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Federal Reserve Office of the Comptroller of the Currency

Paul Hastings LLP

Daily Financial Regulation Update -- Monday September 16

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September 13, 2024 - The General Counsel of the CFPB delivered a speech to the Poverty Law Conference addressing the variety of consumer protection laws that protect impoverished individuals and how innovation and financial...more

Pillsbury - Global Sourcing Practice

U.S. Financial Regulators Continue Focus on Bank-Fintech Partnerships through Guidance and Request for Information

On July 25, 2024, the Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) issued a joint statement describing potential...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday September 5

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September 4, 2024- The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled “AI and the Labor Market: Will Firms Hire, Fire, or Retrain?” September 4, 2024- The Bank Policy Institute...more

Orrick, Herrington & Sutcliffe LLP

Fed issues enforcement action against bank holding company

On August 15, the Fed released an enforcement action against a registered bank holding company and its parent company alleging financial and governance concerns. The agreement established concrete steps and regulatory...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday September 4

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September 3, 2024- Acting Comptroller of the Currency Michael J. Hsu discussed the evolution of bank supervision during a presentation at the Joint European Banking Authority and European Central Bank International...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday August 16

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August 15, 2024- The U.S. Department of the Treasury updated the CFIUS website to share more details and guidance with the public and the investing community about how CFIUS approaches compliance and enforcement, as well...more

Orrick, Herrington & Sutcliffe LLP

Financial agencies propose rules to standardize data collections

On August 2, the OCC, Fed, FDIC, NCUA, CFPB, FHFA, CFTC, SEC and Treasury (collectively, the agencies) released an interagency NPRM to establish data standards across these agencies for “certain collections of information...more

Paul Hastings LLP

Daily Financial Regulation Update -- Monday August 12

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August 9, 2024 - The U.S. Department of the Treasury, Federal Reserve Board, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Securities and Exchange Commission, Commodity Futures Trading...more

Latham & Watkins LLP

FDIC Proposes Amendments to Its Change in Bank Control Act Regulations

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The proposal would establish stricter oversight of certain transactions and responds to concerns that large asset managers may be exerting influence on FDIC-supervised institutions. On July 30, 2024, the Board of...more

Morrison & Foerster LLP

Banking Agencies Address Banking Arrangements with Third Parties to Provide Deposit Products and Services

On July 25, 2024, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) issued a joint statement to banks regarding risks...more

MoginRubin LLP

Why the Capital One-Discover Merger Makes Sense

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When federal agencies review bank mergers, the competition issues typically relate to the number and location of physical branches and the extent of any overlap in the areas served. By contrast, the proposed $35 billion...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday August 2, 2024

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August 1, 2024- The European Artificial Intelligence Act (AI Act), the world's first comprehensive regulation on artificial intelligence, which was designed to ensure that AI developed and used in the EU is trustworthy,...more

Ballard Spahr LLP

Bank Regulators Issue Statement on Third-Party Relationships with Financial Institutions and Publish Request for Information on...

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The federal banking regulators (The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation) issued on July 25 a lengthy joint statement...more

Orrick, Herrington & Sutcliffe LLP

Bank regulators appeal to 5th Circuit to lift district court’s final rule ban

On July 18, the OCC, FDIC, and the Fed (the federal banking agencies or FBAs) submitted a brief requesting that the U.S. Court of Appeals for the Fifth Circuit hold oral argument and reverse the U.S. District Court for the...more

Troutman Pepper

Federal Banking Agencies Reiterate Guidance on Managing Risks Posed By Fintech Partnerships and Other Third Party Relationships

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Last week, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a joint statement highlighting...more

Cooley LLP

Federal Regulators Act to Enhance Property Valuations During Mortgage Origination Process

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On July 17 and 18, 2024, federal financial regulators adopted rules and guidance setting forth expectations in the mortgage industry that originators properly oversee use of automated valuation models (AVMs) and entertain...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday July 26, 2024

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July 25, 2024- The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency issued a statement reminding banks of potential risks associated with third-party arrangements...more

WilmerHale

FinCEN’s Proposed AML/CFT Program Rule Potentially Heralds a Change in Approach

WilmerHale on

On June 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network announced long-anticipated proposed rules on anti-money laundering and countering the financing of terrorism program effectiveness;...more

Orrick, Herrington & Sutcliffe LLP

FDIC, Fed, and OCC announce 2024 CRA-eligible distressed and underserved areas

On July 12, the FDIC, Fed, and OCC released a list of distressed or underserved nonmetropolitan middle-income areas eligible for CRA credit. The list identified regions where banks’ revitalization or stabilization activities...more

Ballard Spahr LLP

Federal Agencies Finalize Reconsideration of Value Guidance

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A group of federal agencies have finalized reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB),...more

Orrick, Herrington & Sutcliffe LLP

Financial regulators release final AVM rule for publication

On July 17, the CFPB, OCC, Fed, FDIC, NCUA and FHFA adopted a final rule titled “Quality Control Standards for Automated Valuation Models.” As previously covered by InfoBytes, this final rule implemented new provisions...more

Goodwin

10 Considerations for Fintechs Partnering with Community Banks

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As banking and technology become more integrated, banks are increasingly partnering with fintechs to expand their customer offerings. The rapid rise of these partnerships has generated questions for both banks and fintechs on...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday July 11, 2024

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July 10, 2024 - The U.S. House Committee on Financial Services held a hearing entitled, “The Federal Reserve’s Semi-Annual Monetary Policy Report.” The Committee heard testimony from The Honorable Jerome H. Powell,...more

Orrick, Herrington & Sutcliffe LLP

Agencies finalize new standards for AVMs

On June 20, the CFPB, OCC, Fed, FDIC, NCUA and FHFA (the financial services regulators) issued a final rule implementing new provisions governing the use of automated valuation models (AVMs), which are commonly used by...more

Alston & Bird

CFPB and Other Federal Agencies Finally Adopt AVM Rule

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What Happened? On June 20, 2024, a group of federal regulators published a rule addressing for the use of automated valuation models (AVMs) in mortgage origination and secondary market transactions....more

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