On March 10, 2023, the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) closed Silicon Valley Bank (SVB) after a deposit outflow created a severe liquidity...more
The Consolidated Appropriations Act, 2021 (Act), signed into law on December 27, 2020, provides up to $9 billion to Community Development Financial Institutions (CDFIs) and minority depository institutions (MDIs). The Act...more
Earlier in March, the Federal Reserve Board (FRB), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA) and Office of the Comptroller of the Currency (OCC and collectively with the FRB,...more
On March 27, President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), which among other COVID-19 relief items, provides $349 billion in Paycheck Protection Program (PPP)...more
The publicly traded banking sector increased its market value by almost 30 percent in the first year of the Trump Administration. In part, this was a product of an overall strong performance by the stock market, but it also...more
On March 21, the House Financial Services Committee approved a proposal to loosen many of the rules implemented as part of the landmark 2010 Dodd-Frank legislation that overhauled the U.S. financial system in the wake of the...more
Recent changes to anti-money laundering (AML) laws are likely to have a profound effect on the business of equipment leasing and finance. The new enhanced customer due diligence (CDD) rule promulgated by the U.S. Department...more
The United States Department of the Treasury's Office of Foreign Assets Control (OFAC), the U.S. governmental agency tasked with administering and enforcing economic sanctions against hostile targets in furtherance of U.S....more
For years banks and other financial institutions have dealt with the anti-money laundering (AML) requirements of the Bank Secrecy Act (BSA). Governmental agencies, both regulatory and law enforcement, have placed particular...more