HomeWebcastDodd-Frank Act and Minimizing the Cost of Compliance
 CLE

Dodd-Frank Act and Minimizing the Cost of Compliance

Live Webcast Date: Tuesday, December 06, 2011 from 12:00 pm to 2:00 pm (ET)
Legal (CLE)Recording

Join us for this Knowledge Group Webinar. Since its introduction, finance institutions have been struggling with implementation and compliance issues surrounding the Dodd-Frank Act. The only way to prevent costly sanctions is to ensure that your policies conform to the anticipated compliance requirements. This Live Webcast will teach you how to comply while minimizing costs. In addition to regulatory updates, our panel of key experts will also offer best practices.

Agenda

Michael Keeley, Partner,
Hunton & Williams LLP

  • Capital implications of Dodd Frank and Basel III
  • Avoiding regulatory meltdown
    • Fair Lending
    • Repeal of Reg Q.
    • Remittance Rules
  • CFPB

Brian R. Iverson, Attorney,
Brian R. Iverson, Attorney,

Introduction / Overview

-Dodd-Frank is over 2,300 pages and requires hundreds of rules

-Focus on provisions most significant for bank compliance

Whistleblower Provisions

-Overview of text (Sections 748 and 922)

-Overview of regulations

-Discussion of incentives and protections

-Compare to SOX whistleblower provisions

-Discuss Consumer Financial Protection Act whistleblower provisions (Section 1057)

-Comparison of SEC, CFTC and CFPB rules

-Prohibition on waiver and pre-dispute arbitration clauses

-Benefits and risks to financial institutions

-Effective compliance structure (incentives for reporting, investigation of reports, documentation of employment actions)

Living Wills

-Overview of text (Section 165(d))

-Policy considerations

-Federal Reserve Board and FDIC (holding companies and insured depository institutions)

-Deadlines for initial resolution plans

-Annual updates

-Periodic updates to address events with material effect on resolution plan

-Contents of resolution plans

-Regulatory review and scrutiny of resolution plans

Swaps Push-outs

-Overview of text (Section 716)

-Not an explicit ban, but practical ban based on limit to federal assistance

-Exceptions

-Statutory and regulatory definitions

-7/16/13 effective date with at least 2 year compliance period

-Compliance initiatives

Volcker Rule

-Overview of text (Section 619)

-Ban on proprietary trading and hedge and private equity fund ownership

-etailed and specific proposed rule

-Specific compliance program requirements in proposed rules

-Data collection and analysis requirements in proposed rules

-Statute has July 2012 effective date, with 7/21/14 compliance deadline

-Proposed rule is extremely complex and has been pending for months

-Near-term compliance initiatives based on statutory text

-Long-term compliance planning based on proposed rules

-Prepare to adapt based on regulatory developments

Diana Bergherr, Managing Director, Business Development Compliance,
DLA Compliance

  • Alternative Arrangements
  • Compliance and Ethics training
  • Automation
  • Reviews and audits

Larry Albin, Principal,
Deloitte Consulting LLP

Addressing specific requirements of Dodd Frank / lessons learned:

- Collateral management and clearing – emerging operating model and technology requirements

- Regulatory reporting – challenges in trade reporting and industry practices

- Living Wills and resolution planning –getting to compliance and recognizing business value

- How to organize and report on progress to regulators across initiatives

Who Should Attend

  • Bank Regulators
  • Bank Presidents
  • Bank Owner/Executives
  • Financial Institutions’ Executives
  • Bank Supervisors
  • Compliance Officers
  • CFOs
  • CEOs
  • Investors
  • Chief Risk Officers
  • Banking Regulation Lawyers
  • Banking Lawyers & Consultants
  • Finance Lawyers
  • Senior Management
  • And other related professionals

Michael Keeley, Partner,
Hunton & Williams LLP

  • Capital implications of Dodd Frank and Basel III
  • Avoiding regulatory meltdown
    • Fair Lending
    • Repeal of Reg Q.
    • Remittance Rules
  • CFPB

Brian R. Iverson, Attorney,
Brian R. Iverson, Attorney,

Introduction / Overview

-Dodd-Frank is over 2,300 pages and requires hundreds of rules

-Focus on provisions most significant for bank compliance

Whistleblower Provisions

-Overview of text (Sections 748 and 922)

