President Recommends Regulatory Reforms to Address Recent Bank Failures -
President Biden has issued a statement urging the federal banking agencies to adopt regulatory reforms that are meant to reduce the risk of future...more
4/3/2023
/ Banking Sector ,
Banks ,
Biden Administration ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Depository Institutions ,
Electronic Payment Transactions ,
Federal Loans ,
Federal Reserve ,
Financial Regulatory Reform ,
Insolvency ,
Liquidity ,
Loan Servicer ,
Relief Measures ,
Silicon Valley ,
Student Loans ,
Truth in Lending Act (TILA) ,
U.S. Treasury
What happened to SVB? On Friday, March 10, 2023, before 9:00 a.m., Pacific Time, SVB’s chartering authority, the California Department of Financial Protection and Innovation (DFPI), announced that the DFPI had taken control...more
Federal Guidance Warns of Liquidity Risks Arising from Crypto-Asset-Related Deposits -
The federal banking agencies have issued joint guidance to banking organizations highlighting potentially heightened liquidity risks...more
2/28/2023
/ Banking Sector ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Cryptoassets ,
FDIC ,
Financial Regulatory Agencies ,
HMDA ,
Liquidity ,
Mergers ,
Mortgages ,
Proposed Rules ,
Regulation Z ,
RESPA ,
Safe Harbors ,
Truth in Lending Act (TILA)
Federal Reserve Policy Aims to Level the Playing Field for Insured and Uninsured Banks:
The Federal Reserve has issued a policy statement clarifying that uninsured state member banks will be subject to the same limitations...more
1/31/2023
/ Banking Regulators ,
Banking Sector ,
Banks ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Fair Housing Act (FHA) ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Marketing ,
New Guidance ,
Proposed Rules ,
Stock Options
The Federal Reserve has adopted a final rule that provides benchmark replacement rates based on SOFR (Secured Overnight Financing Rate) for contracts governed by U.S. law that reference the overnight and one-, three-, six-,...more
1/3/2023
/ Banking Sector ,
Benchmarks ,
BSA/AML ,
Compliance ,
Cryptocurrency ,
Deposit Insurance ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Interest Rates ,
Investment Funds ,
Libor ,
Secured Overnight Funding Rate (SOFR)
Headlines:
CFPB Reminds Credit Bureaus and Furnishers of Their Obligations to Investigate Disputes
The CFPB has issued guidance on the obligations of both credit bureaus and furnishers of consumer credit information,...more
11/30/2022
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Reporting Agencies ,
Credit Reports ,
Cryptoassets ,
Depository Institutions ,
Fair Credit Reporting Act (FCRA) ,
Federal Reserve ,
Fees ,
Fraud ,
Information Reports ,
Loan Modifications ,
Loan Servicer ,
Loan Servicing ,
Payment Processors ,
Public Comment ,
Scams
New CFPB Guidance Identifies Fee Practices That Constitute UDAAP Violations The CFPB has issued new guidance about what it pejoratively characterizes as “junk fee” practices by banks that the agency believes are likely to...more
10/31/2022
/ Banking Sector ,
Clawbacks ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Cybersecurity ,
Deposit Insurance ,
FDIC ,
FFIEC ,
Personal Data ,
Ransomware ,
Securities and Exchange Commission (SEC) ,
UDAAP
Headlines:
..OCC Publishes Security Standards for Video Teleconferencing With Agency Staff
..CFPB Imposes Civil Penalty and Customer Refunds for Authorized-Positive Overdraft Fees
..Treasury Department Recommends...more
9/30/2022
/ Banking Sector ,
Civil Monetary Penalty ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Digital Assets ,
Disclosure Requirements ,
Enforcement Actions ,
Executive Compensation ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Overdraft Fees ,
Refunds ,
Risk Assessment ,
Securities and Exchange Commission (SEC) ,
Teleconferences ,
Total Shareholder Return (TSR) ,
U.S. Treasury
Headlines -
..New FDIC Guidance Highlights Risks from Multiple NSF Fees for Re-presented Items
