The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) adopted a final rule (the Final Rule) on August 28 that will treat certain investment advisers and exempt reporting advisers as financial...more
9/19/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Compliance ,
Compliance Dates ,
Data-Sharing ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
Investment Funds ,
Patriot Act ,
Suspicious Activity Reports (SARs)
Earlier this summer, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Proposed Rule revising its regulations under the Bank Secrecy Act (BSA) requiring financial institutions to...more
9/19/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Compliance ,
Customer Due Diligence (CDD) ,
Financial Institutions ,
FinCEN ,
Internal Controls ,
Patriot Act ,
Policies and Procedures ,
Popular ,
Proposed Amendments ,
Proposed Rules ,
Risk Assessment
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) has issued a final rule (the Residential Real Estate Rule) requiring certain persons involved in residential real estate closings and...more
9/19/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Cash Transactions ,
Compliance ,
FinCEN ,
Geographic Targeting Order ,
Real Estate Transactions ,
Real Estate Transfers ,
Reporting Requirements ,
Residential Property Owners ,
U.S. Treasury
This article identifies themes we have observed in recent public formal enforcement actions issued to institutions by the US federal bank regulatory agencies (Agencies) — the Board of Governors of the Federal Reserve System...more
8/9/2024
/ Banking Sector ,
Compliance ,
Consent Order ,
Enforcement Actions ,
Enforcement Priorities ,
Financial Regulatory Agencies ,
FinTech ,
Global Systemically Important Banks (G-SIBs) ,
Internal Controls ,
Policies and Procedures ,
Risk Management ,
Supervision
On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) issued a proposed rule that would make significant revisions to the FDIC’s regulations implementing the provisions of Section 29 of the Federal Deposit...more
8/5/2024
/ Bank Deposits ,
Banking Sector ,
Broker-Dealer ,
Brokered Deposits ,
Brokers ,
Comment Period ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Proposed Rules
On July 8, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released new and updated Frequently Asked Questions (FAQs) that clarify FinCEN’s final rules regarding beneficial ownership...more
An industrial bank or industrial loan company (each, an ILC) charter can be an attractive option for a financial technology company (fintech) or other company seeking to enter the banking space. In June 2024, the Federal...more
7/1/2024
/ Bank Holding Company Act ,
Business Model ,
Community Banks ,
Compliance ,
Deposit Insurance ,
Dodd-Frank ,
EGRRCPA ,
FDIC ,
FinTech ,
Fintech Charter ,
Non-Bank Lenders ,
Nonbank Firms ,
Volcker Rule
On December 22, 2023, New York Gov. Kathy Hochul signed the LLC Transparency Act (as amended, the Act). The Act, modeled after the federal Corporate Transparency Act (CTA), aims to enhance the ability of the State of New York...more
Supervision is a daily fact of life for bank boards and management. Below, we offer strategies for how both board members and members of management can ensure that the supervisory process goes as smoothly as possible....more
Deposit Insurance -
Are the deposits at my bank FDIC-insured?
Deposits held at FDIC-insured depository institutions are insured up to $250,000 per depositor for deposits held in the same “right and capacity.”...more
1/10/2024
/ Banking Crisis ,
Banks ,
Contract Terms ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Investment Management ,
Loans ,
Money Market Funds ,
Mutual Funds ,
Portfolio Managers ,
Receivership ,
Silicon Valley ,
State Charters ,
Systemic Risk Buffer ,
Transfer Agents
On December 21, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (Access Rule) regarding access to the beneficial ownership information (BOI) reported to FinCEN...more
1/4/2024
/ Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Effective Date ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Joint Policy Statements ,
National Security ,
Penalties ,
Reporting Requirements ,
U.S. Treasury
On October 3, 2023, the Federal Deposit Insurance Corporation (FDIC) approved proposed guidelines establishing standards for corporate governance and risk management for covered institutions with total assets of $10 billion...more
Why it matters: Information gathered and maintained by FinCEN under the CTA will be exempt from notification and record access requirements, and individuals will not be permitted to contest the contents of a report if, for...more
On July 27, 2023, the Federal Reserve, FDIC, and OCC issued a notice of proposed rulemaking and request for comment on a proposal (the Proposal) to implement the final components of the Basel III Capital Accords, often...more
8/4/2023
