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Littler

FDIC Approves Final Rule to Update Its Section 19 Regulations – Insured Depository Institutions Have Until October 1, 2024 to...

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On July 30, 2024, the Federal Deposit Insurance Corporation (“FDIC”) Board of Directors approved a final rule that updates the FDIC’s regulations concerning Section 19 of the Federal Deposit Insurance Act, 12 U.S.C.§ 1829...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

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

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

Cadwalader, Wickersham & Taft LLP

Federal Regulators Publish Final Rule on Automated Valuation Models and AI That Imposes Obligations on Secondary Market Issuers,...

On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more

Venable LLP

Irregular Time - A Quasi-Proposed Rule on Incentive-Based Compensation

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For the third time, federal agencies have issued a proposed rule to regulate incentive-based compensation paid by certain financial institutions and other entities (the 2024 Proposal). The 2024 Proposal has been released by...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Third Attempt: Banking Agencies Revive Incentive-Based Compensation Rules for Financial Institutions

The Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Housing Finance Agency (FHFA) and the National Credit Union Administration (NCUA) recently re-proposed rules...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - May 2024 # 2

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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

Mayer Brown

Some US Regulators Repropose Joint Rule on Incentive-Based Compensation

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On May 6, 2024, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Federal Housing Finance Agency (FHFA) and National Credit Union Administration (NCUA; collectively the...more

Orrick, Herrington & Sutcliffe LLP

Agencies issue NPRM on incentive-based compensation

On May 6, the FDIC, OCC, NCUA and the FHFA issued a NPRM (proposed rule) on incentive-based compensation, pursuant to Dodd-Frank’s Section 956 (Section 956), which required federal regulators to prescribe regulations or...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday, March 14, 2024

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March 13, 2024- The U.S. House Committee on Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion held a hearing entitled, "Bureaucratic Overreach or Consumer Protection? Examining the...more

Husch Blackwell LLP

FFIEC Issues Statement on Examination Principles Related to Valuation Discrimination and Bias in Residential Lending

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On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for...more

Seward & Kissel LLP

Credit Union Share Certificates: A Primer

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Over the last several years credit unions have sought to raise funds in the capital markets by issuing their Share Certificates through brokers or other intermediaries. Credit union shares have many of the same attributes of...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday, January 18 2024

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January 17, 2024- U.S. Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-S.C.) led a letter to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of...more

Orrick, Herrington & Sutcliffe LLP

Agencies update the Uniform Rules of Practice and Procedure

On December 28, 2023, the Fed, OCC, FDIC, and NCUA published a final rule amending the Uniform Rules of Practice and Procedure to recognize the use of electronic communications and enhance the efficiency and equity of...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday, December 22 2023

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December 21, 2023- The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) took another major step in support of U.S. Government efforts to crack down on illicit finance and enhance corporate...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday, December 15 2023

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December 14, 2023 - FSOC Issues Annual Report- The Financial Stability Oversight Council released its 2023 annual report reviewing financial market developments, describing potential emerging threats to U.S. financial...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday, November 17, 2023

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November 16, 2023- The Financial Crimes Enforcement Network (FinCEN) has updated its Beneficial Ownership Information FAQs to include new questions about the reporting process, reporting companies, beneficial owners,...more

Dechert LLP

Proposed Rule on Quality Control Standards for Automated Valuation Models: Comments Closed and Now What?

Dechert LLP on

The proposed rule, if adopted, would apply to mortgage originators and issuers of mortgage-backed securitizations that rely on automated valuation models (“AVMs”) to determine the value of real estate collateral. The...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - October 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

Orrick, Herrington & Sutcliffe LLP

Agencies announce guidance regarding institutions affected by Hawaiian wildfires.

On August 17, the Federal Reserve Board, the FDIC, the Hawaii Department of Commerce and Consumer Affairs’ Division of Financial Institutions, the NCUA, and the OCC issued a joint interagency statement covering supervisory...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday, August 15, 2023

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August 14, 2023- Federal Deposit Insurance Corporation Chair Martin J. Gruenberg gave remarks on the resolution of large regional banks and proposed regulatory responses at the Brookings Institution Center on Regulation...more

Troutman Pepper

Federal Agencies Issue Joint Guidance on Contingency Planning for Liquidity Risks

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On July 28, the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the National Credit Union Administration (NCUA)...more

Stinson LLP

New Interagency Policy Statement on CRE Loan Accommodations and Workouts

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On June 29, 2023, a new interagency Policy Statement (the Statement) was issued relating to commercial real estate (CRE) loan accommodations and workouts. The Statement is relevant to all financial institutions governed by...more

Dechert LLP

Federal Regulators Adopt a New Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts

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The OCC, FDIC, NCUA and Fed have adopted a new Policy Statement on Prudent Commercial Real Estate Loan Accommodations and Workouts. The new policy statement updates, expands on and supersedes existing guidance from 2009,...more

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