-Overview of regulations

-Discussion of incentives and protections

-Compare to SOX whistleblower provisions

-Discuss Consumer Financial Protection Act whistleblower provisions (Section 1057)

-Comparison of SEC, CFTC and CFPB rules

-Prohibition on waiver and pre-dispute arbitration clauses

-Benefits and risks to financial institutions

-Effective compliance structure (incentives for reporting, investigation of reports, documentation of employment actions)

Living Wills

-Overview of text (Section 165(d))

-Policy considerations

-Federal Reserve Board and FDIC (holding companies and insured depository institutions)

-Deadlines for initial resolution plans

-Annual updates

-Periodic updates to address events with material effect on resolution plan

-Contents of resolution plans

-Regulatory review and scrutiny of resolution plans

Swaps Push-outs

-Overview of text (Section 716)

-Not an explicit ban, but practical ban based on limit to federal assistance

-Exceptions

-Statutory and regulatory definitions

-7/16/13 effective date with at least 2 year compliance period

-Compliance initiatives

Volcker Rule

-Overview of text (Section 619)

-Ban on proprietary trading and hedge and private equity fund ownership

-etailed and specific proposed rule

-Specific compliance program requirements in proposed rules

-Data collection and analysis requirements in proposed rules

-Statute has July 2012 effective date, with 7/21/14 compliance deadline

-Proposed rule is extremely complex and has been pending for months

-Near-term compliance initiatives based on statutory text

-Long-term compliance planning based on proposed rules

-Prepare to adapt based on regulatory developments

Diana Bergherr, Managing Director, Business Development Compliance,
DLA Compliance

  • Alternative Arrangements
  • Compliance and Ethics training
  • Automation
  • Reviews and audits

Larry Albin, Principal,
Deloitte Consulting LLP

Addressing specific requirements of Dodd Frank / lessons learned:

- Collateral management and clearing – emerging operating model and technology requirements

- Regulatory reporting – challenges in trade reporting and industry practices

- Living Wills and resolution planning –getting to compliance and recognizing business value

- How to organize and report on progress to regulators across initiatives

Michael KeeleyPartnerHunton & Williams LLP

Mr. Keeley’s practice focuses on corporate and regulatory matters involving financial institutions. He is a partner in the Dallas office of Hunton & Williams where he practices in the areas of banking law and corporate and securities law, with specialties in corporate finance and merger and acquisition related activities on behalf of community banks.

Brian R. IversonAttorneyBass, Berry & Sims PLC

Brian R. Iverson is an associate in the Nashville office of Bass, Berry & Sims PLC. His practice focuses on complex commercial litigation, with a special emphasis on financial services litigation. Brian has studied extensively the Dodd-Frank Wall Street Reform and Consumer Protection Act, and he has advised clients on how to effectively comply with this landmark financial legislation. Brian actively tracks the regulatory rulemaking under Dodd-Frank and regularly summarizes developments pertinent to the financial services industry.

Diana BergherrManaging Director, Business Development ComplianceDLA Compliance

Diana Bergherr is a Managing Director, Business Development – Compliance, and has over 25 years of experience in the financial services industry in US and Canada and significant cross-border experience. Ms. Bergherr’s focus has always been regulatory compliance and developing compliance programs that not only meet stringent regulatory requirements, but also support business initiatives. She has successfully managed compliance turnarounds for registered broker-dealers, investment advisors and Futures Commission Merchants. Ms. Bergherr is licensed in Series 7, 8, 14, 24, 63 & 99.

 

Prior to joining DLA, Ms. Bergherr built the compliance program for North America that supported over sixteen subsidiaries of the Macquarie Group. During her tenure at Macquarie, in addition to building and staffing the overall compliance function, she held the position of Chief Compliance Officer in the regulated subsidiaries including: registered US broker-dealers, listed funds, registered investment advisors and US Representative Offices of Macquarie Bank Limited. Ms. Bergherr was also the Regulatory Relationship Manager for North America responsible for managing regulatory examinations conducted by: Financial Industry Regulatory Authority (FINRA), the Securities Exchange Commission (SEC), Office of the Comptroller of Currency (OCC), Federal Reserve, National Futures Association (NFA), Chicago Board of Exchange (CBOE), US Department of Agriculture (USDA) and the Department of Labor (DOL). In Canada, Ms. Bergherr worked with provincial & territorial governments, the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA).

