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FDIC Proposes to Revise Brokered Deposit Regulations

The proposal would make key changes to the definition of “deposit broker” with significant ramifications for banks, fintechs, bank-fintech partnerships, and other third parties in the financial services industry....more

FDIC Proposes Amendments to Its Change in Bank Control Act Regulations

The proposal would establish stricter oversight of certain transactions and responds to concerns that large asset managers may be exerting influence on FDIC-supervised institutions. On July 30, 2024, the Board of...more

FRB Issues Report on Climate Scenario Analysis Pilot

With regulators keeping close watch, the results underscore the need for ongoing climate risk management investment and adaptation within the financial sector. On May 9, 2024, the Board of Governors of the Federal...more

CFPB Proposes to Prohibit Non-Sufficient Funds Fees on Declined Transactions

As person-to-person payments become mainstream, the proposal would proactively outlaw fees that financial institutions could assess on instantaneously declined transactions. On January 24, 2024, the Consumer Financial...more

Proposed Bill Would Reform Bank Exam Processes

A recent bipartisan bill, if enacted, would particularly benefit small lenders and bank-fintech partnerships by promoting transparency, appellate rights, and examiner accountability. On December 14, 2023, a bipartisan...more

OCC Issues Policy Guidance on Venture Loans

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in venture lending. On November 1, 2023, the Office of the Comptroller of the Currency...more

OCC, FRB, and FDIC Finalize Joint Principles for Climate-Related Financial Risk Management

Guidance for the largest US financial institutions is intended to promote climate risk management consistent with general safety and soundness practices. On October 30, 2023, the three US federal bank regulatory agencies...more

CFPB Set to Limit Credit Card Late Fees

The move becomes effective on October 1, 2023, with the Supreme Court soon to decide on the agency’s rule-writing authority. On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule (the...more

FRB Clarifies Supervision of Digital Assets and Bank-Fintech Partnerships

A new program addresses innovative banking activities such as bank-fintech partnerships and digital assets while reinforcing guardrails around stablecoin activity. On August 8, 2023, the Board of Governors of the Federal...more

FRB Vice Chair for Supervision Recommends Stronger Capital Standards for Large US Banks

After a lengthy “holistic” review and a spring banking crisis, US bank capital requirements finally face overhaul. On July 10, 2023, US Federal Reserve Board (FRB) Vice Chair for Supervision Michael Barr delivered a...more

Agencies Issue Guidance for Banking Organizations on Managing Risk in Third-Party Relationships

The guidance outlines principles and key considerations for banking organizations as they navigate risks associated with third parties, including fintechs. On June 6, 2023, the Federal Deposit Insurance Corporation...more

Global Regulators React to Banking Sector Turbulence

The spring of 2023 saw more dislocation in the global financial sector than any time since the 2008-09 financial crisis. In the US, banking institutions with over $500 billion in total assets failed, and other banks that were...more

Federal Reserve Establishes Bank Term Funding Program to Stabilize Financial System

The decisive action will mitigate emerging liquidity and solvency risks, contain pressure on the banking system, and protect depositors. On March 12, 2023, the Board of Governors of the Federal Reserve System (Federal...more

Federal Reserve Narrows the Crypto Activities of Member Banks

Custodia Bank was denied Federal Reserve membership, while certain crypto principal activities are deemed presumptively not appropriate for member banks. On January 27, 2023, the Board of Governors of the Federal Reserve...more

Acting Comptroller Confronts “Too Big to Manage” Issue

The Acting Comptroller of the OCC discussed the limits of large bank manageability and the steps that regulators can take to address the risks posed by size and complexity. On January 17, 2023, Acting Comptroller of the...more

Banking Regulators Issue Joint Statement on Crypto Risks

Banking organizations should ensure appropriate risk management, but regulators are skeptical of certain crypto activities as principal. On January 3, 2023, the Board of Governors of the Federal Reserve System (Federal...more

Responsible Financial Innovation Act Offers Clarity, Safeguards for Digital Assets - Banking and Payment Stablecoins

The RFIA could make it easier for fintechs dealing in digital assets and stablecoins to access Federal Reserve bank services. Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was...more

“SOFR First” Initiative Takes Flight

As the countdown to the LIBOR sunset enters its final six months, the CFTC staff is trying to help the market transition. With less than six months to go before the London Interbank Offered Rate (LIBOR) expires on December...more

El Salvador Christens Bitcoin as Legal Tender

A sovereign nation’s decision to adopt Bitcoin as legal tender raises interesting questions — and legal ramifications. On June 8, 2021, El Salvador’s Legislative Assembly voted to establish Bitcoin as unrestricted legal...more

Federal Reserve Recognizes Significance of Climate Risks on Financial Stability

The US prudential regulator is paying attention to climate risks, and will likely act to mitigate those risks if they threaten financial stability. In its November 2020 Financial Stability Report (the Report), the Board of...more

Banks Can Hold Stablecoin Reserves, OCC States in Crypto-Friendly Letter

The US OCC allows banks, with certain restrictions, to hold assets in reserve for stablecoin issuers. On September 21, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1172 (the...more

A Path Forward for Open Banking

As third-party access to consumer financial data expands, regulators balance innovation, customer choice, and data protection. Consumers’ rights to access and use their personal financial information has been a key focus of...more

Regulators Gear Up for LIBOR Transition Testing

In anticipation of LIBOR discontinuation, key US and UK regulators signal a shift toward examining transition progress. After an initial phase of applying mostly verbal pressure, UK and US regulators are now taking a more...more

From Safe Deposit Boxes to Cold Wallets, Bank Custody Evolves

The OCC greenlights bank custody of cryptoassets, opening a significant door to mainstream adoption and innovation. On July 22, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1170...more

Let’s Settle This Immediately: The Fed Joins the Global Faster-Payments Trend

The Federal Reserve is finally stepping into the real-time payments arena. On August 5, 2019, the Board of Governors of the US Federal Reserve System (the Fed) announced that it plans to roll out a real-time payment and...more

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