019 edition of its legal directory Chambers USA: America’s Leading Lawyers for Business. Neil BloomfieldNeil Bloomfield has…