/ Banking Crisis ,
Banking Regulators ,
Banking Sector ,
Basel III ,
Capital Requirements ,
Comment Period ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Large Financial Institutions (LFIs) ,
OCC ,
Proposed Regulation ,
Silicon Valley ,
Systemic Risk Buffer
Financial Institution Diversity Voluntary Self-Assessments: Due September 30 -
On July 13, the FDIC issued a financial institution letter announcing that FDIC-supervised financial institutions are encouraged to...more
7/21/2023
/ Broker-Dealer ,
Consumer Financial Protection Bureau (CFPB) ,
Crypto Exchanges ,
Customer Protection Rule ,
Decentralized Finance (DeFi) ,
Diversity ,
Diversity and Inclusion Standards (D&I) ,
Employment Policies ,
European Commission ,
FDIC ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Framework Agreement ,
International Data Transfers ,
Money Market Funds ,
Procurement Guidelines ,
Proposed Amendments ,
Securities and Exchange Commission (SEC) ,
Voluntary Self-Audit
In this Weekly Roundup Issue. The Commodity Futures Trading Commission’s (CFTC) Division of Enforcement unveiled two new task forces aimed at tackling derivatives market issues; and the Office of the Comptroller of the...more
On June 6, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, Agencies)...more
7/3/2023
/ Banking Regulators ,
Banking Sector ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Joint Policy Statements ,
New Guidance ,
OCC ,
Risk Assessment ,
Risk Management ,
Third-Party Risk
Regulatory Developments -
FDIC Refines Supervisory Strategy Concerning Multiple Re-Presentment NSF Fees Guidance -
On June 16, the FDIC revised its Supervisory Guidance on Multiple Re-Presentment Non-Sufficient Funds...more
6/30/2023
/ Asset Management ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Cybersecurity ,
DIDMCA ,
FDIC ,
Fees ,
FinTech ,
Insufficient Funds ,
Military Service Members ,
Mobile Apps ,
OCC ,
Overdraft Fees ,
Supervisory Guidance
Regulatory Developments Federal Agencies Propose Interagency Guidance on Reconsiderations of Value for Residential Real Estate Valuations. On June 8, the CFPB, FDIC, Federal Reserve, NCUA, and OCC requested public comment on...more
6/26/2023
/ Coinbase ,
Consumer Financial Protection Bureau (CFPB) ,
Data Brokers ,
FDIC ,
Federal Reserve ,
Investment Adviser ,
Marketing ,
NCUA ,
OCC ,
Property Valuation ,
Proposed Guidance ,
Real Estate Transactions ,
Residential Real Estate Contracts ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs) ,
Valuation
Agencies Issue Final Guidance on Third-Party Risk Management -
On June 6, the Federal Reserve, FDIC, and OCC issued final joint guidance (the Guidance) pertaining to banking organizations’ risk management of third-party...more
6/12/2023
/ Algorithms ,
Artificial Intelligence ,
Automation Systems ,
Banking Sector ,
Bots ,
Capital Formation ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
FinTech ,
Liquidity ,
OCC ,
Policies and Procedures ,
Private Investment Funds ,
Proposed Rules ,
Publicly-Traded Companies ,
Risk Management ,
Swap Dealers ,
Swaps ,
Third-Party Relationships ,
Third-Party Risk
In this Weekly Roundup Issue. The Federal Deposit Insurance Corporation (FDIC) issued a proposed rule to impose a special assessment pursuant to systemic risk determination; The Board of Governors of the Federal Reserve...more
On May 19, FinCEN and BIS issued an alert urging financial institutions to watch for attempts to evade export controls imposed on Russia. The alert focuses on ongoing federal initiatives to limit Russian access to technology...more
5/26/2023
/ Bureau of Industry and Security (BIS) ,
CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Derivatives Clearing Organizations ,
Economic Sanctions ,
Evasion ,
Export Controls ,
Financial Institutions ,
FinCEN ,
FinTech ,
Freddie Mac ,
Interest Rates ,
Registration Requirement ,
Russia ,
Safeguards Rule ,
Securities and Exchange Commission (SEC) ,
UDAAP
The Consumer Financial Protection Bureau (CFPB) warned banks that unilaterally re-opening consumer accounts after account closure could constitute an unfair act or practice and the Securities and Exchange Commission’s (SEC)...more
Regulatory Developments -
Federal Reserve Announces Results From the Review of the Supervision and Regulation of SVB -
On April 28, the Federal Reserve released its report analyzing SVB’s failure (Report). The Report...more
5/5/2023
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Insurance ,
ECOA ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
FinTech ,
Libor ,
Mortgage Lenders ,
Mortgages ,
Proposed Legislation ,
Regulatory Requirements ,
Silicon Valley ,
Small Business ,
Supervision
Since the failure of Silicon Valley Bank in March of this year, there has been a renewed focus on Federal Deposit Insurance Corporation (FDIC) deposit insurance coverage, including arrangements that provide so-called...more