Federal Deposit Insurance Corporation

The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships.

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News & Analysis as of May 19, 2013

The New Normal: Taking Responsibility for Your Vendors

OCC, FDIC Announce Overdraft Enforcement Actions

by BuckleySandler LLP on 5/13/2013

On April 30, the OCC and the FDIC announced parallel enforcement actions against a national bank and an affiliated state bank to resolve allegations that the institutions violated Section 5 of the FTC Act in their marketing...more

Federal Reserve Board Issues Statement On Deposit Advance Products

by BuckleySandler LLP on 5/10/2013

On April 25, the Federal Reserve Board issued a policy statement on deposit advance products. The statement came on the same day that the OCC and the FDIC proposed more formal guidance for such products....more

Dealing with Civil Investigative Demands from the CFPB—Rules, Responses & Pitfalls

by Joseph T. Lynyak III, Rebecca Tierney | Pillsbury Winthrop Shaw Pittman LLP on 5/9/2013

The Consumer Financial Protection Bureau’s civil investigative demand (“CID”) authority has recently presented significant compliance difficulties for companies that have received requests for information relating to an...more

Financial Services in 2013 and Beyond: Adapting to the New Regulatory Climate

by Charles M. Horn | Morrison & Foerster LLP on 5/8/2013

The enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act,” or “Dodd-Frank”) in 2010 was a watershed moment in the history of U.S. financial services regulation. As we move through 2013...more

Successor Banks of FDIC assets Not so Jolly after Jolley - A New Duty to Investigate?

by Allan Ickowitz, John Kim, Jennifer Meeker | Nossaman LLP on 5/7/2013

A recent California case appears to contradict the general rule holding that a successor bank that has acquired a commercial loan through an FDIC receivership may owe a duty to a commercial borrower to reasonably investigate...more

Federal Regulators Target Payday Loans, Deposit Advance Products

by BuckleySandler LLP on 5/6/2013

On April 24, the CFPB published a white paper on payday loan and deposit advance products that claims to show those products lead to a “cycle of high-cost borrowing.” On April 25, the FDIC and the OCC proposed guidance...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - May 3, 2013

by BuckleySandler LLP on 5/6/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - CREDIT CARDS - E-COMMERCE - PRIVACY/DATA SECURITY -...more

New Restrictions On Bank “Payday Loans”

by John K. Lawrence | Dickinson Wright on 5/6/2013

Federal bank regulatory agencies have served notice that deposit advance products, sometimes known as bank “payday loans,” will soon be subject to significant new restrictions and heightened supervisory scrutiny. In...more

Financial Services Bulletin: Action At The CFPB, OCC, FDIC, And Fed

by Perkins Coie on 5/2/2013

On Thursday, April 25, 2013, the Office of the Comptroller of the Currency (the "OCC") and the Federal Deposit Insurance Corporation (the "FDIC") proposed guidance and the Board of Governors of the Federal Reserve System (the...more

Financial Services Legislative and Regulatory Update -- April 29‚ 2013

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 5/1/2013

In This Issue: Leading the Past Week; Legislative Branch; and Executive Branch. Excerpt from Leading the Past Week - The past week could be best described by one word. Chaos. In the House, a scheduled...more

FDIC and OCC Propose Limits on Deposit Advance Loans

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 5/1/2013

On April 25 the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) proposed for public comment supervisory guidance to institutions subject to their jurisdictions (i.e.,...more

OCC and FDIC proposed guidance could effectively ban deposit advance loans

by Jeremy T. Rosenblum | Ballard Spahr LLP on 4/30/2013

Last Thursday, the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation proposed guidance on deposit advance loans. The Federal Reserve Board declined to join the OCC and FDIC and instead...more

Federal Court Dismisses $31 Million FDIC Suit as Time-Barred

by Orrick - Structured Finance Group on 4/30/2013

On April 22, Judge Mariana R. Pfaelzer of the United States District Court for the Central District of California dismissed as time-barred the Federal Deposit Insurance Corporation’s (FDIC) $31 million suit against JPMorgan...more

FDIC Proposed Guidance on Deposit Advance Products

by Orrick - Structured Finance Group on 4/29/2013

On April 25, the FDIC issued proposed guidance relating to deposit-advance products and consumer protection risks. Comments on the proposed guidance must be received within 30 days of publication in the Federal Register....more

Orrick's Financial Industry Week in Review - April 29, 2013

by Orrick, Herrington & Sutcliffe LLP on 4/29/2013

In This Issue: Financial Industry Developments: CFPB Proposed Clarifications on Qualified Mortgage Rules; SEC Credit Ratings Roundtable; FDIC Proposed Guidance on Deposit Advance Products; Rating Agency Developments; RMBS...more

Corporate and Financial Weekly Digest - April 26, 2013

by Katten Muchin Rosenman LLP on 4/29/2013

In this issue: - NFA Amends CPO and CTA Quarterly Reporting Requirements - SDNY Imposes Second Highest Penalty Under Foreign Corrupt Practices Act - Grand Jury Indicts Swiss Lawyer and Banker in Tax...more

Banking & Financial Services E-Note - April 25, 2013

by John Chiles, Benjamin Coulter, Bryan Glover, John Michael Kearns, Mignon Lunsford, Zachary Miller, Jordan Teague | Burr & Forman on 4/26/2013

In This Issue: - Regulators Could Step in with Tougher Rules as Bank Profits Rise - Bill Would Force Study of Basel III Impact on Bank Capital Costs - Regulator Wants Enforcement Powers Against Bank...more

CFPB, FDIC And OCC Move Against Pay Day Lenders

by Ethan Mark | Leonard, Street and Deinard - Dodd-Frank and... on 4/26/2013

The CFPB has issued a report on payday and deposit advance loans finding that for many consumers these products lead to a cycle of indebtedness. The loans generally have three features: they are small-dollar amounts;...more

The shoes are dropping: CFPB study of payday and deposit advance loans precedes reported OCC/FDIC action against deposit advance...

by Jeremy T. Rosenblum | Ballard Spahr LLP on 4/25/2013

Earlier today, the CFPB released a white paper reporting on its study of 15,000,000 storefront payday loans and 100,000 accounts eligible for deposit advances (of which approximately 15% involved a deposit advance during the...more

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