Ms. Bergherr is a top tier compliance professional with extensive experience and excellent working relationships with regulators. She has built compliance programs meeting regulatory requirements without sacrificing business directives, and has proven achievements in managing compliance turnarounds.

Ms. Bergherr graduated from CW Post University with a Master of Arts, and from Queens College with a Master of Science & Bachelor of Arts. She received her Lawyer’s Assistant Certificate with a specialty in Corporate Law from Adelphi University. In addition, Ms. Bergherr has an extensive history in volunteering in the financial industry and remains an active member of the Continuing Education Development Committee, and previously served on the Securities Industry Association (“SIA”) National Committee on Continuing Education (Chair 1999 & 1998; Committee member from 1995 – 1999).

Larry AlbinPrincipalDeloitte Consulting LLP

Mr. Albin is a principal and lead of Deloitte Consulting technology services go to market strategy for U.S. financial institutions. Larry focuses on technology strategy, design and implementation, leading business and technology transformation for investment banks and buy side firms. Additionally, he’s worked extensively from the front to back office and across products and has helped numerous global institutions in the design and implementation of new technologies and trading tools. He is also co-leading Deloitte’s living wills go to market offering.

Prior to joining Deloitte, Larry worked at Lehman Brothers for five years as global director of product development of equities electronic trading. In this role, Larry led the design, development and rollout of various client facing technology products, including Lehmanlive (Lehman’s client website), single stock and program trading platforms, and access to Lehman’s trading algorithms and analytics.


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Course Level:
   Intermediate

Advance Preparation:
   Print and review course materials

Method Of Presentation:
   On-demand Webcast

Prerequisite:
   NONE

Course Code:
    124284

Total Credits:
    2.0 CLE

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About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

About the Knowledge Group

The Knowledge Group

The Knowledge Group has been a leading global provider of Continuing Education (CLE, CPE) for over 13 Years. We produce over 450 LIVE webcasts annually and have a catalog of over 4,000 on-demand courses.

Hunton & Williams is the legal advisor of choice for industry leaders on six continents. With more than 800 attorneys practicing from 19 offices across the United States, Europe and Asia, we help clients realize new opportunities and solve complex problems with confidence. Since our founding in 1901, Hunton & Williams has represented privately held and publicly traded community banks and other financial institutions, as well as holding companies and their officers, directors and shareholders. Our banking and finance team focuses on the banking and finance industry, supplemented by specialists from each of the firm’s other key practices. We draw on our collective experience to provide effective legal guidance and strategic planning advice that assist our clients in balancing their business objectives against the need for sound credit and investment policy and compliance with statutes and regulatory oversight.

Website: https://www.hunton.com/

With more than 200 attorneys representing numerous publicly-traded companies and Fortune 500 businesses, Bass, Berry & Sims PLC has been involved in some of the largest and most significant business transactions and litigation matters in the country. For more information, visit www.bassberry.com.

Website: https://www.bassberry.com/

David Landau & Associates, LLC (DLA) is a financial services and real estate advisory firm focused on providing internal audit & forensics, compliance and risk management services. Founded in 2001, DLA’s management is made up of former “Big 4” professionals who lead a dedicated team of professionals in delivering enhanced value-added services to our clients.

 

Internal Audit & Forensics: DLA’s Internal Audit & Forensics practice offers companies Outsourced or Co-sourced Internal Audit, Sarbanes-Oxley (SOX) compliance, forensic accounting and other audit services.

Compliance: DLA offers a full service approach to securities regulatory compliance. Our method has been developed based on our experience, our clients’ needs and our ability to navigate a constantly changing regulatory environment. DLA’s suite of advisory services enables clients to leverage our expertise and to develop a strong culture of compliance.

Risk Management: DLA’s Risk Management practice offers cross-functional and diverse industry experience, leveraging DLA’s accounting, process, policy and control expertise to provide you with leading solutions. Our services include process, systems, technology and due diligence.

