Banking Sector

News & Analysis as of

Federal Banking Agencies Seek Comment on Proposed Market Risk Regulatory Report

On February 18, three federal banking agencies – the Federal Reserve Board, OCC, and FDIC – issued a joint notice seeking public comments on a proposed information collection form and its reporting requirements, FFIEC 102 –...more

Gulliver’s Travels, Truth or Fiction?

There was once a man named Gulliver who traveled widely and wrote a book about his adventures called Gulliver’s Tales. During his first voyage, Gulliver is washed ashore after a shipwreck and finds himself a prisoner of a...more

A Small Barracuda in a Big Pond: New York's Department of Financial Services

World-wide financial institutions take notice – New York has a new regulator on the scene. Newsweek describes him as “body-slamming” one of the world’s largest banks, “the man the banks fear most.” The Wall Street Journal has...more

An Islamic Megabank for Indonesia?

With the world's largest Muslim population, one might question why Indonesia’s Islamic finance market lags behind that of neighbouring Malaysia. In 2013 only 4.9% of total banking assets were held by Indonesian Islamic banks,...more

Communicating with Family Members After the Death of a Customer

Your bank customer has died. Her husband, who is well known to the bank, calls to discuss his deceased wife’s account and seeks to “add” his name to the account so he can access some of the funds for funeral expenses. You...more

SBIC Investment: A Potential Source of Capital for Government Contractors

Owners of privately-held businesses generally finance their businesses with their own capital, augmented with bank loans. An additional source of funding for government contractors is available from Small Business Investment...more

The Office of the Comptroller of the Currency (“OCC”) has released Comptrollers Handbook A-DRCC, “Deposit Related Consumer...

The Office of the Comptroller of the Currency (“OCC”) has released Comptrollers Handbook A-DRCC, “Deposit Related Consumer Credit” (“DRCC”), as of February 2015. This Handbook discusses various types of small-dollar...more

OCC Updated Examiner Guidance Includes New Overdraft Protection Program Requirements

In updated examiner guidance and examination procedures issued last week, the Office of the Comptroller of the Currency (OCC) directs its examiners to assess whether the overdraft protection and other deposit-related consumer...more

CFPB Expected to Issue New Overdraft Rules in July 2015

New rules on overdraft protections and fees are a top regulatory priority for the CFPB this year. In its Fall 2014 Rulemaking Agenda, the CFPB noted that they were, “continuing to research overdraft services and considering...more

Saving to Win Big: Prize-Linked Savings Accounts Are the Newest Promotional Trend

It’s a lottery where you can’t lose, but is it legal? A growing promotional trend being utilized by financial institutions such as banks and credit unions is the offering of prize-linked savings (PLS) products, which provide...more

OCC Releases Bulletin Summarizing Interim Final Rule on Subordinated Debt Issued by National Banks

On February 6, the Office of the Comptroller of the Currency (OCC) issued OCC Bulletin 2015-11, which describes further clarifications to an interim final rule on subordinated debt that was issued on February 28, 2014. The...more

Financial Services Weekly News Roundup - February 2015 #3

The Impact of Regulation on Community Banks: Harvard Study and Senate Banking Committee Hearing Highlight Differing Views. FDIC Director of Risk Management Supervision Doreen Eberley testified last week before the Senate...more

OCC Issues Revised Comptroller’s Handbook Booklet on Deposit-Related Consumer Credit

On February 11, the Office of the Comptroller of the Currency (OCC) issued the “Deposit-Related Consumer Credit” booklet of the Comptroller’s Handbook. This booklet replaces the “Check Credit” booklet issued in March 1990,...more

Agencies Issue Tool for Calculating Capital Requirements for Securitization Exposures

On February 11, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation issued an automated tool to help national banks and...more

China issues new CBRC Guidelines Is China putting the squeeze on foreign investment in its banking industry?

A new set of regulations issued by the China Banking Regulatory Commission has fuelled concerns that China intends to squeeze foreign investment in its banking industry....more

Financial Regulatory Developments Focus - February 2015 #3

In this issue: - Bank Prudential Regulation & Regulatory Capital - Regulatory Capital Tool for Securitization Exposures - European Banking Authority Reports on Implications of Regulatory Reforms for...more

Call Me, Maybe

Uncertainty Remains for Financial Institutions’ Client Communications Under the TCPA - There has been an increase in lawsuits against financial institutions under the Telephone Consumer Protection Act (TCPA), and...more

Top Ten Finance Litigation And Regulatory Decisions Of 2014

A summary of the most interesting banking litigation and regulatory decisions from 2014. The selection is necessarily subjective and draws from a wide range of cases and developments that are of direct relevance to finance...more

Republic of Cyprus releases new banking decrees

The Republic of Cyprus issued new decrees regarding the relaxation of banking restrictions on 16 February 2015. One decree provides further relaxation as follows: Transfers of deposits/funds abroad up to €50.000...more

Corporate and Financial Weekly Digest - Volume X, Issue 6

In this issue: - SEC Publishes Rules for Reporting Security-Based Swaps - SEC Proposes Rules for Disclosure of Companies’ Hedging Policies - CFTC Extends Relief From Certain OCR Requirements - NFA...more

CFPB Takes Aim at Relationships between Universities and Credit and Debit Card Issuers

Financial institutions marketing credit and debit cards to college and university students should prepare for likely investigations and enforcement actions by the Consumer Financial Protection Bureau and other regulatory...more

FINRA Issues Cybersecurity Practices Report And Investor Guidance

On February 3, the Financial Industry Regulatory Authority (“FINRA”) issued two publications concerning cybersecurity risks at financial firms. The Report on Cybersecurity Practices presents the results of FINRA’s 2014...more

Online Banking Alert: Registration For .bank gTLD Opening Soon

The much-anticipated <.bank> generic Top Level Domain (“gTLD”) may be available to verified members of the banking community as early as June 2015. <.bank> is being touted by the operator, fTLD Registry, LLC. (“fTLD”), as a...more

Update on President Obama’s “Summit on Cybersecurity and Consumer Protection,” Part I

The first ever Summit on Cybersecurity and Consumer Protection was convened today at Stanford University, keynoted by President Obama. The purpose of the summit: to “bring[] together major stakeholders on consumer financial...more

Financial Industry Backs Cybersecurity, Data Breach Notification Legislation

Why it matters - The financial industry has thrown its support behind data breach notification legislation as well as passage of a law that would encourage businesses to share cyberthreat information. Data security...more

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