The White House released a fact sheet on September 16, 2022, issuing the “First-Ever Comprehensive Framework for Responsible Development of Digital Assets” (Fact Sheet), which provides insight into the federal government’s...more
10/5/2022
/ Central Bank Digital Currency (CBDCs) ,
Cross-Border Transactions ,
Cryptocurrency ,
Cybersecurity ,
Digital Assets ,
Environmental Justice ,
Federal Reserve ,
Financial Services Industry ,
Infrastructure ,
Investors ,
New Guidance ,
Shareholders
The Board of Governors of the Federal Reserve System (Federal Reserve) approved final guidelines (Guidelines) on August 15, 2022, to be used by Federal Reserve Banks (Reserve Banks) to evaluate requests to use accounts and...more
9/13/2022
/ Anti-Money Laundering ,
Cryptoassets ,
Cryptocurrency ,
Due Diligence ,
Federal Reserve ,
Financial Institutions ,
Fraud ,
Money Laundering ,
New Guidance ,
Regulatory Oversight ,
Reporting Requirements ,
Risk Management ,
Stablecoins
The Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (Board of Governors) issued a joint letter (Joint Letter) on July 28, 2022, to Voyager Digital, LLC and its related entities...more
8/5/2022
/ Consumer Financial Products ,
Cryptocurrency ,
Deposit Insurance ,
Depository Institutions ,
Enforcement Actions ,
False Statements ,
FDI Act ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Misleading Statements ,
Misrepresentation
The Board of Governors of the Federal Reserve on January 20, 2022, published a discussion paper (the “Paper”) concerning the possibility of creating a central bank digital currency (“CBDC”). The Paper discusses the uses,...more
2/11/2022
/ Central Bank Digital Currency (CBDCs) ,
Comment Period ,
Cryptocurrency ,
Digital Assets ,
Digital Currency ,
Federal Reserve ,
Financial Instruments ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Transactions ,
Popular ,
Regulatory Agenda
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading...more
7/21/2020
/ Amended Regulation ,
CFTC ,
Covered Funds ,
Credit Funds ,
Exclusions ,
FDIC ,
Federal Reserve ,
Financial Regulatory Agencies ,
Foreign Excluded Funds ,
Investment Schemes ,
OCC ,
Ownership Interest ,
Securities and Exchange Commission (SEC) ,
Securitization ,
Venture Capital ,
Volcker Rule ,
Wealth Management
Introduction -
As the reinstated Term Asset-Backed Securities Loan Facility program (“TALF 2.0”) opened, the Federal Reserve Bank of New York (the “FRBNY”) continues to revise the TALF 2.0 program details, changing the...more
On May 20, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) announced the first subscription date of June 17, 2020 for funding under the Term Asset-Backed...more
5/28/2020
/ Asset-Backed Securities ,
Borrowers ,
Capital Distributions ,
Certification Requirements ,
Collateral ,
Coronavirus/COVID-19 ,
Federal Loans ,
Federal Reserve ,
FRBNY ,
Issuer Eligibility Criteria ,
Master Loan and Security Agreement (MLSA) ,
Sponsors ,
Stock Repurchases ,
Term Asset-Backed Securities Loan Facility (TALF) ,
Term Sheets
On May 12, 2020, the Federal Reserve Board of Governors (the “Fed”) and the Federal Reserve Bank of New York (the “FRBNY”) released an updated term sheet (the “New Term Sheet”) and Frequently Asked Questions (the “TALF FAQs”)...more
On May 4, 2020, the Federal Reserve Bank of New York (the “Federal Reserve”) released Frequently Asked Questions (the “FAQs”) regarding the Primary Market Corporate Credit Facility (“PMCCF”) program, providing greater detail...more
5/13/2020
/ Bonds ,
CARES Act ,
Eligibility ,
Federal Reserve ,
NRSRO ,
Primary Market Corporate Credit Facility (PMCCF) ,
Rule 144 ,
Secondary Market Corporate Credit Facility (SMCCF) ,
Securities and Exchange Commission (SEC) ,
Special Purpose Vehicles ,
Term Asset-Backed Securities Loan Facility (TALF)
Several federal agencies have announced various measures to help the United States respond to the economic dislocations from the COVID-19 coronavirus pandemic. This Dechert OnPoint summarizes several significant initiatives...more
3/31/2020
/ Banks ,
Capital Requirements ,
CARES Act ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Agencies ,
Liquidity ,
Money Market Funds ,
Mortgage-Backed Securities ,
OCC ,
Primary Dealer Credit Facility (PDCF) ,
Relief Measures ,
SBA ,
Term Asset-Backed Securities Loan Facility (TALF)
The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (Federal Banking Agencies) on December 27, 2019 provided temporary relief from...more
2/10/2020
/ Bank Holding Company ,
Banks ,
Board of Directors ,
Compliance ,
Credit Extension ,
FDIC ,
Federal Bank Regulatory Agencies ,
Federal Reserve ,
Fund Management Companies ,
Insider Information ,
Investment Adviser ,
Investment Funds ,
Loans ,
OCC ,
Portfolio Companies ,
Regulation O ,
Relief Measures ,
Voting Shares
The Federal Reserve Board (FRB) recently issued a proposed rule that would codify and clarify when a company is presumed to have a controlling influence over the management and policies of a second company (Proposed...more
7/3/2019
/ Asset Management ,
Bank Holding Company Act ,
Banks ,
Board of Directors ,
CBCA ,
Controlling Influence Test ,
Controlling Stockholders ,
Federal Reserve ,
HOLA ,
Investment Funds ,
Investors ,
Non-Controlling Interests ,
Private Equity ,
Proposed Amendments ,
Proxy Contests ,
Public Comment ,
Voting Control Test ,
Voting Shares
The Federal Reserve Board (Board) recently adopted final rules representing the most significant change in U.S. regulation of foreign banking organizations (FBOs) since the International Banking Act of 1978. Perhaps most...more