Website: https://www.dlallc.com/

Deloitte refers to one or more of Deloitte Touche Tohmatsu, a Swiss Verein, its member firms, and their respective subsidiaries and affiliates. Deloitte Touche Tohmatsu is an organization of member firms around the world devoted to excellence in providing professional services and advice, focused on client service through a global strategy executed locally in nearly 153 countries. With access to the deep intellectual capital of 195,000 people worldwide, Deloitte delivers services in the following professional areas – audit, consulting, financial advisory risk management and tax services – and serves more than one-half of the world’s largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies.

Mr. Keeley’s practice focuses on corporate and regulatory matters involving financial institutions. He is a partner in the Dallas office of Hunton & Williams where he practices in the areas of banking law and corporate and securities law, with specialties in corporate finance and merger and acquisition related activities on behalf of community banks.

Brian R. Iverson is an associate in the Nashville office of Bass, Berry & Sims PLC. His practice focuses on complex commercial litigation, with a special emphasis on financial services litigation. Brian has studied extensively the Dodd-Frank Wall Street Reform and Consumer Protection Act, and he has advised clients on how to effectively comply with this landmark financial legislation. Brian actively tracks the regulatory rulemaking under Dodd-Frank and regularly summarizes developments pertinent to the financial services industry.

Diana Bergherr is a Managing Director, Business Development – Compliance, and has over 25 years of experience in the financial services industry in US and Canada and significant cross-border experience. Ms. Bergherr’s focus has always been regulatory compliance and developing compliance programs that not only meet stringent regulatory requirements, but also support business initiatives. She has successfully managed compliance turnarounds for registered broker-dealers, investment advisors and Futures Commission Merchants. Ms. Bergherr is licensed in Series 7, 8, 14, 24, 63 & 99.

 

Prior to joining DLA, Ms. Bergherr built the compliance program for North America that supported over sixteen subsidiaries of the Macquarie Group. During her tenure at Macquarie, in addition to building and staffing the overall compliance function, she held the position of Chief Compliance Officer in the regulated subsidiaries including: registered US broker-dealers, listed funds, registered investment advisors and US Representative Offices of Macquarie Bank Limited. Ms. Bergherr was also the Regulatory Relationship Manager for North America responsible for managing regulatory examinations conducted by: Financial Industry Regulatory Authority (FINRA), the Securities Exchange Commission (SEC), Office of the Comptroller of Currency (OCC), Federal Reserve, National Futures Association (NFA), Chicago Board of Exchange (CBOE), US Department of Agriculture (USDA) and the Department of Labor (DOL). In Canada, Ms. Bergherr worked with provincial & territorial governments, the Ontario Securities Commission (OSC) and the Canadian Securities Administrators (CSA).

Ms. Bergherr is a top tier compliance professional with extensive experience and excellent working relationships with regulators. She has built compliance programs meeting regulatory requirements without sacrificing business directives, and has proven achievements in managing compliance turnarounds.

Ms. Bergherr graduated from CW Post University with a Master of Arts, and from Queens College with a Master of Science & Bachelor of Arts. She received her Lawyer’s Assistant Certificate with a specialty in Corporate Law from Adelphi University. In addition, Ms. Bergherr has an extensive history in volunteering in the financial industry and remains an active member of the Continuing Education Development Committee, and previously served on the Securities Industry Association (“SIA”) National Committee on Continuing Education (Chair 1999 & 1998; Committee member from 1995 – 1999).

Mr. Albin is a principal and lead of Deloitte Consulting technology services go to market strategy for U.S. financial institutions. Larry focuses on technology strategy, design and implementation, leading business and technology transformation for investment banks and buy side firms. Additionally, he’s worked extensively from the front to back office and across products and has helped numerous global institutions in the design and implementation of new technologies and trading tools. He is also co-leading Deloitte’s living wills go to market offering.

Prior to joining Deloitte, Larry worked at Lehman Brothers for five years as global director of product development of equities electronic trading. In this role, Larry led the design, development and rollout of various client facing technology products, including Lehmanlive (Lehman’s client website), single stock and program trading platforms, and access to Lehman’s trading algorithms and analytics.

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