Media Mentions – January 2013

January 31, 2013

Authored by: Bryan Cave

With attorneys and staff worldwide, Bryan Cave attorneys are often quoted in the news.  Recent Media Mentions of Financial Institutions Group attorneys include:

Kristine Andreassen in Paybefore News, Bank Safety & Soundness Advisor

DC Associate Kristine Andreassen was quoted Jan. 2 by Paybefore News on the Consumer Financial Protection Bureau’s (CFPB) announced delay in implementing new rules on international remittances. “The industry has known for the better part of a year that the compliance deadline for the rules was looming and hopefully they have some plans in place,” Andreassen said. However, for companies that might benefit from the deadline extension, it would be wise to send comments to that effect to the CFPB soon because the possibility exists that consumer advocacy groups might oppose a deadline extension, she noted. Andreassen also was quoted Dec. 31 in the Bank Safety & Soundness Advisor regarding new rules the Financial Crimes Enforcement Network might have in mind under its new director. “She’s trying to see how current regulatory obligations might be lessened – for customers and for financial institutions,” Andreassen said. “She’s interested in looking at where things are working well and where new regulations are needed, but she’s also talking about pulling back on some requirements, specifically those requirements that involve a lot of work but not a lot of benefit.”

Dan Wheeler in Directors Digest, BankDirector.com

San Francisco Partner Dan Wheeler authored an article in the January edition of Directors Digest, by Western Independent Bankers, regarding the advantages and disadvantages of interest rate swaps for community banks. “Many community banks are reluctant to consider interest rate swaps due to perceived complexity as well as accounting and regulatory burdens,” he wrote. “But, in a record low interest rate environment, the most desirable customers almost universally demand something that is hard for community banks to deliver: a long-term fixed interest rate. Large banks are eager to accommodate this demand and usually do so by offering such a borrower an interest rate swap that, together with the loan facility, delivers the borrower a net long term fixed rate obligation and the lending bank a loan with an effective variable rate.”  Click here to read the full article. Wheeler authored a similar article on this topic Jan. 15 for BankDirector.com.