News & Analysis as of

Depository Institutions Compliance

Venable LLP

Custody Battles: The FDIC's Latest Proposed Rule on FBO Accounts

Venable LLP on

The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....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

K&L Gates LLP

Not That FAR Away

K&L Gates LLP on

On 15 March 2024, the Financial Accountability Regime (FAR) came into effect for authorised deposit-taking institutions (ADIs), replacing the Banking Executive Accountability Regime (BEAR). Unlike the BEAR, application of the...more

McGlinchey Stafford

FDIC Issues Final Rule Codifying Valid When Made Doctrine

McGlinchey Stafford on

At long last, the FDIC has issued its final rule codifying the “valid when made” doctrine. The rule was finalized on June 25, 2020, and clarifies that the interest rate lawfully assessed by an originating depository...more

Dechert LLP

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

Dechert LLP on

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

Ballard Spahr LLP

CFPB issues final HMDA rule

Ballard Spahr LLP on

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

Ballard Spahr LLP

OCC Report Identifies Risks to Banks, Sets Supervisory Priorities

Ballard Spahr LLP on

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

Ballard Spahr LLP

CFPB extends remittance transfer rule depository institutions exception and finalizes other revisions

Ballard Spahr LLP on

The CFPB has issued a final rule that extends for five years (until July 21, 2020) the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in...more

Foley & Lardner LLP

Summary of the Volcker Rule

Foley & Lardner LLP on

On December 10, 2013, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity...more

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