During the Biden-Harris Administration, the relationship between financial institutions and their regulators chilled considerably. The financial services industry works daily with its regulators—especially through the...more
11/20/2024
/ Banks ,
Buy Now Pay Later (BNPL) ,
Chevron Deference ,
Community Reinvestment Act ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Dodd-Frank ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Loper Bright Enterprises v Raimondo ,
Popular ,
Proposed Regulation ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Statutory Authority ,
Truth in Lending Act (TILA) ,
UDAAP
While the coming weeks and months will provide more clarity, we already can anticipate some indications of what is in store for bank regulation, supervision, and enforcement in a second Trump Administration. To help navigate...more
11/15/2024
/ Anti-Money Laundering ,
Banks ,
Brokered Deposits ,
Chevron Deference ,
Community Reinvestment Act ,
Corporate Governance ,
Deregulation ,
Enforcement ,
Executive Orders ,
FDIC ,
Federal Reserve ,
Financial Crimes ,
Financial Services Industry ,
Interagency Guidance ,
OCC ,
Proposed Rules ,
Regulatory Agenda
"The United States, with its history of welcoming innovators, has a large reserve of good will. In a country that ever aspires to improve with time, people are hopeful that bad policy approaches can change. This hope is not...more
As part of a larger effort to address risks related to third-party deposit relationships, on October 2, 2024, the Federal Deposit Insurance Corporation (FDIC) announced and published a notice of proposed rulemaking (Proposed...more
The Announcement and Its Sources -
Last week, the vice chairman of the Federal Reserve Board, Michael S. Barr, gave prepared remarks at the Brookings Institution announcing a significant recalibration of the Fed's Basel...more
9/23/2024
/ Administrative Procedure Act ,
American Bankers Association ,
Capital Markets ,
Federal Reserve ,
Lending ,
Loper Bright Enterprises v Raimondo ,
Mortgages ,
Notice of Proposed Rulemaking (NOPR) ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Share Buybacks
One of the most fundamental activities of an insured depository institution (IDI) is taking and safekeeping customer deposits. However, a recent proposed rulemaking by the Federal Deposit Insurance Corporation (FDIC) poses...more
8/16/2024
/ Administrative Procedure Act ,
American Bankers Association ,
Brokered Deposits ,
Deposit Insurance ,
FDI Act ,
FDIC ,
Final Rules ,
Liquidity ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules ,
Reversal ,
Rulemaking Process ,
Securities and Exchange Commission (SEC)
A Historic Term for Administrative Law -
This month we wrote extensively on both the Loper Bright/Relentless decisions, which overturned the Chevron doctrine, and the Jarkesy decision, which dealt a significant blow to the...more
SCOTUS limits agency use of ALJs in civil penalty proceedings -
On June 27, 2024, in a 6-3 decision, the Supreme Court held in SEC v. Jarkesy that the Securities and Exchange Commission ("SEC" or the "Commission") could...more
7/9/2024
/ Administrative Authority ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Enforcement Actions ,
Financial Institutions ,
Jury Trial ,
Public Rights Doctrine ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Securities Litigation ,
Securities Regulation ,
Seventh Amendment
On June 7, 2022, Custodia Bank ("Custodia") filed a complaint in the U.S. District Court for the District of Wyoming against the Federal Reserve Board of Governors (the "Board") and the Federal Reserve Bank of Kansas City...more
DWT attorneys recently filed an amicus brief on behalf of the co-chairs of the Wyoming Select Committee on Blockchain Technology in support of the application of Custodia Bank (which is a Special Purpose Depository...more