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To Approve a Bank Merger or Not: That Is the Question!

On January 29, 2024, the OCC issued a proposed policy statement[1] describing the general principles it uses to evaluate applications for approval of transactions under the Bank Merger Act (“BMA”), principally bank mergers,...more

Enforcement Alert: FinCEN Leverages “Gap Rule” for Violations of the Bank Secrecy Act

On September 15, 2023, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) announced its first “Gap Rule” enforcement action in a Consent Order with Bancrédito International Bank and Trust...more

Proposed Changes to Risk-Based Capital Framework for Banks: Potential Effect on Risk-Weighting of Commercial Real Estate (CRE)...

Background. As part of an international effort to recalibrate how banks calculate their risk‑based capital, U.S. bank regulatory agencies (the “Agencies”) recently proposed major changes to how banks would be required to...more

Banking Disruption: Banking Regulators Signal Updates to Supervisory and Regulatory Agendas in Wake of Bank Failures

On April 28, 2023, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the United States Government Accountability Office (GAO), and the New York Department of...more

New Strides in Crypto-Asset Regulation

On November 23, 2021, the Office of the Comptroller of the Currency (OCC) released Interpretive Letter 1179 (the “Letter”), which is the culmination of a review of prior Interpretive Letters on cryptocurrency and related...more

OCC Permits National Banks And Federal Savings Associations To Use Independent Node Verification Networks And Stablecoins For...

As part of the Office of the Comptroller of the Currency’s (OCC) declared effort to keep pace with a mounting demand for faster, cheaper, and more efficient payments, and the widespread adoption of new technologies, the...more

FDIC Opens For Business For Industrial Banks

On March 17, 2020, the Federal Deposit Insurance Corporation (FDIC) announced two significant developments relating to industrial banks (also sometimes called industrial loan companies). First, in a notice of proposed...more

NY Governor Cuomo Orders Power To Require Waiver Of Deposit Fees During COVID-19 Emergency

As Congress scrambles to pass a stimulus package to alleviate financial strain due to the COVID-19 pandemic, federal regulators and some states are directing financial institutions to provide immediate relief. So far,...more

Volcker Rule Relief for Foreign Banking Entities

On August 20, 2019, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) approved a final rule (the “2019 Final Rule”) to amend the rules implementing Section 13 of the Bank...more

Another Joint Statement from the Federal Anti-money Laundering Working Group: Improving Transparency of Risk-Focused BSA/AML...

On July 22, 2019, the five federal agencies tasked with the supervision, examination, and enforcement of Bank Secrecy Act (BSA) and anti-money laundering (AML) requirements for banks (the “Agencies”) issued a joint statement...more

Federal Reserve Proposes New Control Regulations

On April 23, 2019, the Board of Governors of the Federal Reserve System (“Federal Reserve”) released a proposed rule (“Proposed Rule”) to revise regulations related to the determination of “control” under the Bank Holding...more

Banking Agencies Propose a More Tiered Approach to Large Foreign Bank Supervision

On April 8, 2019, the federal banking agencies (the “Agencies”) released two proposals (the “Tailoring Proposals”) which, if adopted, would further tailor the approach to supervision of large foreign banking organizations...more

Federal Reserve and FDIC Issue Proposed Changes to Resolution Plan Requirements for Foreign and Domestic Banking Organizations

The Federal Reserve and the FDIC published proposed changes to resolution plan (or “living will”) requirements applicable to U.S. and foreign banking organizations. The regulatory changes are necessary because the 2018...more

Agencies Issue Further Guidance Regarding Emerging Approaches to BSA/AML Compliance

On December 3, 2018, the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Financial Crimes Enforcement Network (“FinCEN”), National Credit Union Administration, and Office of the...more

Agencies Propose a More Tiered Approach to Large Bank Supervision

On October 31, 2018, the federal banking agencies released two separate proposals that, if adopted, would create a more consistent tiered approach to large bank supervision – in other words, supervision of banking...more

Customer Due Diligence and Beneficial Ownership: Updates to FFIEC Examination Manual and FinCEN Administrative Ruling

May 11, 2018 was the applicability date for FinCEN’s new “Customer Due Diligence Requirements for Financial Institutions” (the “CDD Rule”). FinCEN noted the occasion by issuing a press release to remind covered financial...more

Federal Reserve Board Revises FR Y-7 and Provides Guidance on Enhanced Prudential Standards for Foreign Banking Organizations

On January 18, 2018, the Board of Governors of the Federal Reserve System (the “Federal Reserve Board”) announced the approval of proposed revisions to the Annual Report of Foreign Banking Organizations (“FR Y-7”). The...more

Market Solutions, Volume 26, No. 1

Sanctions: Will the Trump Administration Stay the Course? President Trump made many statements during the campaign regarding actions he plans to take to reverse Obama administration sanctions policies. These included...more

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