The Office of the Comptroller of the Currency (OCC) recently approved an organizing group for a “shelf” charter, reviving a mechanism first introduced during the 2008-11 financial crisis to allow for broader participation by...more
This alert provides background on the failure of Silicon Valley Bank and explains significant recent developments, including the subsequent failure of Signature Bank and the U.S. government’s announcement that the Federal...more
3/13/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Receivership ,
Silicon Valley ,
U.S. Treasury
In the past year, the Board of Governors of the Federal Reserve System (the Board) Biden administration officials, and other U.S. banking regulators have repeatedly voiced growing concerns about certain cryptoasset...more
2/7/2023
/ Banking Regulators ,
Banking Sector ,
Banks ,
Biden Administration ,
Blockchain ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Risk Assessment
On January 3, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) issued a Joint Statement on...more
1/6/2023
/ Banks ,
Cryptoassets ,
Cryptocurrency ,
Enforcement ,
Federal Reserve ,
Financial Services Industry ,
Joint Statements ,
Non-Bank Lenders ,
OCC ,
Regulatory Agenda ,
Risk Factors
The Main Street lending program is a key component of the federal government's response to the economic impact of the COVID-19 pandemic. Implemented and primarily funded by the Federal Reserve, the program is expected to...more
The Main Street lending program is a key component of the federal government's response to the economic impact of the COVID-19 pandemic. Implemented and primarily funded by the Federal Reserve, the program is expected to...more
5/11/2020
/ Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Eligibility ,
Federal Funding ,
Federal Reserve ,
Main Street Expanded Loan Facility ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Main Street Priority Loan Facility ,
Midsize and Large Business Loans ,
Popular ,
Special Purpose Vehicles
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) became law on March 27, 2020. The economic stimulus package in the CARES Act includes federal funding for business stimulus across three broad...more
4/13/2020
/ CARES Act ,
Commercial Paper Funding Facility (CPFF) ,
Coronavirus/COVID-19 ,
Federal Grants ,
Federal Loans ,
Federal Reserve ,
Lending Programs ,
Main Street Lending Programs ,
Money Market Mutual Fund Liquidity Facility (MMLF) ,
Paycheck Protection Program (PPP) ,
Primary Dealer Credit Facility (PDCF) ,
Primary Market Corporate Credit Facility (PMCCF) ,
SBA ,
Secondary Market Corporate Credit Facility (SMCCF) ,
Small Business Loans ,
Term Asset-Backed Securities Loan Facility (TALF) ,
U.S. Treasury
On March 27, 2020, Congress approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide financial assistance to individuals and businesses, which in aggregate greatly exceeds the financial package...more
3/31/2020
/ Airlines ,
Banks ,
Capital Markets ,
CARES Act ,
Commercial Tenants ,
Community Banks ,
Coronavirus/COVID-19 ,
Economic Stimulus ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Food Drug and Cosmetic Act (FFDCA) ,
Federal Grants ,
Federal Loans ,
Federal Reserve ,
Food and Drug Administration (FDA) ,
Forbearance Agreements ,
Foreclosure ,
Health Care Providers ,
Health Insurance ,
Landlords ,
Life Sciences ,
Medical Devices ,
Mergers ,
Mortgages ,
National Security ,
Paycheck Protection Program (PPP) ,
Payroll Taxes ,
Personal Protective Equipment ,
Pharmaceutical Industry ,
Prescription Drugs ,
Property Owners ,
Qualified Immunity ,
Relief Measures ,
Small Business ,
Small Business Loans ,
Supply Chain ,
Tax Credits ,
Tax Deductions ,
Tax Deferral ,
Tenants ,
Unemployment Insurance ,
Virus Testing
The Trump administration has provided few specifics regarding its plans for financial regulatory reform. But Republican control of the executive and legislative branches of the federal government should create a favorable...more
1/31/2017
/ Banking Sector ,
Banks ,
Deregulation ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Glass-Steagall Act ,
Mergers ,
Trump Administration ,
Volcker Rule
On December 2, 2016, the Office of the Comptroller of the Currency (OCC) announced its willingness to entertain applications from financial technology (fintech) companies for special purpose national bank charters. In recent...more
Federal and state banking regulators have broad and largely discretionary supervisory and enforcement powers over the financial institutions they regulate, which include banks and their affiliates. Key regulators in this area...more
The Federal Reserve Board (Board) yesterday approved a proposed rule requiring larger U.S. banking organizations maintain liquid assets in an amount sufficient to meet the liquidity requirements determined under the rule,...more