Effective January 10, 2022, the Federal Deposit Insurance Corporation (“FDIC”) issued a final rule (the “Primary Purpose Rule”) that adds a specific business relationship that qualifies under the Primary Purpose Exception...more
On December 14, 2021, the U.S. Office of the Comptroller of Currency (“OCC”) adopted a new final rule (“Final Rule”) under the Community Reinvestment Act of 1977, as amended (the “CRA”) which will be effective on...more
On July 20, 2021, the Board of Governors of the Federal Reserve System (the “FRB”), the Federal Deposit Insurance Corporation (the “FDIC”), and Office of the Comptroller of the Currency (“OCC”, and collectively with the FRB...more
The Federal Reserve Board recently issued a final decision In the Matter of: Frank Smith and Mark Kiolbasa, Institution Affiliated Parties of Farmers State Bank, Docket No. 18-036-E-1. The decision creates a significant...more
Effective April 1, 2021, the Federal Deposit Insurance Corporation (“FDIC”) launched a “Brokered Deposit” bankers’ resource web page, concurrently with the effective date of its final rule (the “Rule”) to modernize the...more
On December 15, 2020, the Federal Deposit Insurance Corporation (“FDIC”) issued a final rule (the “Rule”) to modernize its regulations that implement Section 29 of the Federal Deposit Insurance Act (“FDI Act”). The FDIC...more
Readers will recall that in our previous articles concerning the latest developments in money transmittal laws, we noted state regulators’ increasing tendency to enforce their state money transmittal laws on out-of-state...more
The Office of the Comptroller of the Currency (“the OCC”) has issued a Notice of Proposed Rule Making (NPR) to revise and reorganize its regulations relating to the activities and operations of national banks and Federal...more
“The real or supposed rights of man are of two kinds, active and passive; the right in certain cases to do as we list; and the right we possess to the forbearance or assistance of other men.”
William Godwin...more
On October 11, 2019, the Chairman of the Securities and Exchange Commission (“SEC”), the Chairman of the Commodities Futures Trading Commission (“CFTC”) and the Director of the Financial Crimes Enforcement Network (“FinCEN”)...more
This QuickStudy is intended to supplement our previous QuickStudy, published on June 17, 2019, regarding the election to be treated as a “covered savings association.” On July 1st, the OCC issued Bulletin 2019-31 (the...more
On May 24th the Office of the Comptroller of the Currency issued its final regulation (“final regulation”) implementing the provisions of the newly created section 5A of the Home Owners’ Loan Act. This new section 5A allows...more
The Fate of Quill Physical Presence Standard
This past January the Supreme Court of the United States granted certiorari to hear South Dakota v. Wayfair, Inc., Overstock.com, Inc., and Newegg, Inc. The South Dakota...more
On December 13, 2017, the Delaware Supreme Court issued In re Investors Bancorp, Inc. Stockholder Litigation, Case No. 169. The holding of this case could be particularly impactful to Delaware corporations because of its...more
On December 19th, the Office of the Comptroller of the Currency issued a final rule regarding how it will address receiverships of special purpose national banks which do not have deposits insured by the Federal Deposit...more
On December 2nd at the Georgetown University Law Center Comptroller of the Currency Thomas J. Curry announced that the OCC had made the determination to consider applications for special purpose national bank charters filed...more
At its October 26th open meeting, the Securities and Exchange Commission voted to propose amendments to the proxy rules which would require the use of a universal proxy card in a contested election of directors. If adopted,...more
The United States Department of Treasury’s Financial Crimes Enforcement Network’s (FinCEN) new customer due diligence rule released in May has caused concern throughout the industry. In what it says is an effort to prevent...more
Last December we alerted our clients of newly proposed anti-money laundering regulations issued by the New York Department of Financial Services (the Department). These rules generated nationwide attention (and criticism) due...more
In an unheralded Supervision and Regulation Letter (Letter) issued by the Board of Governors of the Federal Reserve System (Board) on December 3, 2015 (SR 15-15), the Board provided guidance to explain “Supervisory Concerns...more
In June of 2010 bank regulatory agencies issued final guidance relating to incentive compensation arrangements at all financial institutions. Shortly thereafter in July, President Obama signed into law the Dodd-Frank Act....more
Within the last two weeks, the Office of the Comptroller of the Currency issued two bulletins directly related to enforcement matters. OCC Bulletin 2016-5, detailing the OCC’s revisions to its Policies and Procedures Manual...more
Last month we alerted our clients to newly proposed anti-terrorism and anti-money laundering regulations in New York that sought to impose increased compliance requirements and vastly expanded personal liability (including...more
Earlier this month, Governor Andrew M. Cuomo of New York announced newly proposed anti-terrorism and anti-money laundering regulations that impose increased compliance requirements and more importantly, vastly expanded...more
On October 28, 2015, the Federal Deposit Insurance Corporation (FDIC) published in the Federal Register final rules to streamline the filing requirements and processing procedures within its regulations implementing the...more