State bank regulators and attorneys general appear prepared to step into the breach in 2018 if the Consumer Financial Protection Bureau faces cutbacks under new Trump administration management.

Speaking to Bloomberg Law, Pinchus Raice, Co-Chair of Pryor Cashman's Financial Institutions Group, said he expects the New York Department of Financial Services (NYDFS) will dedicate significant attention to monitoring compliance with new anti-money laundering regulations; the effects of which will be strongly felt by the approximately 125 branches and agencies of foreign banks in New York. "This will be a continuing catalyst for enforcement actions," Raice said. "It will affect domestic banks, but the [NYDFS'] primary target will be branches of foreign banks."

The full Bloomberg article can be viewed here.

More About Raice's Practice

As co-chair of Pryor Cashman's Financial Institutions Group, Pinchus Raice represents financial institutions, their boards of directors and executive officers in intra-agency appeals, enforcement actions – including those seeking civil money penalties and removal and prohibition orders – and other contested administrative and court proceedings. He has particular expertise advising clients on CAMELS ratings and challenging such ratings at the appellate level. 

To learn more about his work, please  visit here.

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