News & Analysis as of

Bank Holding Company Act

To Charter or Not to Charter: Initial Thoughts on Recent Fintech & Banking Developments

A topic of increasing interest in recent months and weeks has been whether and if fintech companies would seek to obtain a bank charter of some sort. The recent decisions by Social Finance Inc. (SoFi) and Square, Inc. to...more

An Overview of the Volcker Rule

by K&L Gates LLP on

This practice note provides an overview of the Volcker Rule, which was enacted in 2010 as Section 619 of the comprehensive Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) and codified as the new...more

OCC Seeks Public Comment on the Volcker Rule

by Morrison & Foerster LLP on

Section 13 of the Bank Holding Company Act (the “Volcker Rule”) and its implementing regulations (the “Implementing Regulations”) generally prohibit banking entities from engaging in proprietary trading and from investing in,...more

OCC Seeks Comment on Volcker Rule to Implement Treasury Recommendations

The Office of the Comptroller of the Currency is seeking comment to assist in determining how the final rule implementing section 13 of the Bank Holding Company Act, which is referred to as the Volcker Rule, could be revised...more

US Banking Agencies Provide Temporary Relief Under the Volcker Rule to Foreign Banks With Respect to Certain Foreign Private...

by Shearman & Sterling LLP on

The US federal banking agencies with responsibility for enforcing the Volcker Rule have issued temporary one year no-action relief with respect to certain private non-US investment funds that are not “covered funds” for...more

Federal Banking Agencies Announce No-action Position on Certain Foreign Excluded Funds Under the Volcker Rule

by Morrison & Foerster LLP on

Section 13 of the Bank Holding Company Act of 1956, as amended, and its implementing regulations (the “Volcker Rule”) generally prohibit a “banking entity” from engaging in proprietary trading and from investing in,...more

FRB Lifts Threshold for Financial Stability Review

by Bryan Cave on

In its March 2017 approval of People United Financial, Inc.’s merger with Suffolk Bancorp (the “Peoples United Order”), the Federal Reserve Board eased the approval criteria for certain smaller bank merger transactions by...more

Financial Services Report - Spring 2017

by Morrison & Foerster LLP on

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

OCC to Consider Special Charter Applications for Fintech Companies

by Davis Wright Tremaine LLP on

On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the OCC will move forward with considering granting federal charters—under the OCC’s existing authorities—to financial technology companies. ...more

OCC Will “Move Forward” With Federal FinTech Charter

by Goodwin on

The Office of the Comptroller of the Currency (the OCC) plans to consider applications from companies engaged in financial technology—or FinTech—activities to operate through a national bank charter and has released a paper...more

Federal Banking Agencies Issue Recommendations as Part of Their Section 620 Report to Solidify the Safety and Soundness of the...

by Morrison & Foerster LLP on

On September 8, 2016, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Federal Deposit Insurance Corporation (the “FDIC”) and the Office of the Comptroller of the Currency (the “OCC,” and...more

Orrick's Financial Industry Week in Review

Federal Reserve Announces Extension of Conformance Period under Section 13 of the Bank Holding Company Act - On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period...more

Federal Reserve Announces Extension of Conformance Period Under Section 13 of the Bank Holding Company Act

On July 7, 2016, the Federal Reserve announced that it will extend until July 21, 2017 the conformance period for banking entities to divest ownership in certain legacy investment funds and terminate relationships with funds...more

FinCEN Finalizes Beneficial Ownership Identification Rules

by Ballard Spahr LLP on

As part of the U.S. Treasury Department's ongoing efforts to prevent bad actors from using U.S. companies to conceal money laundering, tax evasion, and other illicit financial activities, the Financial Crimes Enforcement...more

Volcker Rule FAQs Updated for TruPS CDOs

The staff of the SEC’s Divisions of Trading and Markets, Investment Management, and Corporation Finance have updated guidance on the SEC’s final rule implementing section 13 of the Bank Holding Company Act of 1956 (“BHC...more

Responses to Frequently Asked Questions Regarding the Commission’s Rule under Section 13 of the Bank Holding Company Act (the...

The Staff of the SEC Division of Trading and Markets, Investment Management, and Corporate Finance provided updated guidance on June 12, 2015 in response to frequently asked questions (“FAQs”) regarding the SEC’s final rule...more

The Volcker Rule’s Impact on CLO Issuances and other Securities Offerings

by White & Case LLP on

Section 619 of the Dodd-Frank Wall Street Reform Act of 20101 (the “Dodd-Frank Act”) – commonly known as the “Volcker Rule” – adds a new section 13 to the Bank Holding Company Act of 1956, as amended, and prohibits “banking...more

New Volcker Guidance Helps Non-US Banks

The five US financial regulators that are responsible for implementation of Section 13 of the Bank Holding company Act of 1956 (Volcker Rule) have added new guidance in the form of an addition to their list of Frequently...more

Federal Agencies Release New Volcker Rule Guidance for Non-U.S. Banking Entities and Fund Sponsors Seeking to Rely on the “SOTUS”...

by Ropes & Gray LLP on

On February 27, 2015, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange...more

Financial Services Weekly News Roundup - November 2014 #2

by Goodwin on

The SEC first proposed a study of the fiduciary obligations of brokers and investment advisers as required by the Dodd-Frank Act in July 2010. The SEC still has not made a decision about the shape of a fiduciary rule for...more

Federal Reserve Board Releases FAQs Regarding Certain Bank Transactions

On October 9, the Federal Reserve Board released answers to frequently asked questions regarding the competitive review process for bank acquisitions, mergers, and other transactions under the Bank Holding Company Act...more

Private Equity Fees and Expenses

by Pepper Hamilton LLP on

In This Presentation: - Agenda - Typical Fund Structure - Typical Fund Waterfall - Fund Economics- Nuances - LPA Provisions - Fund Due Diligence - Legal Landscape - PEI...more

Bank Regulators Propose Relaxed Margin Requirements for Corporate End Users of Uncleared Swaps

Five federal agencies have taken a second stab at a proposed rule to establish margin requirements for swap dealers, major swap participants, security-based swap dealers, and major security-based swap participants as...more

Banks Cannot Solve Their “Toxic Asset” Problems by Forcing Bad Loans and Real Estate on Unrelated Borrowers

by Sherman & Howard L.L.C. on

In the wake of the post-2008 “Great Recession,” many financial institutions were left holding an odoriferous bag of non-performing loans and bank-owned real estate (“REO Property”) resulting from foreclosures on collateral....more

SEC Issues FAQs on Volcker Rule

The SEC has issued a series of FAQs on its final rule implementing section 13 of the Bank Holding Company Act of 1956 (“BHC Act”), commonly referred to as the “Volcker Rule.”...more

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