Volume 4, Issue 2, 2024 Welcome! Welcome to the second issue of Promissory Notes - our banking and finance e-newsletter - for 2024.
Business today is characterized by relentless change. To assist our clients in navigating...more
3/5/2024
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
Foreclosure ,
Incident Response Plans ,
Loans ,
Mergers ,
OCC ,
Policy Statement ,
Promissory Notes ,
Proposed Regulation ,
Securities and Exchange Commission (SEC)
Community Banks Renew Fight Against ILCs -
“ICBA reiterates opposition to non-bank-owned lenders’ applications to the FDIC, naming GM, Ford, Rakuten.”
Why this is important: The Independent Community Bankers of...more
2/22/2023
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Divestment ,
FDIC ,
Federal Reserve ,
Fees ,
Financial Institutions ,
FinTech ,
Fossil Fuel ,
Internet ,
Investment ,
Lenders ,
Stress Tests
North Carolina Power Outage Points to Homeland Security Long-Documented Threats to US Power Grid -
“Moore County blackouts serve as reminder that nation’s electricity infrastructure could be vulnerable targets for domestic...more
12/16/2022
/ Advertising ,
Banking Sector ,
Chapter 11 ,
Class Action ,
Consumer Privacy Rights ,
Coronavirus/COVID-19 ,
Critical Infrastructure Sectors ,
Cuba ,
Cybersecurity ,
Data Collection ,
Debt Collection ,
Department of Homeland Security (DHS) ,
Electricity ,
FDIC ,
Federal Trade Commission (FTC) ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Healthcare ,
Infrastructure ,
Non-Bank Lenders ,
OCR ,
Phishing Scams ,
Power Grid ,
Privacy Laws ,
Ransomware ,
Regulatory Agenda ,
State and Local Government ,
Technology Sector ,
Terrorist Threats ,
Text Messages ,
Threat Management ,
Tracking Systems ,
Unsolicited Advertisements
US Senators Ask SoFi About Its Banking Law Compliance =
“Four U.S. senators have signed a letter to SoFi Technologies CEO Anthony Noto expressing concerns about the online personal finance company and online bank’s digital...more
12/7/2022
/ American Bankers Association ,
Bank Holding Company ,
Banking Sector ,
Banks ,
Biden Administration ,
Commercial Bankruptcy ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Credit Cards ,
Cryptocurrency ,
Digital Currency ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Non-Bank Lenders ,
Overdraft Fees ,
Regulatory Agenda ,
Regulatory Oversight ,
Scams
Schumer: Senate ‘Very Close’ To Passing SAFE Banking Act -
“The House of Representatives passed the bill for the sixth time earlier this year.”
Why this is important: The passage of the Secure And Fair Enforcement...more
11/21/2022
/ Agribusiness ,
Banking Sector ,
Cannabis-Related Businesses (CRBs) ,
College Athletes ,
Credit Unions ,
Cryptoassets ,
Cryptocurrency ,
Debt Restructuring ,
Decriminalization of Marijuana ,
Dispensaries ,
Environmental Social & Governance (ESG) ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Marijuana ,
Name and Likeness ,
NCAA ,
Regulatory Oversight ,
Small Business
SOFR Gaining Momentum as Drop Dead Date for Libor Nears -
"Transition from US dollar Libor to its preferred alternative, SOFR, is going surprisingly well, though treasurers are having to grapple with some operational...more
Banking Law Rooted in Civil Rights Era Gets a 21st Century Update "The Community Reinvestment Act basically mandates that if you open a bank in a low-income neighborhood, you can’t just take that neighborhood’s deposits and...more
6/3/2022
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Decriminalization of Marijuana ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Forbearance Agreements ,
OCC
CFPB Focuses on Rural Banking Access -
"Rural Americans visit bank branches at nearly double the rate of urban and suburban customers, the CFPB found in its report, titled Challenges in Rural Banking Access."
Why...more
US Virginia Senate Allows State Banks to Offer Crypto Custody Services -
"Delegate Christopher T. Head introduced the bill back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody...more
5 Banking Trends to Watch in 2022 -
"Some of the narratives Banking Dive sees taking shape for 2022 — crypto, for example — are carryovers from last year, reaching a logical conclusion or forward motion. Others, such as...more
1/27/2022
/ Banking Sector ,
Certiorari ,
Chapter 11 ,
Commercial Bankruptcy ,
Cryptocurrency ,
Environmental Social & Governance (ESG) ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Fossil Fuel ,
SBA
IRS Chief Tells Elizabeth Warren: More Transparent Bank Data Can Fight Tax Evasion -
"Rettig, a Trump administration holdover, touted a provision in the American Families Plan that would require banks to report on their...more
10/6/2021
/ Artificial Intelligence ,
Bank Secrecy Act ,
Banking Sector ,
Chapter 11 ,
Commercial Bankruptcy ,
Creditors ,
Economic Injury Disaster Loans ,
Equitable Mootness ,
Financial Institutions ,
Financial Services Industry ,
Reorganizations ,
SBA
As Banks Push AI, Worry About Worsening Inequality Follows -
"AI and machine learning might amplify patterns of historical discrimination and financial exclusion through reliance on flawed data or mistakes in...more
Welcome to our sixth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights.
SBA to Drop Its Review of PPP Loans of $2 Million and Above -
"The effort marks an about-face for the agency...more
8/4/2021
/ Banking Sector ,
CARES Act ,
Digital Assets ,
FDIC ,
Financial Institutions ,
Foreclosure ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business
Welcome to our fifth issue of Promissory Notes -- our e-newsletter focused on banking and finance insights. We hope you are enjoying our monthly publication.
Banks to Companies: No More Deposits, Please -
"Some banks,...more
House Passes Cannabis Banking Bill -
"The House passed the same bill in 2019 by a similar margin, but it stalled in what was then the GOP-controlled Senate."
Why this is important: The Safe Banking Act, if passed, will...more
5/10/2021
/ Banking Sector ,
Banks ,
Cannabis-Related Businesses (CRBs) ,
CARES Act ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Loan Forgiveness ,
OCC ,
Paycheck Protection Program (PPP) ,
Payday Loans ,
SBA ,
True Lender
The Fed Plans to Unveil Digital Dollar Prototypes in July -
"The Boston Fed and MIT hope to unveil some of their work in the third quarter, including at least two prototype software platforms that could move, store and...more
The Federal Reserve Board ("FRB") began publishing the Secured Overnight Financing Rate ("SOFR") in April. This rate was developed to be a more reliable benchmark than LIBOR, which lost credibility a few years ago when it was...more
5/4/2018
/ Banking Sector ,
Banks ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Interest Rates ,
Investors ,
Libor ,
Loans ,
Market Manipulation ,
Repurchases ,
Secured Overnight Funding Rate (SOFR) ,
U.S. Treasury