Depository Institutions

News & Analysis as of

Bank Regulators Issue Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

Three federal banking regulatory agencies have approved an advance notice of proposed rulemaking (ANPR) inviting comment on a set of potential enhanced cybersecurity risk-management and resilience standards that would apply...more

Federal Banking Agencies Issue Dodd–Frank Mandated Report on Bank Activities and Investments

On September 8, 2016, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) issued a 107-page joint...more

Federal Court Finds Depository Bank Not Liable to Third Party for Mobile Remote Deposit Capture Fraud

A recent federal court case in Illinois has addressed whether a depository bank can be held liable for negligence when its customer deposits a check by mobile remote deposit capture, and the bank fails to prevent the customer...more

Fact Sheet Clarifies AML/BSA Enforcement Priorities

The U.S. Department of the Treasury and four U.S. federal banking regulators have issued the "Joint Fact Sheet on Foreign Correspondent Banking" in an effort to clarify enforcement priorities regarding Anti-Money Laundering...more

Trade groups seek extension of compliance date for Military Lending Act final rule

The American Bankers Association, joined by six other prominent industry trade groups, is seeking a six-month extension of the date by which depository institutions must comply with the Military Lending Act (MLA) final rule...more

U.S. Government Issues Guidance to Reassure U.S. Banks Involved in Foreign Correspondent Relationships

The U.S. Department of the Treasury, together with other U.S. government agencies responsible for enforcing anti-money laundering (AML) and economic sanctions regulations, released guidance on August 30, 2016 in the form of a...more

Treasury and Other Agencies Issue Guidance to Banks on Correspondent Accounts

On Aug. 30, 2016, the Treasury Department, the Federal Reserve, the FDIC, the National Credit Union Administration and the Office of the Comptroller of the Currency issued guidance to U.S. banks that hold correspondent...more

The potential impact of the LMEshield initiative on base metals warehouse financing structures

Parties to warehouse financing structures using LMEshield warehouses will need to revisit their familiarity and assumptions regarding the methods for taking and perfecting security over metal stored in warehouses and over...more

The Financial CHOICE Act; Dodd-Frank Reform (Not Repeal)

On June 7, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) released an executive summary of the Financial CHOICE Act (the “FCA”), his highly anticipated bill to revisit the Dodd-Frank Wall Street...more

Banking Agencies Permit “Reduced Content” Living Wills for Smaller FBOs

On June 10, 2016, the Federal Reserve Board and Federal Deposit Insurance Corporation announced they are permitting 84 foreign banking organizations (not identified) with limited U.S. operations to file “reduced content”...more

US Financial Regulators Issue Guidance on How Banks Handle Consumer Deposit Account Discrepancies

The US Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the OCC and the Consumer Financial Protection Bureau issued interagency guidance...more

US Federal Deposit Insurance Corporation Extends Comment Period on Deposit Account Recordkeeping Proposal

The FDIC extended the comment period for proposed recordkeeping requirements for FDIC-insured institutions with at least 2 million deposit accounts. The purpose of the proposed recordkeeping requirements is to facilitate...more

Interagency Guidance Issued Regarding Deposit Reconciliation Practices

Federal banking agencies have advised financial institutions to adopt deposit reconciliation policies and practices for customer accounts, and to effectively manage the institution’s deposit reconciliation practices to comply...more

Financial Services Weekly News - May 2016 #4

Breaking News - Solicitor General Files Brief in Madden v. Midland Funding - On May 24, the U.S Solicitor General (SG) filed a brief with the U.S. Supreme Court (the Court) in the matter of Madden v. Midland...more

Regulators Issue New Guidance on Expectations of Deposit Reconciliations: Beware of the UDAAP Implications

In response to a recent consent order against a depository institution and several other examinations of major banks, five federal financial regulators have issued an inter-agency guidance ensuring that depository...more

Banking Agencies Issue Deposit-Reconciliation Best Practices

Five federal regulators on Wednesday – the FDIC, the Fed, CFPB, NCUA, and OCC – issued an interagency guidance applicable to all FDIC-supervised financial institutions describing expectations for effective...more

GAO's Report Suggests Congress Give CFPB More Oversight

This past February, the United States General Accounting Office (GAO) released a report to Congress entitled "Financial Regulation – Complex and Fragmented Structure Could Be Streamlined to Improve Effectiveness" (the...more

Has your business appointed a whistleblowers' champion?

If your firm is a UK deposit-taker with assets greater than £250 million, a Prudential Regulation Authority (PRA) designated investment firm or a firm within the scope of Solvency II, you should have appointed a...more

Orrick's Financial Industry Week in Review

Senators Introduce SAFE Lending Act - On April 7, 2016, several Democratic Senators introduced the Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, SAFE 2016, which is designed to change the manner in which...more

The FDIC Rescinds De Novo Time Period Extension

On April 6, 2016, the Federal Deposit Insurance Corporation (the “FDIC”) rescinded Financial Institution Letter (FIL) 50-2009, Enhanced Supervisory Procedures for Newly Insured FDIC-Supervised Depository Institutions. ...more

FDIC Action Encourages De Novo Bank Charter Applications

On April 6, 2016, the FDIC rescinded its 2009 Financial Institutions Letter concerning enhanced scrutiny for newly insured FDIC-supervised depository institutions. The 2009 Financial Institution Letter, among other things,...more

NACHA Issues Amendments to Operating Rules on Same-Day ACH Payments, Unauthorized Entry Fees and Disclosures for POS Entries

The NACHA, The Electronic Payments Association (“NACHA”) has adopted several amendments to its Operating Rules and Guidelines (“NACHA Rules”) that could significantly impact the operations of financial institutions....more

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

Latest Statistics Regarding Luxembourg UCITS - ALFI (the Luxembourg Fund Association) released figures outlining the footprint of Luxembourg domiciled UCITS on 9 March 2016, showing the volume of assets under management...more

What's Happening on UCITS V?

Where are we on implementation? Are we nearly there yet? Yes and no. The UCITS V directive comes into force on 18 March 2016. But: Additional implementing rules (known as "Level 2") on the duties of UCITS...more

Corporate and Financial Weekly Digest - Volume XI, Issue 8

BROKER-DEALER - FINRA Requests Information Regarding Firm Culture and Values - The Financial Industry Regulatory Authority is requesting firms to submit information regarding their organizational culture and how...more

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