..Fed Provides Advice to Banks Engaging in Crypto-Asset-Related Activities
..Federal Banking Agencies Propose Policy...more
8/31/2022
/ Banking Sector ,
Banks ,
Commercial Loans ,
Credit Cards ,
Cryptoassets ,
Data Security ,
FDIC ,
Financial Institutions ,
Loan Servicer ,
Overdraft Fees ,
UDAAP
Headlines -
..New Federal Guidance Issued on Customer Due Diligence and Risk Management
..Fed Proposes Rule to Mandate LIBOR-Replacement Benchmark Rates in Contracts
..CFPB Clarifies Permissible Purposes for Furnishing,...more
7/29/2022
/ Benchmarks ,
Brokered Deposits ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Cryptocurrency ,
Customer Due Diligence (CDD) ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Guidance Update ,
Libor ,
Minority-Owned Businesses ,
New Guidance ,
Risk Management
Headlines -
..FDIC Proposes Substantial Increase in Deposit Insurance Assessment Rates
..Federal Reserve Releases New CECL Implementation Tool: Expected Losses
..Estimator OCC Report Highlights Risks Facing the Federal...more
6/29/2022
/ Accounting Standards ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Current Expected Credit Losses (CECL) ,
Deposit Insurance ,
Elder Issues ,
Exploitation ,
Families First Coronavirus Response Act (FFCRA) ,
FDIC ,
Federal Reserve ,
Financial Abuse ,
FinCEN ,
New Guidance ,
OCC ,
Risk Factors ,
Transaction Fees
Federal Banking Agencies Issue CRA Modernization Proposal The federal banking agencies have jointly issued a proposed rule that would modernize their regulations that implement the Community Reinvestment Act (the “CRA”). The...more
5/31/2022
/ Banking Sector ,
Community Development ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Cryptocurrency ,
Deposit Insurance ,
Final Rules ,
Irrevocable Trusts ,
Mobile Banking ,
Mortgage Servicers ,
New Guidance ,
OCC ,
Revocable Trusts ,
Trusts
FDIC Directs Banks to Provide Notice Before Engaging in Crypto-related Activities According to guidance recently issued by the FDIC, banks that it supervises and that intend to engage in, or are already engaged in, activities...more
4/29/2022
/ Banking Sector ,
Climate Change ,
Cryptocurrency ,
Cyber Attacks ,
Cybersecurity Information Sharing Act (CISA) ,
Enforcement Actions ,
Fannie Mae ,
FDIC ,
FHFA ,
FinTech ,
Foreclosure ,
Freddie Mac ,
FTC Act ,
Moratorium ,
Mortgage Servicers ,
Public Comment ,
Risk Management ,
Russia ,
Section 5 ,
Transaction Fees
CFPB Announces Intention to Expand Enforcement Against Unfair Discrimination -
The CFPB has published an updated examination manual for evaluating unfair, deceptive, and abusive acts and practices (“UDAAPs”), which explains...more
3/31/2022
/ Bank Holding Company Act ,
Bank Merger Act ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Climate Change ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Incident Reporting ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Priorities ,
FDIC ,
Public Comment ,
Publicly-Traded Companies ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
UDAAP
CFPB Fines Mortgage Lender for Violating the RESPA Anti-Kickback Rule
The Consumer Financial Protection Bureau (“CFPB”) has taken enforcement action in the form of a consent order against a mortgage lender, including...more
2/28/2017
/ Anti-Kickback Statute ,
Bank Fraud ,
Banking Sector ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Executive Orders ,
FDIC ,
Internet Service Providers (ISPs) ,
Margin Requirements ,
New Guidance ,
RESPA ,
Statute of Limitations ,
Trustees
Massachusetts Voters Approve Legalization of Marijuana for Recreational Purposes -
Massachusetts voters have approved a ballot initiative legalizing the use of marijuana for recreational purposes, which will become law...more
The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group.
Headlines
1. FDIC Approves Proposed Rule to Limit Incentive-Based Compensation Arrangements
2. Congress Considers...more