This is the third installment of our series evaluating the choice between starting a “new” bank through the de novo chartering process or purchasing an existing bank to implement the new business plan. Since we first wrote on...more
The Senate Banking Committee has not taken up the previously discussed Senator Warren (D-MA) and Senator Hawley (R-MO) claw back legislation, but has instead, by a bipartisan vote, cleared to the full Senate new bipartisan...more
Currently, the FDIC has a limited ability to claw back executive compensation in the event of a bank failure. An unlikely combination of U.S. Senators, including Elizabeth Warren (D-MA), Josh Hawley (R-MO), and J.D. Vance...more
The United States Department of the Treasury (“Treasury”) recently announced that a second application round has opened for investments in eligible Minority Depository Institutions (“MDIs”) and Community Development Financial...more
According to the FDIC, the most important factor contributing to the earnings gap between community and non-community banks is the ability to generate non-interest income from “activities that are typically not part of the...more
On March 29, 2021, the primary federal bank regulators (the Federal Reserve, CFPB, the FDIC, the NCUA, and the OCC) issued a request for information to gain input on the growing use of Artificial Intelligence (“AI”) by...more
4/2/2021
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Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
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NCUA ,
OCC ,
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Risk Management
Congress on Monday approved a deal on a $900 billion COVID-19 economic relief package, which is expected to be signed into law within the next few days. The bill provides $12 billion in support to small lenders focused on...more
Millions of businesses received hundreds of billions in forgivable loans under the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) and the Paycheck Protection Program (PPP). These forgivable loans allow...more