News & Analysis as of

Federal Reserve Office of the Comptroller of the Currency

D.C. District Court Allows Payday Lenders’ Due Process Claims To Proceed In Case Against “Operation Choke Point”

by Ballard Spahr LLP on

On July 5, 2017, the U.S. District Court for the District Columbia, in the lawsuit filed in 2014 challenging “Operation Choke Point” — a federal enforcement initiative involving various agencies, including the Consumer...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Big American banks (BofA, Citi, Morgan Stanley) are avoiding deals with Chinese conglomerate HNA Group over concerns regarding HNA’s debt level and ownership structure....more

Nutter Bank Report, June 2017

Supreme Court: Bank That Buys Debt for Its Own Account Is Not Debt Collector - The U.S. Supreme Court recently held that a bank that collects on debts it has bought and holds “for its own account” is not a debt collector...more

GAO Agrees to Decide the Legality of the Leveraged Lending Guidance; Indicates Decision Will Take “at Least a Few Months”

On May 23, the Government Accountability Office (GAO), in a letter to Senator Patrick Toomey, R-Pa., agreed to determine whether the Guidance on Leveraged Lending jointly issued in 2013 by the Board of the Governors of the...more

The Financial CHOICE Act Is Approved by US House Financial Services Committee

On May 4, the Financial CHOICE Act (the FCA) — which was introduced to the House of Representatives on April 26 by Rep. Jeb Hensarling (Texas-5), and co-sponsored by seven of his Republican colleagues and referred for...more

Financial Services Weekly News - May 2017 #2

by Goodwin on

Editor's Note - In this Issue. The House Financial Services Committee passed the Financial CHOICE Act that would make significant changes to the Consumer Financial Protection Bureau; the U.S. Securities and Exchange...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo’s Board Chair, Stephen Sanger, did survive his reelection vote the other day. Barely. But Breakingviews thinks he should think awfully hard about his future as a Director at the bank....more

Nutter Bank Report, March 2017

Fed Raises Threshold That Triggers Review of Systemic Risk of a Proposed Merger - In a recent decision on a proposed merger of two bank holding companies, the Federal Reserve indicated that it has increased the...more

Financial Services Weekly News - March 2017 #4

by Goodwin on

Editor's Note - The Battle Over the Proposed OCC FinTech Charter Continues. The Office of the Comptroller of the Currency (OCC) has released a draft supplement to its Licensing Manual explaining the process for FinTech...more

Orrick's Financial Industry Week In Review

SEC Approves Rules to Ease Investor Access to Exhibits in Company Filings - On March 1, 2017, the Securities and Exchange Commission (SEC) voted to adopt rule and form amendments that will require issuers to include a...more

Agencies Release Swap Margin Guidance

On February 23, 2017, the Federal Reserve Board (Board) and the Office of the Comptroller of the Currency (OCC) issued guidance regarding how supervisors should examine for compliance with the swap margin rule. The swap...more

US and EU Regulators Provide Relief for Compliance with Variation Margin Requirements

by White & Case LLP on

The CFTC, the Federal Reserve Board and the Office of the Comptroller of the Currency have taken action to extend the period during which Swap Dealers can comply with the requirement to post and collect variation margin under...more

Financial Services Weekly News - March 2017

by Goodwin on

Editor's Note - In This Issue. The New York Department of Financial Services issued its highly anticipated cybersecurity regulation in its final form, the Securities and Exchange Commission (SEC) issued updated guidance...more

The Federal Reserve and OCC Guidance Regarding Initial Examinations for Compliance with Variation Margin Rules for Non-Cleared...

by Morrison & Foerster LLP on

Last week the Board of Governors of the Federal Reserve System (the “Federal Reserve”) and the Office of the Comptroller of the Currency (the “OCC” and, collectively with the Federal Reserve, the “Banking Agencies”) released...more

Update: Prudential Regulators Delay Compliance Deadline for New Swap Margin Rules

by Pepper Hamilton LLP on

If you have been following our alerts on the pending deadlines (and the delays of these deadlines by certain regulators) of the new swap variation margin rules (New Swap Margin Rules) that were due to go into effect on March...more

European Regulators to Take Risk-Based Approach to Variation Margin Compliance

by McGuireWoods LLP on

On February 23, 2017, the European Supervisory Authorities (ESAs) announced that neither the ESAs nor competent authorities (CAs) would provide over-the-counter (OTC) derivatives dealers subject to European Market...more

Swap Dealer Banks Win Six Month Phase-In for Variation Margin Requirements for Most Counterparties

by McGuireWoods LLP on

U.S. swap dealer banks received much needed breathing room, but not complete relief from the March 1, 2017 variation margin (VM) deadline for swaps and security-based swaps. On February 23, 2017, the Federal Reserve Board...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Class Action Against Lending Club and WebBank Headed to Defeat - On Monday, January 31, 2017, a federal district court in the Southern District of New York granted a motion to...more

NYDFS, American Bankers Association Weigh In On OCC Fintech Charter Proposal

by Ballard Spahr LLP on

The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more

Rock and a Hard Place: Banks In Search of Compliance Amid Diverging Regulatory Regimes

Last year was the first that national banks and federal savings associations subject to supervision by the Office of the Comptroller of the Currency (“OCC”) were armed with a sense of the agency’s regulatory expectations when...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more

Emerging Trends Newsletter - Q4

by Stinson Leonard Street on

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

2017 Resolutions for Community Banks: A Focus on Cybersecurity

by Hogan Lovells on

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

Orrick's Financial Industry Week In Review

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

OCC Addresses Concerns on Issuance of National Bank Charters to Fintech Companies

by Ballard Spahr LLP on

The Office of the Comptroller of the Currency (OCC) has proposed to allow financial technology (fintech) companies to apply for full or special purpose national bank charters. In advance of the proposal's January 15, 2017,...more

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Cybersecurity

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