News & Analysis as of

FRB

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

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 its maximum civil money penalty limits, pursuant to federal law, to accommodate for inflation....more

Federal Banking Agencies Finalize an 18-Month Examination Cycle for Small Banking Institutions

On December 12, 2016, the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board and the Office of the Comptroller of the Currency (OCC) finalized rules that generally allow well-capitalized and well-managed...more

Federal Reserve Board Provides New Details on Volcker Rule’s Illiquid Funds Requirements

On December 12, 2016, the Federal Reserve Board announced additional details regarding how banking entities may seek an extension to conform their investments in a narrow class of funds that qualify as “illiquid funds” to the...more

OCC Explores Special Purpose National Bank Charter for Fintech Companies

by K&L Gates LLP on

On December 2, 2016, the Office of the Comptroller of the Currency (“OCC”) announced its plans to move forward with a proposal to consider applications from financial technology (“fintech”) companies to receive charters as...more

Bridging the Week - November 2016 #3

by Katten Muchin Rosenman LLP on

Federal District Court Approves Flash Crash Spoofer’s US $38 Million Settlement; Federal Appeals Court Appears Sympathetic to Michael Coscia’s Claim That Spoofing Prohibition Is Too Vague - The US federal court handling...more

The Federal Reserve’s Proposed Rollback of Physical Commodities Authority for Financial Holding Companies

On September 23, 2016, the Board of Governors of the Federal Reserve System (the “FRB”) issued a proposed regulation concerning the ability of a financial holding company (“FHC”) to engage in physical commodities activities...more

Agencies Issue Proposal on Method to Adjust Thresholds for Exempting Certain Consumer Credit and Lease Transactions

On July 22, 2016, the Federal Reserve Board and the Consumer Financial Protection Bureau issued a proposal with respect to the method that will be used to “adjust the thresholds for exempting certain consumer credit and lease...more

Agencies Issue Proposal on Method to Adjust Threshold for Exempting Small Loans from Special Appraisal Requirements

On July 22, 2016, the Consumer Financial Protection Bureau, the Federal Reserve Board and the Office of the Comptroller of the Currency issued a proposal with respect to the method for making “annual inflation adjustments to...more

Financial Services Weekly News - July 2016 #4

by Goodwin on

Editor's Note - What Exactly Is Bitcoin? In a case featuring a sting operation beginning with meetings in a coffee shop, ice cream store and hotel lobby and ending with the sale of bitcoins to an undercover Miami Beach...more

US Federal Reserve Board Begins the Process of Regulating Insurance Companies

by Dechert LLP on

Nearly six years after the adoption of Dodd-Frank’s Title I, which provides for the regulation by the Board of Governors of the Federal Reserve System (Board) of non-bank financial companies – such as insurance companies,...more

Federal Reserve Board Formalizes Previously Announced One-Year Conformance Period Extension for Certain Volcker Rule Legacy Fund...

On July 7, 2016, the Federal Reserve Board approved the final extension – to July 21, 2017 – for bank entities to comply with the Volcker Rule and “to divest ownership in certain legacy investment funds and terminate...more

Financial Services Quarterly Report - Second Quarter 2016: What Fund Investors Should Know About US Bank Control Rules

by Dechert LLP on

Many private equity, hedge and mutual funds constantly have to confront the complex control rules that may impact even the smallest of investments in banks or bank holding companies (BHCs). The issue may be as simple as...more

Agencies Permit Reduced Content Resolution Plan Submissions for Firms with Limited U.S. Operations

On June 10, 2016, the Federal Reserve Board and the Federal Deposit Insurance Corporation allowed 84 entities with limited activities in the United States “to file reduced content resolution plans for their next three...more

Federal Reserve Goes After Anti-Takeover and Shareholder Protection Tools

by Dechert LLP on

The U.S. Federal Reserve Board (FRB) has become sensitized to safety and soundness concerns relating to shareholder protection arrangements. These arrangements are generally designed to protect existing shareholders of bank...more

Top 10 Financial Institution Considerations for 2016: #5 – Marketplace Lending

by Locke Lord LLP on

In our initial article announcing our top 10 considerations for financial institutions in 2016, our fifth consideration was marketplace lending. Just as the U.S. government and banking agencies have focused efforts to...more

Response Plan Rewind: The Essentials of Data Breach Response Plans

From the financial sector to the healthcare industry, and even the security business itself, hackers are creeping their way into business data systems and pilfering personal information. For financial institutions, security...more

Observation 3.0: Frequently Asked Questions and Answers on the Volcker Rule and the Implications for Foreign Banks Investing in...

by Pepper Hamilton LLP on

1. Question: What is the Volcker Rule, and when does it take effect? Answer: The Volcker Rule was enacted into law as section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank...more

Fed Approves Rule Requiring Largest Banks To Further Strengthen Capital

The Federal Reserve Board approved a final rule requiring the largest, most systemically important U.S. bank holding companies to further strengthen their capital positions. Under the rule, a firm that is identified as a...more

FFIEC Cybersecurity Assessment Tool: Not Just For Financial Institutions

by LeClairRyan on

On June 30, 2015, the Federal Financial Institutions Examination Council (FFIEC) released its long anticipated Cybersecurity Assessment Tool (press release here). The FFIEC is a formal interagency organization empowered to...more

FFIEC’s Cybersecurity Assessment Tool: Guidance for CEOs and Boards - Senior Management and Boards Should Be Actively Addressing...

by Holland & Knight LLP on

The Federal Financial Institutions Examination Council (FFIEC) released a Cybersecurity Assessment Tool (CAT) on June 30, 2015, to assist organizations in identifying cyber risks and assessing their cybersecurity...more

FFIEC’s Cybersecurity Assessment Tool: Guidance for CEOs and Boards - Senior Management and Boards Should Be Actively Addressing...

by Holland & Knight LLP on

The Federal Financial Institutions Examination Council (FFIEC) released a Cybersecurity Assessment Tool (CAT) on June 30, 2015, to assist organizations in identifying cyber risks and assessing their cybersecurity...more

The Financial Report - Volume 4, No. 11 • June 2015 (Global)

by DLA Piper on

FRB will extend high-quality liquid asset status to some state and municipal bonds. The FRB has proposed a rule that would recognize certain general obligation state and municipal bonds meeting the same liquidity...more

FRB Issues Proposed Rules to Repeal Regulation AA, as Required by Dodd-Frank

by Williams Mullen on

On Wednesday, August 27, the Board of Governors of the Federal Reserve System (the “Board”) published in the Federal Register proposed rules and a request for public comment to repeal its Regulation AA (Unfair or Deceptive...more

FFIEC Establishes Cybersecurity Web Page and Announces Commencement of Cybersecurity Assessment Program of Community Banks

by Goodwin on

The Federal Financial Institutions Examination Council (the “FFIEC”) announced that it had established a web page on cybersecurity (the “Web Page”), which is designed to serve as a central repository for current and future...more

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