News & Analysis as of

Banks

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

Hudson Cook, LLP

National Bank Reaches Settlement with the CFPB for Alleged Credit Reporting Violations

Hudson Cook, LLP on

On September 11, 2024, the CFPB issued an administrative consent order against the Bank, alleging multiple violations of the Fair Credit Reporting Act (FCRA), the Consumer Financial Protection Act (CFPA), and the Furnisher...more

Katten Muchin Rosenman LLP

Basel III Endgame: Will Banks Have to Increase Their Capital Requirements?

On Tuesday, September 10, the Federal Reserve announced a reproposal of the much discussed and awaited Basel III Endgame. However, before we dive into the reproposal, it is important to take a step back and look at how we got...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

Troutman Pepper

Where the F(BO) Is the Money? Part 1 – Synapse’s Clarion Call for Standards

Troutman Pepper on

This is the first of three articles focused on a key question: as bank-fintech partnerships continue to play a vital role in driving financial services, how does the industry make this system safer and better?...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

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

Orrick, Herrington & Sutcliffe LLP

FDIC announces updates to its examination handbook

On August 29, the FDIC announced that the Federal Financial Institutions Examination Council (FFIEC) updated its examination handbook. These updates revised specific parts and renamed it from the “Development and Acquisition”...more

Orrick, Herrington & Sutcliffe LLP

CFTC fines bank $3M for recordkeeping failures and more

On August 14, the CFTC issued an order simultaneously filing and settling charges against a swap dealer (the respondent) for allegedly violating the Commodity Exchange Act and related regulations. The order stated the bank...more

Orrick, Herrington & Sutcliffe LLP

Fed issues cease and desist against bank

On September 4, the Fed and the Texas Department of Banking published a cease and desist order alleging deficiencies identified in a Texas-based bank’s corporate governance, risk management and compliance with BSA/AML laws....more

Allen Matkins

California Court Upholds Daily Transaction Limits On Bitcoin ATMs

Allen Matkins on

A year ago, Governor Gavin Newsom signed two bills,  Assembly Bill 39 and Senate Bill 401, that created the California Digital Financial Assets Law.  SB 401 added Section 3902 to the Financial Code to prohibit an operator of...more

Littler

FDIC Approves Final Rule to Update Its Section 19 Regulations – Insured Depository Institutions Have Until October 1, 2024 to...

Littler on

On July 30, 2024, the Federal Deposit Insurance Corporation (“FDIC”) Board of Directors approved a final rule that updates the FDIC’s regulations concerning Section 19 of the Federal Deposit Insurance Act, 12 U.S.C.§ 1829...more

BakerHostetler

Weekly Blockchain Blog - September 2024

BakerHostetler on

Crypto Payments Firms Announce New Integrations and Initiatives - According to reports, fintech bank Revolut recently announced a partnership with Ledger, a major crypto hardware wallet provider, to make it easier for...more

Sheppard Mullin Richter & Hampton LLP

Fed Issues Cease and Desist Order for Crypto-Related Compliance and Risk Management Deficiencies

On September 4, the Federal Reserve Board (Fed) released enforcement actions against a Texas-based bank, addressing regulatory violations and compliance lapses. The Fed, joined by the Texas Department of Banking (TDB),...more

Venable LLP

Banking on a Nonbank Bank in 2024 - The ILC Option Revisited

Venable LLP on

Becoming or owning an industrial loan company (or ILC)—the elusive "nonbank bank" option, as Congress coined the term in 1987— still has an allure for financial services providers that want to (1) lend on a national scale...more

Orrick, Herrington & Sutcliffe LLP

OCC releases August CRA evaluations for 17 institutions

On September 3, the OCC released its Community Reinvestment Act (CRA) performance evaluations for August. The OCC evaluated 17 entities, including national banks, federal savings associations and insured federal branches of...more

K&L Gates LLP

Guarding Against Fraud and Loss–What You Need to Know When Taking Security by Way of a Bank Guarantee

K&L Gates LLP on

Bank guarantees (BGs) are a very old invention yet remain one of the most common forms of security that are provided in respect of leasing and other property transactions. Despite their prevalence, there are a number of risks...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues filing instructions, other resources for nonbank registration

On August 23, the CFPB issued a Filing Instructions Guide and launched the Nonbank Registry webpage to help nonbank entities understand, register and comply with the Nonbank Registration Rule (the Rule). As previously covered...more

Troutman Pepper

League of Southeastern Credit Unions and Virginia Credit Union League Announce Merger Plans

Troutman Pepper on

Tuesday, the League of Southeastern Credit Unions (LSCU) and the Virginia Credit Union League (VCUL) announced plans to merge, marking the first state league consolidation since 2022. According to the leagues’ combined...more

Ballard Spahr LLP

NYDFS Imposes $35 Million Fine on Nordea Bank for Alleged AML Failures Following Panama Papers Revelations

Ballard Spahr LLP on

On August 27, 2024, the New York State Department of Financial Services (“NYDFS”) announced a consent order involving a $35 million settlement with Nordea Bank Abp (“Nordea”) for alleged significant failures related to...more

Troutman Pepper

Where Have All the New Banks Gone?

Troutman Pepper on

Regulators, Stevens said, calculate a de novo group’s capital requirement with a key principle in mind: an institution’s need to maintain about an 8% leverage ratio after three years of operations. That means that in addition...more

Orrick, Herrington & Sutcliffe LLP

FHFA’s OIG issues report on FHFA supervision of FHLBanks

On August 19, the OIG for the FHFA released a report evaluating the agency’s supervision of FHLBanks following the issue of four member banks during spring 2023. The report summarized four findings: (i) the FHFA has not...more

Orrick, Herrington & Sutcliffe LLP

Fed issues enforcement action against bank holding company

On August 15, the Fed released an enforcement action against a registered bank holding company and its parent company alleging financial and governance concerns. The agreement established concrete steps and regulatory...more

Cooley LLP

FDIC’s Proposed Brokered Deposit Rule Could Adversely Impact Fintech-Bank Partnerships

Cooley LLP on

In late July 2024, the Federal Deposit Insurance Corporation (FDIC) board of directors proposed a rule that would revise its standards on banks accepting brokered deposits. The proposed rule would expand the definition of...more

5,186 Results
 / 
View per page
Page: of 208

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide