News & Analysis as of

Banking Sector

Epstein Becker & Green

Ban-the-Box Measures Headed for the Financial Services Industry

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In recent years, advocates and lawmakers have been pushing to expand the reach of “ban-the-box” measures designed to remove job barriers for individuals with criminal convictions....more

Orrick, Herrington & Sutcliffe LLP

CFPB Director speaks on mortgages and interest rates

On September 9, CFPB Director Rohit Chopra spoke at the National Housing Conference on how a decrease in interest rates could impact mortgage refinancing. Chopra noted that over a fifth of all mortgages currently have...more

Cooley LLP

CFPB Challenges Financial Institutions to Produce Evidence of Affirmative Consent to Overdraft Fees

Cooley LLP on

On September 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a circular explaining that financial institutions may violate the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation...more

Orrick, Herrington & Sutcliffe LLP

FDIC issues list of banks examined for CRA compliance

On September 4, the FDIC released its latest evaluations of state nonmember banks for compliance under the CRA. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 requires public disclosure of...more

A&O Shearman

FAQs: FCA “home visits”

A&O Shearman on

Post-pandemic most firms have settled into permanent hybrid working arrangements. Two years after the FCA published its statement reminding firms of its ability to visit “any location where work is performed […] including...more

Orrick, Herrington & Sutcliffe LLP

FDIC sunsets its FFIEC Cybersecurity Assessment Tool

On September 5, the FFIEC announced the sunsetting of the Cybersecurity Assessment Tool (CAT) on August 31, 2025. The CAT, introduced in June 2015, was a voluntary tool designed to help financial institutions identify...more

Orrick, Herrington & Sutcliffe LLP

Bank faces class action over its overdraft fee practices

Recently, a bank customer and his business filed a class action complaint in the Stamford-Norwalk Judicial District Superior Court against a Connecticut-based bank alleging that bank engaged in unlawful business practices to...more

Goodwin

FinCEN and Banking Agencies Propose AML Program Rule Updates for Banks and Other Financial Institutions

Goodwin on

Earlier this summer, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Proposed Rule revising its regulations under the Bank Secrecy Act (BSA) requiring financial institutions to...more

Venable LLP

Custody Battles: The FDIC's Latest Proposed Rule on FBO Accounts

Venable LLP on

The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 46: Consumer Banking in a Rapidly Changing Competitive and Regulatory Environment

RegFi co-hosts Jerry Buckley and Sherry Safchuk are joined by Kelvin Chen, Senior Executive Vice President and Head of Policy at the Consumer Bankers Association, to discuss the rapidly evolving business and regulatory...more

Orrick, Herrington & Sutcliffe LLP

Fed’s Barr speaks on changes to Basel III and liquidity requirements

On September 10, the Fed released the prepared remarks given by the Vice Chair for Supervision, Michael Barr, on changes to the Basel III endgame proposal and the capital surcharge for global systemically important banks...more

Orrick, Herrington & Sutcliffe LLP

U.S.-U.K. treasuries convene to discuss financial stability goals

On September 3, the Department of the Treasury hosted the tenth official meeting of the U.S.-U.K. Financial Regulatory Working Group in Washington, D.C. Officials from both countries discussed economic and financial...more

Steptoe & Johnson PLLC

HELOC Funds Accessed With a Credit Card: No Right To Offset Absent Express Agreement

Steptoe & Johnson PLLC on

The idea of borrowing against equity in a residential home through a second mortgage has been around for almost a century. However, the popularity of a home equity line of credit (HELOC) increased in the 1980s following the...more

BakerHostetler

Weekly Blockchain Blog - September 2024 #2

BakerHostetler on

According to recent reports, two U.S. multinational financial technology companies have integrated Ethereum Name Service (ENS), a decentralized naming system built on the Ethereum blockchain, into their payment platforms....more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday September 12

Paul Hastings LLP on

September 11, 2024 - The House Financial Services Subcommittee on Financial Institutions and Monetary Policy, led by Chairman Andy Barr (KY-06), held a hearing entitled “Transparency in Global Governance.”...more

McGlinchey Stafford

Podcast: Deep Dive into the Regulatory Landscape of Bank Partnerships Featuring American Fintech Council CEO, Phil Goldfeder [More...

McGlinchey Stafford on

McGlinchey attorneys Robert Savoie and Rachael Aspery are joined by Phil Goldfeder, the CEO of the American Fintech Council, in this installment of the Deep Dive into Bank Partnerships. The podcast focuses primarily on...more

Hogan Lovells

Reforma a las Disposiciones de Carácter General a que se refiere el artículo 115 de la Ley de Instituciones de Crédito

Hogan Lovells on

El pasado 28 de agosto de 2024, la Secretaría de Hacienda y Crédito Público (“SHCP”) publicó la “Resolución que reforma, adiciona y deroga diversas de las Disposiciones de carácter general a que se refiere el artículo 115 de...more

Hogan Lovells

Amendment to the General Provisions referred to in Article 115 of the Credit Institutions Law

Hogan Lovells on

On 28 August 2024, the Ministry of Finance and Public Credit (“Secretaría de Hacienda y Crédito Público – ‘SHCP’”) published the ‘Resolution that amends, adds and repeals several of the General Provisions referred to in...more

A&O Shearman

UK Payments Regulator Consults on Reducing Maximum Level of Reimbursement for APP Scams

A&O Shearman on

Following feedback from industry and other stakeholders, the Payments Systems Regulator published a consultation paper on reducing the maximum level of reimbursement for the Faster Payments APP fraud reimbursement limit from...more

A&O Shearman

UK Financial Conduct Authority Reports on Payment Account Access and Closures

A&O Shearman on

This new report sets out four thematic findings from the follow-up work the FCA has carried out, which are as follows: The FCA summarizes its expectations of payment account providers, including in respect of the Consumer...more

Orrick, Herrington & Sutcliffe LLP

OCC’s Acting Comptroller discusses the evolution of bank supervision

On September 3, Acting Comptroller of the Currency Michael J. Hsu delivered remarks on the evolution of bank supervision at a recent international conference, focusing on the transformation of bank supervision over the last...more

Hogan Lovells

UK "de-banking": FCA update report on payment accounts access and closures

Hogan Lovells on

The FCA has published a report setting out its findings from follow-up work on payment account access and closures, together with the results of independent research on the experiences some of the most financially excluded...more

Orrick, Herrington & Sutcliffe LLP

FDIC releases seven enforcement actions for June and July 2024

On August 30, the FDIC released a list of seven administrative enforcement actions taken against banks and individuals in June and July. The public orders comprised six safety and soundness orders, two of which were consent...more

A&O Shearman

Just a few months left before DORA enforcement: Time to Take Action

A&O Shearman on

The Digital Operational Resilience Act EU 2022/2554 (DORA) constitutes a groundbreaking EU regulation designed to establish a unified framework for bolstering cybersecurity and operational resilience within the financial...more

Orrick, Herrington & Sutcliffe LLP

Suit against FDIC argues the agency is “unconstitutional” and violates Jarkesy

Recently, the U.S. District Court for the District of Columbia received a complaint from an individual plaintiff suing the FDIC, its heads, board members and an administrative law judge (ALJ) for allegedly subjecting the...more

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