Special purpose bank charters for Fintech companies, tips for addressing information security in service contracts, and more in this issue of Business News Digest

3 min

Venable attorneys produce periodic alerts and newsletters covering a variety of topics and practice areas. For your convenience, we have assembled below a collection of the latest alerts and newsletters from December 2016.

OCC Moving Forward with Special Purpose Bank Charters for Fintech Companies

On December 2, 2016, the Office of the Comptroller of the Currency (OCC) announced a willingness to consider applications for special purpose national bank charters for Fintech companies. National bank status offers a number of advantages for Fintech companies, including the prestige of operating as a national bank, authority to conduct activities on a nationwide basis, preemption of state licensing and usury laws, and a single primary regulator, but also presents challenges, including a costly and time-intensive application process, rigorous supervision by the OCC, and liquidity, capital, and other requirements applicable to national banks.


Fund Forum – December 2016

This issue of Venable's Fund Forum provides (i) an overview of the OCIE risk alert on the whistleblower-protection rule, (ii) key lessons for minimizing AML risk, (iii) an analysis of the financial choice act under President-elect Trump, and (iv) an update on the 421-a property tax exemption program.


Five Tips for Addressing Information Security in Your Service Contracts

Companies that collect and store sensitive data, especially personally identifiable information (PII), must remain vigilant to the threat of data breaches. Today, the question is not whether an information security incident will occur, but what protections are in place when it does. It is therefore important to remember that data security must extend beyond the scope of a Company's own office or network and to any of the Company's service providers that have access to its data. A Company can be held responsible for a data breach involving its own data, regardless of whether the Company is directly responsible for managing its own data. The risks associated with sharing data with a service provider are best managed through the utilization of contract provisions governing information security. The following (non-exhaustive) guidelines highlight important steps to consider throughout the process of drafting information security provisions to govern the management, handling, and control of a Company's data.



Presidential and Congressional Outlook: How the Trump Administration and Congress Can Impact Middle-Market Businesses (ACG Global Webinar)

Thursday, January 12, 2017 | 1:00 – 2:00 p.m. ET

As the inauguration of President-Elect Trump approaches, the business community is left wondering what to expect from the next administration, the 115th Congress and key federal agencies. Please join members of Venable’s Corporate, Regulatory, and Legislative groups for an analysis of President-elect Trump’s proposed plan, which includes, among other priorities, regulatory and financial services changes, comprehensive tax reform and repealing Dodd-Frank and other reforms.



Breaking News on DOL Overtime Regulations: DOL Files Notice of Appeal

The 21st Century Cures Act: Great News for Small Employers

The DOL Under Trump: The State of the FLSA "White Collar" Exemptions

New California Law Limits Employment Contracts Governing Choice of Law and Venue

Effective December 31, New York Substantially Increases Salary Threshold for Exempt Employees

GAO Civilian Task Order Jurisdiction Reinstated; DoD Task Order Threshold Could Increase

Regulatory Agenda Provides CFPB 2017 Rulemaking Plan

Presidential Commission on Enhancing National Cybersecurity Releases Final Report for the Next Administration

Yates Memo and Compliance Audits

NYC Developers Take Note: Potential Revocation of 421-a Property Tax Exemption