News & Analysis as of September 23, 2024

Federal Deposit Insurance Corporation › UDAAP

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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 -

Banking and Consumer Regulatory Digest - April 2024 - 2

Davis Wright Tremaine LLP on 5/6/2024

Federal Reserve Board. Extended comment period. On April 24, 2024, FRB and the Office of the Comptroller of the Currency said they would continue to accept comments on Capital One's proposed acquisition of Discover Financial...more

Client Alert: How Regulatory Events of 2023 Should Guide Financial Institutions' New Year's Resolutions for 2024

Jenner & Block on 1/12/2024

As consumer-facing financial institutions of all types—from well-established banks to newly-launched fintechs—set their 2024 regulatory compliance goals, they may wonder if their New Year’s resolutions align with those that...more

FDIC Moves to Dismiss Lawsuit Challenging NSF Fee Guidance

Ballard Spahr LLP on 9/25/2023

The FDIC has filed motion to dismiss the lawsuit filed in July 2023 in a Minnesota federal district against the FDIC and its Chairman seeking to invalidate the FDIC’s supervisory guidance on charging multiple non-sufficient...more

Banking and Consumer Regulatory Digest - September 2023

Davis Wright Tremaine LLP on 9/22/2023

Editor's Note The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

CFPB Director Rohit Chopra Addresses Mortgage Post-Crisis Reforms and Importance of Consumer Protection Regulations

Ballard Spahr LLP on 9/18/2023

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra recently addressed The Mortgage Collaborative National Conference recounting the Congressional response to the mortgage industry crisis that began in 2008 that...more

Deep Dive into Payments: Q&A on Bank Partnership Considerations

McGlinchey Stafford on 9/15/2023

But upon closer consideration, there is an interplay between a bank partner program and the Electronic Fund Transfer Act (EFTA) as implemented by Regulation E, particularly when it comes to timeframes for disputes, liable...more

Banking and Consumer Regulatory Digest - August 2023

Davis Wright Tremaine LLP on 8/29/2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

CFPB's Section 1071 Final Rule (Part 3): Potential Problem Areas – The Consumer Finance Podcast

Troutman Pepper on 5/30/2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Mark Furletti, Joe Reilly, and Christine Emello for the last installment of a special three-part series about the Consumer Financial Protection Bureau’s...more

CFPB's Policy Statement on Abusiveness (Part 1) - The Consumer Finance Podcast

Troutman Pepper on 5/4/2023

Please join Troutman Pepper Partner Chris Willis and his colleagues Alan Wingfield, James Kim, and Taylor Gess for the first installment of a special two-part series about the Consumer Financial Protection Bureau's (CFPB)...more

OCC, FDIC say some overdraft fees may be unfair or deceptive

Orrick, Herrington & Sutcliffe LLP on 5/1/2023

On April 26, the OCC and FDIC issued supervisory guidance addressing consumer compliance risks associated with bank overdraft practices. (See OCC Bulletin 2023-12 and FDIC FIL-19-2023.) The guidance highlighted certain...more

OCC and FDIC Provide Supervisory Guidance on Certain Overdraft Practices

Cadwalader, Wickersham & Taft LLP on 4/28/2023

The Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) (collectively, the “Agencies”) provided supervisory guidance this week on certain overdraft practices. Of particular...more

Nutter Bank Report: April 2023

Nutter McClennen & Fish LLP on 4/28/2023

FDIC and OCC Issue Guidance on Authorize Positive, Settle Negative Overdraft Fee Risks. The FDIC and the OCC each have issued supervisory guidance on consumer compliance risk exposure related to the assessment of overdraft...more

Financial Services Weekly News Roundup - February 2023

Goodwin on 2/13/2023

Federal Reserve Issues Policy Statement on Section 9(13) of the Federal Reserve Act - On January 27, the Federal Reserve issued a policy statement interpreting section 9(13) of the Federal Reserve Act, which authorizes...more

Nutter Bank Report: October 2022

Nutter McClennen & Fish LLP on 10/31/2022

New CFPB Guidance Identifies Fee Practices That Constitute UDAAP Violations The CFPB has issued new guidance about what it pejoratively characterizes as “junk fee” practices by banks that the agency believes are likely to...more

Use of the FDIC Name and Logo: Proceed With Caution

Ballard Spahr LLP on 10/13/2022

We discuss the FDIC’s final rule on misuse of the FDIC name or logo, advisory to insured banks on deposit insurance and dealings with crypto companies, and cease and desist letters to five crypto companies alleging they made...more

Adding Fuel to the Fire: Is the FDIC Inadvertently Encouraging Lawsuits Against Banks Over NSF Fees?

Nelson Mullins Riley & Scarborough LLP on 9/21/2022

The Federal Deposit Insurance Corporation (“FDIC”) on August 18, 2022 issued updated Supervisory Guidance on banks assessing multiple re-presentment fees against customers’ accounts. This follows the March 2022 FDIC Consumer...more

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 8

Spilman Thomas & Battle, PLLC on 8/31/2022

Biden Signs Bills Aimed at Catching Pandemic Business Loan Cheats - "President Joe Biden signed a pair of bills that will give the Justice Department more time to investigate and prosecute people accused of fraudulently...more

Nutter Bank Report: August 2022

Nutter McClennen & Fish LLP on 8/31/2022

Headlines - ..New FDIC Guidance Highlights Risks from Multiple NSF Fees for Re-presented Items ..Fed Provides Advice to Banks Engaging in Crypto-Asset-Related Activities ..Federal Banking Agencies Propose Policy...more

Deceptive and Unfair - Multiple NSF Fees on Representments of the Same Transaction

BCLP on 8/25/2022

In guidance issued recently, the Federal Deposit Insurance Corporation (“FDIC”) advised that charging multiple non-sufficient funds (“NSF”) fees constitute “violations of law” when customer disclosures do not fully and...more

FDIC and CFPB Take Action to Protect Against Misrepresentations about FDIC Insured Status and Misuse of Name and Logo

Sheppard Mullin Richter & Hampton LLP on 5/23/2022

On May 17, the FDIC and the CFPB took parallel actions to combat the misuse of the name or logo of the FDIC and deceptive representations about deposit insurance. The FDIC approved a final rule implementing its statutory...more

SEC Proposes Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”

Goodwin on 4/1/2022

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed rules to include certain significant market participants as “dealers” or “government securities dealers” to essentially eliminate the trader exclusion...more

Nutter Bank Report: March 2022

Nutter McClennen & Fish LLP on 3/31/2022

CFPB Announces Intention to Expand Enforcement Against Unfair Discrimination - The CFPB has published an updated examination manual for evaluating unfair, deceptive, and abusive acts and practices (“UDAAPs”), which explains...more

CFPB Launches New Initiative Focused on Rural Communities

Goodwin on 3/18/2022

In This Issue. The Consumer Financial Protection Bureau (CFPB) announced a new initiative focused on financial issues faced by rural communities and also updated its examination procedures to cover unfair discrimination; the...more

Noteworthy developments in payments and fintech - March 2021

Eversheds Sutherland (US) LLP on 4/16/2021

Industrial bank charters continue to gain momentum with approval of Square’s charter; payments and tech companies have become interested in industrial banks lately since the FDIC started approving them after a moratorium from...more

SEC Adopts Broad Exempt Offering Reforms

Goodwin on 11/5/2020

In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more

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