Depository Institutions

News & Analysis as of

House Passes Bills that Impact CFPB Mortgage and Auto Lending Policies

On November 18, the U.S. House of Representatives passed by voice vote H.R. 1210 and H.R. 1737, both of which will affect CFPB policies governing the mortgage and auto lending industries. The “Portfolio Lending and Mortgage...more

House passes bill to curb QM requirements

On November 18, 2015, the U.S. House of Representatives passed a bill that would provide a safe harbor exception for depository institutions from certain provisions of the Truth in Lending Act and Regulation Z, and for...more

Federal Reserve Announces Approval of Fee Schedules for Payment Services Provided to Depository Institutions

On November 3rd, the Federal Reserve Board announced the approval of fee schedules for payment services the Federal Reserve Banks provide to depository institutions, effective January 1, 2016. The Federal Reserve Banks...more

FinCEN Publishes Second Edition of SAR Stats

This month, FinCEN released its second edition of the publication SAR Stats. SAR Stats is FinCEN’s annual review of aggregated Suspicious Activity Report (SAR) filing activity. In this edition, FinCEN examined the data from...more

Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

BaFin Circular on Crowdlending - BaFin issued a circular on 9 October 2015 on crowdlending capital raising structures. The circular addresses, inter alia, whether crowdlending structures are subject to a license...more

Federal Reserve Issues Guidance on Waiving of Examinations Prior to Membership or Merger Into a State Member Bank

On October 13, the Board of Governors of the Federal Reserve System (Board) issued guidance that applies to insured depository institutions that are seeking to become state chartered member banks of the Federal Reserve System...more

Financial Regulatory Developments Focus - October 2015 #3

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

HOLY HMDA! CFPB Finalizes Changes to Home Mortgage Disclosure Rule

On October 15, 2015, the CFPB released a final rule amending Regulation C, 12 C.F.R. part 1003, which implements the Home Mortgage Disclosure Act (HMDA). Like the August 2014 proposed rule, the final rule includes changes to...more

CFPB issues final HMDA rule

The CFPB has issued a final rule amending Regulation C, its Home Mortgage Disclosure Act regulation. The changes, which, in part, implement the Dodd-Frank Act’s amendments to HMDA, expand the scope of data required to be...more

Get Ready, Get Set: Same-Day ACH Service Mandatory in 2016

Why it matters - Continuing its efforts to modernize the U.S. payments infrastructure, the Federal Reserve Board of Governors announced that effective September 23, 2016, receiving depository financial institutions...more

ESMA updates AIFMD Q&A

ESMA has updated its Q&A document for the Alternative Investment Funds Management Directive (AIFMD). This update clarifies that when the depositary of an AIF sub-delegates custody of the AIF assets to a central securities...more

New Guidance on BE-180 Reporting Requirements for Certain Financial Services Providers

Recent guidance from the U.S. Department of Commerce’s Bureau of Economic Analysis (“BEA”) reveals that the BEA will now require certain U.S. financial services providers (including investment advisers, funds and their...more

Financial Services Quarterly Report - Third Quarter 2015: Developments in the Luxembourg Financial Sector

The Luxembourg government has brought to Parliament a bill of law transposing UCITS V into Luxembourg’s UCI Law and AIFM Law. Further, the Luxembourg CSSF published a new version of its AIFMD Frequently Asked Questions, among...more

FCA Issues Consultation on Implementation of UCITS V and Changes to UK Investment Funds Rules

On September 3, the Financial Conduct Authority (FCA) published a consultation paper covering changes to its handbook of rules for Undertakings for the Collective Investment of Transferable Securities (UCITS) funds and other...more

Financial Regulatory Developments Focus - September 2015 #3

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Can You be Regulated by the CFPB?

The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage...more

OCC Report Identifies Risks to Banks, Sets Supervisory Priorities

A new report issued by the federal Office of the Comptroller of the Currency (OCC) identifies top safety and soundness risks to national banks and federal savings associations, as well as OCC supervisory priorities for the...more

Orrick's Financial Industry Week in Review

Federal Reserve Releases First Determination of Aggregate Consolidated Liabilities of all Financial Companies - On July 1, the Federal Reserve Board released its first determination of the aggregate consolidated...more

Consumer Finance Update: Fannie and Freddie Issue Updates to Seller/Servicer Eligibility Requirements, and to Servicing Standards...

On May 20, 2015, both Fannie Mae and Freddie Mac issued updates (Fannie Mae Servicing Guide Announcement SVC-2015-08 and Freddie Mac Bulletin 2015-8, respectively) regarding the Eligibility Requirements for Seller/Servicers...more

EBA Issues Guidelines Under Recast Deposit Guarantee Schemes Directive (DGSD)

On May 28, 2015, the EBA published its final guidelines (EBA/GL/2015/10) on methods for calculating contributions under the recast DGSD. Article 13 of the recast DGSD requires contributions to deposit guarantee schemes (DGSs)...more

Federal agencies issue final rule on standards for appraisal management companies

The CFPB along with five other federal agencies have issued a final rule that establishes minimum state registration and substantive requirements for appraisal management companies (AMCs), as required by Section 1473 of the...more

CFPB settles first overdraft opt-in rule enforcement action

The CFPB announced yesterday that it had reached a settlement with Regions Bank regarding claims that the bank unlawfully charged overdraft fees to customers who had not opted-in for overdraft coverage. The matter is the...more

FDIC Seeks Comment on Proposed Deposit Account Records Requirements for Large Banks

On April 21, the FDIC released an advanced notice of proposed rulemaking seeking comment on potential new recordkeeping standards for a limited number of FDIC-insured institutions with a large number of deposit accounts....more

OCC Issues New Handbook on Deposit-Related Consumer Credit

In March, the Office of the Comptroller of the Currency (OCC) issued the “Deposit-Related Credit” booklet of the Comptroller’s Handbook. This booklet replaces and clarifies the “Deposit-Related Consumer Credit” booklet issued...more

CFTC and Australian Regulator Sign Memorandum of Understanding Regarding Cross-Border SDs and MSPs

The Commodity Futures Trading Commission and the Australian Prudential Regulation Authority (APRA) have entered into a memorandum of understanding regarding the supervision of CFTC-registered swap dealers and major swap...more

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