News & Analysis as of

National Credit Union Administration Office of the Comptroller of the Currency

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

Cooley LLP

Federal Regulators Act to Enhance Property Valuations During Mortgage Origination Process

Cooley LLP on

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

Cadwalader, Wickersham & Taft LLP

Summer Regulatory Round-Up | July 2024

The banking regulators have not yet gone out on vacation, as demonstrated by this grab-bag of announcements, speeches, rules and guidance: Acting Comptroller of the Office of the Comptroller of the Currency (OCC),...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

House GOP writes to financial regulators on Loper Bright ruling

On July 9 and 10, GOP congressional committee leaders wrote 40 letters to the heads of executive branch agencies to remind them of how Loper Bright has set limits on an agency’s authority. As previously covered by InfoBytes,...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

Foodman CPAs & Advisors

FinCEN AML/CFT Regla Propuesta

El 6/29/24, FinCEN, en consulta con la Junta de Gobernadores del Sistema de la Reserva Federal, la Oficina del Contralor de la Moneda, la Corporación Federal de Seguro de Depósitos y la Administración Nacional de Cooperativas...more

Foodman CPAs & Advisors

AML/CFT FinCEN Proposed Rule

On 6/29/24, FinCEN, in consultation with the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union...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

King & Spalding

Financial Services Regulation in the Post-Jarkesy World

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On June 27, 2024, the U.S. Supreme Court issued its opinion in Securities and Exchange Commission v. Jarkesy. By a 6-3 vote, the Supreme Court affirmed the Fifth Circuit’s ruling, holding that the Seventh Amendment prohibits...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

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday June 27, 2024

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June 26, 2024- The U.S. House Committee on Financial Services Subcommittee on Housing and Insurance held a hearing entitled, “Housing Oversight: Testimony of the HUD and FHFA Inspectors General.” The Committee heard...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday June 26, 2024

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June 25, 2024- The Federal Reserve Board published a working paper entitled, “Sexual Orientation and Financial Well-Being in the United States.” June 25, 2024- Federal Reserve Board Governor Lisa D. Cook gave a speech...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday June 25, 2024

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June 24, 2024 - U.S. Secretary of the Treasury Janet L. Yellen gave remarks on housing policy and announcing new efforts by the Treasury Department using its existing authorities to increase the supply of housing....more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday June 18, 2024

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June 17, 2024 - The U.S. Department of the Treasury today announced that the United States has provided formal notice to the Russian Federation to confirm the suspension of the operation of Paragraph 4 of Article 1 and...more

Latham & Watkins LLP

Agencies Issue Joint Proposal to Curb Incentive-Based Compensation in the Financial Services Industry

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The proposal seeks to make executive compensation arrangements more sensitive to risk and would require complex risk management programs to ensure compliance....more

Kilpatrick

Bank Regulators Revive Proposed Rules on Incentive Pay

Kilpatrick on

Three federal regulators have reproposed rules that implement the requirements for bank incentive compensation programs that were included in the Dodd-Frank legislation 14 years ago. Section 956 of Dodd-Frank required 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

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

Mayer Brown on

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, April 4, 2024

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April 3, 2024- Federal Reserve Board Chair Jerome H. Powell gave opening remarks at the Stanford Business, Government, and Society Forum at Stanford Graduate School of Business, Stanford, California....more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday, March 26, 2024

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March 25, 2024- The Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctioned thirteen entities and two individuals for operating in the financial services and technology sectors of the Russian...more

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