A group of 11 financial services associations is calling on the FDIC to withdraw its notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered...more
Very soon, briefing by the parties in the 10th Circuit will commence with respect to Colorado’s appeal of a preliminary injunction entered by the Federal District Court for the District of Colorado. The District Court...more
The FDIC is seeking comment on proposed changes to its regulation governing parent companies of industrial banks and industrial loan companies—Part 354 of the FDIC Rules and Regulations....more
The FDIC board on July 30 approved a notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered deposits (12 CFR 337.6)....more
8/2/2024
/ Banks ,
Broker-Dealer ,
Brokered Deposits ,
Consumer Financial Products ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment Adviser ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules
The FDIC board on July 30 agreed to request information on deposit data that currently is not reported in the Federal Financial Institutions Examination Council’s Call Reports—including data on uninsured deposits....more
The federal banking regulators (The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation) issued on July 25 a lengthy joint statement...more
8/1/2024
/ Banking Regulators ,
Banks ,
Comment Period ,
Consumer Financial Products ,
FDIC ,
Federal Reserve ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
OCC ,
Public Comment ,
Request For Information ,
Risk Management ,
Third-Party Relationships
Banking regulators have issued a joint statement outlining the potential risks that financial institutions face in arrangements with third parties to deliver bank deposit products and services and examples of risk management...more
On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more
7/22/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Chevron Deference ,
Comptroller ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Electronic Fund Transfer Act ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
A Florida law that prohibits federal and state depository institutions conducting business in the state from denying services based on religion or political beliefs and activities went into effect on July 1....more
7/18/2024
/ Banks ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Florida ,
New Legislation ,
Religious Beliefs ,
Religious Discrimination ,
Unfair or Deceptive Trade Practices
Federal and state regulators risk stifling competition as they continue to develop a regulatory regime for fintech relationships with financial institutions, witnesses told a House subcommittee last week....more
In an unusual move, the CFPB is coming to the defense of a bank being accused of failing to provide repayment disclosures to a borrower....more
7/15/2024
/ Banks ,
Borrowers ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
Regulation Z ,
Repayment Options ,
Statutory Violations ,
Truth in Lending Act (TILA)
In the same 2023 bill (House Bill 23-1229) that included Colorado’s DIDMCA opt-out**, Colorado adopted a statute excepting certain “general-purpose credit cards”, as defined, from the state’s limitations on finance charges...more
6/28/2024
/ Banks ,
Colorado ,
Consumer Financial Products ,
Credit Cards ,
DIDMCA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Opt-Outs ,
Truth in Lending Act (TILA)
On April 22, 2024 (almost 2 months before Judge Daniel Domenico issued a preliminary injunction against the UCCC Administrator and Colorado Attorney General), Administrator Martha Fulford issued an Interpretive Opinion Letter...more
The Colorado federal district court hearing NAIB, et al v. Weiser, et al., the lawsuit filed by three consumer financial services industry trade groups challenging Colorado’s opt-out legislation, has granted the plaintiffs’...more
6/20/2024
/ Amicus Briefs ,
Banks ,
Borrowers ,
Colorado ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
Interest Rates ,
Loans ,
National Bank Act ,
Opt-Outs ,
Out-of-State Companies ,
Preliminary Injunctions
Colorado’s attempt to opt out of interest rate exportation by out-of-state, state-chartered banks ultimately will fail, and will cause irreparable harm in the interim: therefore, enforcement of the opt out should be...more