While the Trump Administration’s approach to bank regulation has been the subject of much speculation, specific proposals have yet to emerge, and the administration has yet to name key personnel in the regulatory agencies. ...more
A federal court has rejected an attempt by former First Republic Bank employees to recover assets held in a rabbi trust that funded deferred compensation benefits. In Harrington v. Federal Deposit Insurance Corporation, the...more
A federal court has rejected an attempt by former First Republic Bank employees to recover assets held in a rabbi trust that funded deferred compensation benefits. In Harrington v. Federal Deposit Insurance Corporation, the...more
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
The Federal Deposit Insurance Corporation (the “FDIC”) has issued a final rule that imposes a special assessment on insured depository institutions (“IDIs”) to recover losses realized by the Deposit Insurance Fund (the “DIF”)...more
The Federal Deposit Insurance Corporation (the “FDIC”) has proposed formal corporate governance and risk management standards for banks with assets of $10 billion or more that are subject to FDIC supervision. The detailed...more
The Federal Reserve Board (the “FRB”) has signaled a new approach to the oversight of “novel” activities by banks subject to FRB supervision. In a recent letter to supervisory staff, the FRB indicated that it would introduce...more
The Federal Deposit Insurance Corporation will launch a new portal to provide a more efficient means for bank personnel to respond to information and document requests during the consumer and Community Reinvestment Act...more
A recent survey of bank executives reported that cloud computing was a top-five spending priority and eight out of ten respondents indicated that at least twenty percent of their operations would be in the cloud by the end of...more
A periodic review of regulatory enforcement actions is a useful guide to what not to do in the financial services sector. This post focuses on several recent enforcement actions – one by the Federal Reserve Board (the...more
The FDIC recently sent a warning letter to a fintech firm that made misleading references to the availability of deposit insurance in promotional materials used for various crypto-related products. Unbanked, Inc, which...more
A toxic combination of poor risk management and poor regulatory supervision proved fatal for Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”), according to a series of reports released on April 28, 2023 by federal...more