This week, the Senate Banking Committee and the House Financial Services Committee held oversight hearings with leaders of the Federal Deposit Insurance Corporation (“FDIC”), Federal Reserve Board (“FRB”), the National Credit...more
11/17/2023
/ Banks ,
Basel III ,
Depository Institutions ,
FDIC ,
Financial Regulatory Agencies ,
Financial Services Committee ,
Financial Services Industry ,
FRB ,
NCUA ,
OCC ,
Regulatory Oversight ,
Senate Banking Committee
Recently, the Federal Deposit Insurance Corporation (“FDIC”) released its annual Summary of Deposits (“SOD”) data, as of June 2023.
The annual SOD data is the result of the FDIC’s annual survey of branch office deposits...more
Recently, the Federal Deposit Insurance Corporation (“FDIC”) issued a report from its Chief Risk Officer entitled FDIC’s Supervision of First Republic Bank. The FDIC was First Republic Bank’s primary federal banking agency,...more
9/19/2023
/ Banking Crisis ,
Banks ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Interest Rates ,
Liquidity ,
Receivership ,
Risk Management ,
Silicon Valley ,
Supervisory Highlights
The Federal Deposit Insurance Corporation (“FDIC”) issued a Financial Institution Letter (“FIL”) earlier this week regarding banks’ errors in reporting estimated uninsured deposits....more
Federal Deposit Insurance Corporation (“FDIC”) Chair Martin Gruenberg gave remarks to the Cities for Financial Empowerment Fund 2023 Bank On National Conference recently in which he said that the FDIC “shares the Bank On...more
The Federal Deposit Insurance Corporation (“FDIC”) Board voted (3-2) to propose a special assessment to recoup the expected $15.8 billion cost to the Deposit Insurance Fund “(DIF”) in the wake of invocation of the special...more
5/12/2023
/ Banking Crisis ,
Banks ,
Comment Period ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
NPRM ,
Receivership ,
Risk Assessment ,
Silicon Valley
The Federal Deposit Insurance Corporation (“FDIC”) Board held an open meeting on Tuesday to receive the semiannual update on the Deposit Insurance Fund (“DIF”) Restoration Plan. As we previously wrote last year, the FDIC...more
As we have previously discussed, after the failure of Silicon Valley Bank (“SVB”), the FDIC is operating the Silicon Valley Bridge Bank, N.A. (“Bridge Bank”) in many ways as if it’s business as usual to help preserve as much...more
As we noted very briefly on Monday in our “Quick Take on a Sudden Change in the Banking Landscape,” among the various actions the government took Sunday evening to try to stabilize the banking market, the Federal Reserve...more
3/17/2023
/ Depository Institutions ,
Fannie Mae ,
Federal Funding ,
Federal Reserve ,
Financial Institutions ,
FRB ,
Freddie Mac ,
Ginnie Mae ,
Loans ,
Mortgage-Backed Securities ,
Relief Measures ,
Term Sheets
Many of the transactions involving qualified financial contracts (“QFC”) with Silicon Valley Bank (“SVB”) and Signature Bank constitute Commodity Futures Trading Commission (“CFTC”) jurisdictional transactions that may be...more
3/15/2023
/ CFTC ,
Commodities ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
Derivatives ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
Futures ,
Insolvency ,
Qualified Financial Contracts (QFC) ,
Receivership ,
Silicon Valley ,
Swaps
A lot of ink has been spilled in the last 72 hours regarding the historic developments involving Silicon Valley Bank and Signature Bank. Our quick summary of the facts and law is below. Cadwalader will continue to monitor...more
The Federal Reserve Board (“FRB” or “Board”) issued two seemingly related press releases late last week. The first announced the denial of the Federal Reserve membership application by Custodia Bank, a Wyoming special purpose...more
On December 22, just before many of us may have started turning to our holiday breaks, the Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”) and Office of the Comptroller of the Currency (“OCC”)...more
1/12/2023
/ Banking Sector ,
Depository Institutions ,
Enforcement Actions ,
Enforcement Guidance ,
FDIC ,
Financial Services Industry ,
FRB ,
Interagency Guidance ,
No-Action Relief ,
OCC ,
Regulation O ,
Shareholders