News & Analysis as of September 18, 2024

Banks

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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. less -

FDIC Proposes Limitations on Use of Non-Competes

Ballard Spahr LLP on 4/5/2024

On March 21, 2024, the Federal Deposit Insurance Corporation (“FDIC”) issued its proposed Statement of Policy on Bank Merger Transactions (the “Proposal”) for public comment. The Proposal seeks to update guidance, last...more

Troutman Pepper Weekly Consumer Financial Services Newsletter -October 2023 # 3

Troutman Pepper on 10/17/2023

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

DOJ Reaches $1.15 Million Redlining Settlement With American Bank of Oklahoma

Troutman Pepper on 8/31/2023

On August 28, the U.S. Department of Justice (DOJ) announced its eighth redlining settlement under its Combatting Redlining Initiative. The settlement between the DOJ and the American Bank of Oklahoma, which originated from a...more

Distressed Bank Update as of March 16, 2023

Perkins Coie on 3/17/2023

In the three days since federal authorities announced sweeping measures to protect depositors of Silicon Valley Bank (SVB) and Signature Bank and help prevent additional bank failures (as discussed in our update of March 12,...more

Troutman Pepper Weekly Consumer Financial Services Newsletter - October 2022 # 5

Troutman Pepper on 11/2/2022

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

OCC Seeks Feedback on Principles for Climate-Related Financial Risk Management

Goodwin on 1/7/2022

In this Issue. The Office of the Comptroller of the Currency (OCC) is seeking feedback on principles for climate-related financial risk management for large banks; the Department of Justice’s Antitrust Division is seeking...more

Financial Daily Dose 2.11.2020 | Top Story: DOJ Indicts Four from Chinese Army Over 2017 Equifax Cyberattack

Robins Kaplan LLP on 2/11/2020

-The DOJ has announced charges against four members of China’s military related to the 2017 cyberattack on credit-reporting agency Equifax, the breach that revealed “trade secrets and the personal data of about 145 million...more

Review of Anti-Money Laundering and Sanctions Policy and Enforcement

White & Case LLP on 1/22/2019

TABLE OF CONTENTS: Executive Summary - Developments and Trends in Policy and Enforcement - US Department of the Treasury - The Office of Foreign Assets Control - Treasury's Financial Crimes Enforcement Network -...more

Department of Justice Ends Operation Chokepoint

Holland & Knight LLP on 8/22/2017

The U.S. Department of Justice (DOJ) has quietly ended its four-year effort to prevent banks from providing credit and other services to certain businesses that had been deemed controversial. In an Aug. 16, 2017, letter to...more

Community banks trade group asks Trump Administration to curb fair lending enforcement

Ballard Spahr LLP on 1/31/2017

The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more

Emerging Trends Newsletter - Q4

Stinson LLP on 1/25/2017

The Volcker Rule Under the Trump Administration - The so-called Volcker Rule—named after Paul Volcker, a former chairman of the Federal Reserve Board—was part of the Dodd-Frank Wall Street Reform and Consumer Protection...more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 1/13/2017

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

Financial Services Weekly News - January 2017

Goodwin on 1/12/2017

Editor's Note - In This Issue. The NYDFS revised its proposed cybersecurity regulations, the FDIC sought comment on its new de novo bank deposit insurance handbook, federal banking agencies finalized streamlined call...more

DOJ Files Consent Order Against Union Savings Bank, Guardian Savings Bank

Ballard Spahr LLP on 1/5/2017

The U.S. Department of Justice (DOJ) has filed a consent order against Union Savings Bank and Guardian Savings Bank to resolve redlining allegations. The complaint alleges that the banks violated the Fair Housing Act (FHA)...more

Key Legal & Regulatory Issues for Financial Services Companies in 2017

Bilzin Sumberg on 12/23/2016

With 2016 rapidly drawing to a close, here are some thoughts regarding the types of litigation and legal/regulatory issues that will likely be top-of-mind for financial services companies, especially mortgage companies and...more

DOJ Drives ECOA Settlement With Bank Over Vehicle-Secured Loans

Manatt, Phelps & Phillips, LLP on 10/31/2016

Acting on a referral from the Federal Deposit Insurance Corporation, the Department of Justice pursued a case against Charter Bank, asserting the financial institution violated the Equal Credit Opportunity Act by...more

DOJ Settles Fair Lending Claims Based on Bank's Pricing Policy for Vehicle-Secured Loans

Ballard Spahr LLP on 10/11/2016

The U.S. Department of Justice (DOJ) has announced a proposed consent order with Charter Bank to settle charges that the bank violated the Equal Credit Opportunity Act (ECOA) by discriminating on the basis of national origin...more

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

K&L Gates LLP on 7/20/2016

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

Payday Lenders’ “Operation Choke Point” Suit Allowed To Proceed

Ballard Spahr LLP on 9/30/2015

In a June 2014 alert, we discussed Community Financial Services Association vs. Federal Deposit Insurance Corporation, a payday loan industry suit challenging on various grounds certain supervisory and interpretive statements...more

ABA seeks supervisory and enforcement standards consistent with Inclusive Communities

Ballard Spahr LLP on 8/11/2015

The American Bankers Association has sent a letter to the DOJ, Fed, OCC, FDIC, HUD and CFPB requesting confirmation “in interagency guidance, updated exam procedures, and where appropriate amended regulations that the...more

Treasury Request for Public Input on Expanding Access to Credit through Online Marketplace Lending

Orrick, Herrington & Sutcliffe LLP on 7/22/2015

On July 20, the Department of the Treasury published a Notice and Request for Information (“RFI”) seeking comment on various aspects of online marketplace lending, including – - the business models and products offered...more

BSA, AML Failures by West Virginia Bank Yield FDIC, FinCEN, DOJ Actions

Manatt, Phelps & Phillips, LLP on 7/8/2015

Why it matters - In a coordinated effort, the U.S. government identified another “poster child” to demonstrate its continued vigilance and earnestness in pursuing lax BSA/AML procedures and oversight and violations of...more

Bitcoin and Bullets: An Unexpected Alliance

Goodwin on 6/23/2015

At first blush, one might not expect the digital currency and firearm industries to have much in common – when was the last time you heard someone utter Bitcoin and guns in the same breath? Recently, however, the two...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

Ballard Spahr LLP on 6/20/2014

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

‘Operation Choke Point’ under Fire

Ballard Spahr LLP on 6/13/2014

"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more

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