Banks Federal Reserve

News & Analysis as of

State-Chartered Bank Settles with New York DFS for Alleged Violations of Banking Law

On October 28, the New York DFS resolved an enforcement action with a New York State-charted bank for alleged violations of state banking law. The DFS alleged that the bank hired a former New York Federal Reserve Bank...more

Multiple Agencies Take Action Against Paris-Based Investment Bank for Sanctions Violations

On October 20, the DOJ, OFAC, the NYDFS, the Manhattan District Attorney’s Office, and the Federal Reserve simultaneously announced that a Paris-based investment bank would pay a total of more than $787 million to settle...more

Banking Regulators Adopt End-User Exemption for Swap Margin Requirements

New Margin Requirements - The Board of Directors of the Federal Deposit Insurance Corporation approved a final rule to establish margin requirements for swaps that are not cleared through a clearinghouse. This action is...more

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

U.S. Supreme Court Hears Oral Arguments in Case to Decide Whether Loan Guarantors Are “Applicants” Under ECOA

The U.S. Supreme Court heard oral arguments on Monday in the case of Hawkins v. Community Bank of Raymore, the result of which will determine whether a spousal guarantor is an “applicant” under the Equal Credit Opportunity...more

FFIEC Weighs in on Cybersecurity in Light of Unprecedented Risk of Cyber Threats

As financial institutions of all sizes continue to face unprecedented cybersecurity risk, the Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Assessment Tool. The Assessment is...more

Federal Reserve To Require Same-Day ACH Service

On September 23, the Federal Reserve Board announced the approval of “enhancements” to the Federal Reserve Banks’ same-day automated clearing house (ACH) service. According to the Fed, “[t]he enhancements are intended to...more

OIG identifies areas to improve accuracy in Consumer Complaint Database

I am delighted to be writing my first blog post for the CFPB Monitor as a new member of Ballard Spahr’s Consumer Financial Services Group. Before joining the Group, I served as an investigator in the CFPB’s Consumer Response...more

Federal Reserve Bank of Boston’s Payment Strategies Team Provides Snapshot of Mobile Banking Landscape

On August 17, the Federal Reserve Bank of Boston published a report that outlines the results of a 2014 survey intended to capture “a point-in-time snapshot of mobile banking and payments at [financial institutions]” across...more

FHA Hopes to Encourage Mortgage Lending with Neighborhood Watch Enhancement

The Federal Reserve Bank of New York recently did a study which found that, while mortgage loan originations increased through the second quarter of 2015, the increase is only for borrowers with credit scores above 660). ...more

Protecting financial institutions in cyberspace—U.S. financial regulators come up with a new tool kit to stem cyberthreats

The Federal Financial Institutions Examination Council (FFIEC) has recently developed a new tool to help U.S. financial institutions combat the increasing volume and sophistication of cyber attacks. To blunt threats to a...more

Senator Shelby's Push for Financial Regulatory Reform

Why it matters - Five years after the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act, efforts on Capitol Hill seek to continue to turn back many of its regulatory restrictions. Sen. Richard...more

Insights & Trends: Regulating Faster Electronic Payments – More Complexity or Improved Consistency?

In January of this year, the Federal Reserve System issued a white paper titled “Strategies for Improving the U.S. Payments System.” The white paper notes that current technological developments (including the widespread...more

FinCrimes Update - July 2015 Summary Volume 2, Issue 7

AML/BSA & OFAC: OFAC PROVIDES GUIDANCE TO FINANCIAL INSTITUTIONS TO HELP COMPLY WITH CRIMEA SANCTIONS REGULATIONS - On July 30, OFAC issued a “Crimea Sanctions Advisory,” highlighting certain actions that have been...more

The Financial Report - Volume 4, No. 14 • July 2015 (Global)

US lawmakers seek push out details. US Senators Elizabeth Warren and Elijah Cummings sent a letter to the country’s banking regulators asking for information concerning the effect of an amendment to the Dodd-Frank act...more

Federal Reserve Orders Chinese Bank to Overhaul its BSA/AML Compliance Program

On July 21, a leading China-based bank agreed to address deficiencies in connection with the BSA/AML risk management and compliance program of its New York branch office. The Agreement, entered into with the Federal Reserve...more

D.C. Circuit Rules Small Bank has Standing to Challenge the Constitutionality of Consumer Financial Protection Bureau

Last week, the D.C. Circuit Court of Appeals reversed a D.C. District Court decision dismissing a bank’s complaint challenging the constitutionality of the CFPB based on lack of standing. The district court had concluded that...more

Federal Reserve Issues Final Rule Requiring GSIBs to Bolster Capital

The Federal Reserve Board on July 20 approved a final rule requiring the largest, most systemically important US bank holding companies to further strengthen their capital positions. Under the rule, a firm that is identified...more

CFPB Inserts Consumer Protection Issues into Faster Payment System Developments

The Consumer Financial Protection Bureau recently issued a series of Consumer Protection Principles to be considered as new, faster payment systems are being developed. The Rapidly Changing Regulatory Landscape for Faster...more

The Restructuring Mid-Summer Review: Europe and the Emerging Markets

For those focused on the debt restructuring market, the Greek sovereign crisis (covered extensively in our recent updates) has drowned out news of other debt restructuring matters this year. Our Alert below addresses key...more

The Federal Reserve Finalizes Capital Surcharge for Global Systemically Important Banks

Today, the eve of the fifth anniversary of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Federal Reserve Board approved a final rule (“Final Rule”) establishing an additional risk-based capital surcharge...more

Agencies Provide Guidance On Seeding Period for Volcker Rule

The staffs of the agencies responsible for administering the Volcker Rule have again updated the Volcker Rule FAQs. A new FAQ notes that the rule implementing the Volcker Rule and the accompanying preamble make clear that a...more

CFPB Recommends Consumer Protection Principles for Faster Payment Networks

On July 9, the CFPB issued a set of guiding principles aimed to help private industry better protect consumers as new, faster electronic payment systems continue to emerge. “While American consumers benefit from and make use...more

The CFPB and the Business of Insurance: An Analysis of the Scope of CFPB’s Authority Over Insurance Sales

In 2014, the Bureau of Consumer financial Protection (CFPB) issued an enforcement order against a bank and its service provider for allegedly misleading sales of insurance. That order was based on the CFPB’s power to prohibit...more

Federal Reserve Orders Bank Holding Company to Strengthen its Firmwide Risk Management, Cites Capital Planning and Liquidity Risk...

On July 7, the Board of Governors announced the execution of an enforcement action against a Boston-based bank holding company over deficiencies identified by the Federal Reserve Bank of Boston concerning the company’s...more

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