News & Analysis as of

Community Reinvestment Act

ABA identifies various industry concerns in fair lending white paper submitted to Treasury Secretary

by Ballard Spahr LLP on

We previously reported on the Executive Order 13772 titled “Core Principles for Regulating the United States Financial System,” which is a high-level policy statement consisting of a series of Core Principles that are...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Fee Rate Advisory #3 for Fiscal Year 2017 - On May 31, 2017, the Securities and Exchange Commission ("Commission") announced that starting July 4, 2017, the fee rates applicable to most...more

OCC to Provide Extended Notice for Scheduled CRA Evaluations

On May 31, 2017, the Office of the Comptroller of the Currency (“OCC“) announced it will extend the notification timeline for upcoming Community Reinvestment Act (“CRA“) evaluations. Beginning with the third quarter...more

Parents, not Banks, Should Aim For Empty Nests

by Bryan Cave on

I recently happened to find myself among a group of young professionals who had grown up in the same rural area of Georgia, but had dispersed to not only different parts of the state, but also different parts of the country...more

DOJ Files Redlining Lawsuit Against KleinBank

by Ballard Spahr LLP on

The U.S. Department of Justice (DOJ) recently commenced a redlining lawsuit against KleinBank, a state-chartered Minnesota bank subject to the regulatory authority of the Federal Deposit Insurance Corporation (FDIC). The...more

NYDFS, American Bankers Association Weigh In On OCC Fintech Charter Proposal

by Ballard Spahr LLP on

The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more

Description of the Small Business Investment Company Program Participation by Unleveraged Funds

by Pepper Hamilton LLP on

A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

Financial regulation in 2017: Europe and the US

by DLA Piper on

The result of the UK referendum on its EU membership and the outcome of the US Presidential elections of 2016 have laid the ground for 2017 to be a year of transition for both Europe and the United States. As transitions are...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Prohibition on Dealing or Investing in Industrial or Commercial Metals - On January 3, 2017, the Office of the Comptroller of the Currency (the "OCC") finalized a rule that...more

OCC to Consider Special Charter Applications for Fintech Companies

by Davis Wright Tremaine LLP on

On December 2, 2016, Comptroller of the Currency Thomas J. Curry announced that the OCC will move forward with considering granting federal charters—under the OCC’s existing authorities—to financial technology companies. ...more

OCC Will “Move Forward” With Federal FinTech Charter

by Goodwin on

The Office of the Comptroller of the Currency (the OCC) plans to consider applications from companies engaged in financial technology—or FinTech—activities to operate through a national bank charter and has released a paper...more

West Coast Real Estate Update: November 2016 #2

by Holland & Knight LLP on

California Appellate Court Overturns “Sham Guaranty” Defense - The single-purpose entity (SPE) has become a ubiquitous tool in commercial real estate acquisitions and financing in California. Lenders increasingly require...more

Regulators Publish Updates to CRA Guidance

The federal bank regulatory agencies adopted revisions to the interagency guidance on the Community Reinvestment Act, focusing on alternative systems for delivering retail banking services, innovative or flexible lending...more

The Financial Report, Volume 5, Number 14

by DLA Piper on

Discussion and Analysis - As an increasing number of investment management firms experience financial distress, we often are asked whether there are any minimum capital requirements imposed on investment advisers....more

OCC Hosts Forum on Responsible Innovation

by Goodwin on

On June 23, 2016, the Office of the Comptroller of the Currency (OCC) hosted a daylong forum, “Supporting Responsible Innovation in the Federal Banking System.” The purpose of the forum was to encourage a dialogue among...more

Bridging the Great Divide: Collaboration Considerations for Banks and Marketplace Lenders

by K&L Gates LLP on

Marketplace lending has grown dramatically over the last several years, but it still remains a nascent industry. As it continues to expand its reach, players in the industry and the traditional banking/investment sector are...more

OCC Introduces Framework for Responsible Innovation

by Goodwin on

On March 31, 2016 the Office of the Comptroller of the Currency (OCC) issued a white paper setting forth its vision of responsible innovation, and signaling its increasing involvement in the financial technology (Fintech)...more

OCC Issues FinTech White Paper Indicating Openness to 'Responsible Innovation'

by Reed Smith on

On March 31, 2016, the Office of the Comptroller of the Currency (“OCC”) issued its much-anticipated white paper on the growing intersection between financial services and technology, or “FinTech.” In his prepared remarks at...more

Description of the Small Business Investment Company Debenture Program

by Pepper Hamilton LLP on

A Small Business Investment Company (SBIC) is a privately owned and operated company that makes long-term investments in American small businesses and is licensed by the United States Small Business Administration (SBA)....more

CFPB Deems Federally-Approved CRA Assessment Area to Be Discriminatory

by Dorsey & Whitney LLP on

The Federal Community Reinvestment Act (“CRA”) requires regulated financial institutions to focus on meeting “the credit needs of the local communities in which they are chartered.” See 12 U.S.C. § 2901(a)(3). Under the CRA,...more

Hudson City Savings Bank Reaches Largest Mortgage Redlining Settlement in DOJ History

by McGuireWoods LLP on

The CFPB, DOJ, and Hudson City Savings Bank, F.S.B. (“Hudson City”) recently entered into the largest residential mortgage redlining settlement in DOJ history. On September 24, 2015, the parties filed a Joint Motion for Entry...more

New York City’s RBA Falls to Preemption Challenge

by Alston & Bird on

New York City banks are breathing a sigh of relief after a federal judge ruled that they would not have to provide detailed servicing disclosures under a preempted city law. The law, a gloss on top of the federal Community...more

CFPB Brings Long-Anticipated First Redlining Enforcement Action – New Approach to Redlining Analysis is put into Action

by MoFo Reenforcement on

On September 24, 2015, the CFPB and DOJ announced a joint action against Hudson City Savings Bank for allegedly discriminatory redlining practices from 2009 through 2013 in certain neighborhoods in New York, New Jersey,...more

CFPB and DOJ announce redlining settlement

by Ballard Spahr LLP on

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

Banks Get Big Win in Challenge to New York Ordinance

Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more

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