Cliff Stanford, Alston & Bird partner and leader of the firm’s Bank Regulatory Team, has been honored by the Burton Awards as a recipient of the 2019 “Law360 Distinguished Legal Writing Award.” This marks the fifth year in a row Alston & Bird has received this award.
The article – “Toward a Coherent and Consistent Framework for Treatment of Confidential Supervisory Information,” published in the North Carolina Banking Institute journal of the University of North Carolina School of Law – details how new regulators and rules, enhanced oversight and enforcement authority, and intensive public scrutiny of the effectiveness of banking supervision have all amplified the longstanding tensions and ambiguities that emerge from the exchange of data critical to effective bank supervision, including “confidential supervisory information” (CSI).
“Banking agencies have elevated the importance of the treatment of CSI by emphasizing concerns in enforcement actions and by issuing guidance and rules, but have not provided consistent and coherent definitions and guidance across the industry,” writes Stanford. “Reform of these rules would remove unnecessary uncertainty and friction, and help foster the transparent and candid dialogue critical to effective bank supervision.”
Established in 1999 to honor the finest accomplishments in law, the Burton Awards is a nonprofit program run in association with the Library of Congress, presented by lead sponsor Law360, and cosponsored by the American Bar Association. It is funded by the Burton Foundation, a nonprofit, academic effort devoted to recognizing and rewarding excellence in the legal profession.
This year’s honorees were recognized at the 20th Annual Burton Awards, held at the Library of Congress in Washington, D.C., on May 20, 2019.