Banking Sector

News & Analysis as of

CFPB Encourages Financial Institutions to Improve Checking Account Access

In remarks delivered yesterday at a field hearing in Louisville, Kentucky, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray announced three actions the CFPB is taking to encourage financial institutions to...more

UK Financial Regulatory Developments - February #1

FMLC issues addendum to legal uncertainty for CCPs paper - FMLC and the US-based Committee on Capital Markets Regulation (CCMR) have issued an addendum to their comment paper on issues of legal uncertainty relating to...more

Interagency CRE Guidance Update

In the ancient world kings and emperors regularly sought advice from the Oracle at Delphi when making important decisions. The Oracle would respond to questions, sometimes in poetry, other times in prose, in a manner that...more

FinCEN to Financial Institutions: Include Cyber Data in Suspicious Activity Reports (SARs)

As new legislation aimed at facilitating greater cybersecurity information sharing between private industry and government takes effect (i.e., Cybersecurity Information Sharing Act), FinCEN Director Jennifer Shasky Calvery...more

FDIC Issues Quarterly Banking Profile for Third Quarter 2015

The FDIC published its most recent Quarterly Banking Profile, summarizing the latest financial results for the banking industry. According to the FDIC’s findings, community banks reported net income of $5.2 billion in the...more

Bureau Tells Banks to Offer Overdraft-Free Accounts, Sends Warning on Reporting

On February 3, 2016, the Consumer Financial Protection Bureau (CFPB or “Bureau”) announced a series of steps designed to improve consumer access to checking accounts by (a) encouraging banks and credit unions to make...more

Did the Fourth Circuit Just Create a Cause of Action for “Unconscionable Inducement” Under West Virginia Law?

In McFarland v. Wells Fargo Bank, N.A., 14-2126 (4th Cir. Jan. 15, 2016), the Fourth Circuit Court of Appeals examined the argument that a loan was substantively unconscionable because it vastly exceeded the worth of the...more

Your daily dose of financial news The Brief – 2.4.16

Beware the toxic debt hangover, a nasty side effect of years of the aggressive stimulus policies governments and central banks around the world have engaged in to ramp up their economies. Trillions of dollars of bad loans,...more

CFPB announces steps to improve checking account access

As anticipated, in conjunction with its field hearing today, the CFPB announced several steps it has taken to improve consumer access to checking accounts. These steps consist of a sending a letter to the 25 largest retail...more

FDIC Puts Up More Road Blocks for Marketplace Lenders

The FDIC continues to be the one regulator with the most cautious outlook regarding marketplace lending. The Federal Deposit Insurance Corporation’s (FDIC’s) February 1 issue of Supervisory Insights continues the...more

DOJ Settles Action Alleging Bank Discriminated Against Disability Income Recipients

The U.S. Department of Justice recently entered into a consent order with Evolve Bank & Trust to settle charges that the bank discriminated against mortgage loan applicants on the basis of disability and receipt of public...more

UK Financial Regulatory Developments - January 2016 #14

Treasury Committee publishes banking IT failure correspondence - The Treasury Committee has published correspondence between Andrew Tyrie, PRA, FCA and between him and RBS, HSBC and Barclays, relating to IT failures at...more

Massachusetts AG Healey Expands Abandoned Housing Initiative

On January 25, Massachusetts AG Maura Healey announced that she was expanding her Abandoned Housing Initiative (AHI) in response to an increasing number of cities and towns seeking assistance to revitalize their...more

Looks Like Another Test Case For EU Bank Resolution Law

Readers interested in the Banking Recovery and Resolution Directive (BRRD) no doubt have been following the ongoing travails of the Portuguese "good bank" Novo Banco SA and "bad bank" Banco Espírito Santo SA (BES). The...more

Eleven Banks Reach Settlement with Commonwealth of Virginia on RMBS Claims

On Friday, January 22, 2016, eleven banks, including Merrill Lynch, RBS, and Barclays, agreed to settle claims brought by the Commonwealth of Virginia in a 2014 action alleging misrepresentations as to the nature, quality,...more

EBA to Assess the Potential Impact of IFRS 9 on EU Banks

In a press release dated 27 January 2016, the European Banking Authority (EBA) launched an impact assessment of IFRS 9 (dealing with financial Instruments) which is due to be implemented in the EU in 2018. The impact...more

Florida Court of Appeals Finds Notice of Assignment Not Condition Precedent to Foreclosure Suit

In January, the Florida Second District Court of Appeals—addressing an issue of first impression in the Florida district courts of appeal—held that providing written notice of assignment of a note described in Fla. Stat. §...more

Italian Finance Ministry Announces Government Guarantees to NPLS

Last Tuesday after months of negotiations, Italy finally reached an agreement with the EU regarding a solution to the Italian banks' non-performing loans problem with a scheme that has been confirmed does not constitute State...more

Appellate Court Refuses to Vacate Voluntary Dismissal Undertaken With Mistaken Belief Claim Was Time-Barred

In Cottrell as Trustee v. Taylor, Bean & Whitaker Mortgage Corp., 41 Fla. L. Weekly D141f, 2D14-5885 (Fla. 2d DCA Jan. 8, 2016), Florida’s Second District Court of Appeal examined the applicability of Rule 1.540(b) to notices...more

Financial Services Legislation: 2015 in Review and What to Expect in 2016

To the surprise of many, Congress passed a number of financial services bills in 2015, including six that amended the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010....more

It is now fact – CMBS is the answer to Italian bank deleveraging woes!!

Almost a year ago to the day, I posted a blog questioning whether CMBS was the answer to Italian bank deleveraging woes. One year on, I am pleased to say that the Italian government (clearly channelling me!) has just reached...more

Islamic Finance News 2016 Annual Guide

A volatile year for Islamic finance – the only way is up? Once again the close of the year has come around more quickly than we ever thought possible, and it is time again for our annual review and outlook of the Islamic...more

NMLS Release 2016.1

NMLS Release 2016.1 is targeted for January 25, 2016. The release includes functionality for surety companies and surety bond producers to request an account within NMLS and establish business associations, enhancements to...more

Burr Alert: New Tennessee Reporting Requirements for Banks and Online Payment Networks

With the start of the 2016 tax reporting season, taxpayers making certain payments to a person or entity with a Tennessee address may find that Tennessee has added to the number of information returns they need to file....more

Errant Clerk’s Default Must be Set Aside Regardless of Excusable Neglect, Due Diligence, Meritorious Defenses

In Stuart-Findlay v. Bank of America, N.A., 2010CA014370, 41 Fla. L. Weekly D207a (Fla. 4th DCA 2014), Florida’s Fourth District Court of Appeal held that a clerk’s default entered in error should have been set aside,...more

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