Federal Court Rejects Challenges to FDIC’s and OCC’s “Valid When Made” Rules
A federal court in two separate but related cases has rejected challenges to the FDIC’s and the OCC’s respective regulations that codified the...more
2/28/2022
/ Banking Sector ,
Central Bank Digital Currency (CBDCs) ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Currency ,
FDIC ,
Financial Institutions ,
Interest Rates ,
Loan Forgiveness ,
Loan Servicer ,
Madden v Midland Funding ,
Massachusetts Institutie of Technology (MIT) ,
OCC ,
Paycheck Protection Program (PPP) ,
SBA ,
Student Loans
Federal Reserve Considers Merits of Creating a U.S. Dollar Digital Currency
The Federal Reserve has published a discussion paper that examines the pros and cons associated with the creation of a U.S. central bank digital...more
1/28/2022
/ Banking Examinations ,
Banks ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Insurance ,
Depository Institutions ,
Digital Currency ,
FDIC ,
Federal Reserve ,
Federal Savings Associations ,
Fees ,
FFIEC ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Public Comment ,
Transaction Fees
FDIC Board Governance Dispute on Review of Bank Mergers Aired Publicly -
CFPB Director Rohit Chopra on December 9 published on the CFPB’s website a blog post captioned “How Should Regulators Review Bank Mergers?” in...more
12/28/2021
/ Alternative Reference Rates Committee (ARRC) ,
Annual Percentage Rate (APR) ,
Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Digital Assets ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FSOC ,
Leverage Ratio ,
Libor ,
Mergers ,
OCC ,
Overdraft Fees ,
Regulation Z ,
Risk Assessment ,
Secured Overnight Funding Rate (SOFR) ,
Truth in Lending Act (TILA)
Federal Banking Agencies Publish Policy Road Map for Crypto-Asset Activities -
The federal banking agencies have issued a joint statement summarizing their interagency “policy sprints” focused on crypto-asset activities...more
11/30/2021
/ Banking Sector ,
Banks ,
Biden Administration ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptoassets ,
Cybersecurity ,
FDIC ,
Forbearance Agreements ,
Investment Funds ,
Mortgage Servicers ,
Mortgages ,
Notice Requirements ,
OCC ,
Prudential Regulation Authority (PRA) ,
Regulation X ,
Stablecoins ,
Venture Capital ,
Volcker Rule ,
Working Groups
Division of Banks Warns of Risks from Representments Causing Multiple NSF Fees -
The Massachusetts Division of Banks has issued a supervisory alert letter to warn banks about certain legal risks and risks of regulatory...more
9/29/2021
/ Banking Sector ,
Community Banks ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Dodd-Frank ,
ECOA ,
FDIC ,
Federal Reserve ,
Fees ,
FinTech ,
HMDA ,
Marijuana Related Businesses ,
NDAA ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Overdraft Fees ,
Proposed Rules ,
Ransomware ,
Regulation B ,
SBA ,
SDN List ,
Small Business
Supreme Court Strikes Down Extension of CDC Moratorium on Evictions -
The U.S. Supreme Court has issued a ruling that blocks the extension of the moratorium on evictions ordered by the Centers for Disease Control and...more
8/30/2021
/ Alabama Association of Realtors v Department of Health and Human Services ,
Banking Regulators ,
Banking Sector ,
Coronavirus/COVID-19 ,
Cybersecurity ,
Due Diligence ,
Eviction ,
FDIC ,
Federal Reserve ,
FFIEC ,
FinTech ,
Libor ,
Moratorium ,
Regulatory Authority ,
Residential Leases ,
SBA ,
SBA Lending Programs ,
SCOTUS
Fed Issues Proposed Rule for New Instant Electronic Payment Service -
FedNow The Federal Reserve has issued a proposed rule that would govern funds transfers over the Federal Reserve’s new 24x7x365 service that will...more
6/28/2021
/ Americans with Disabilities Act (ADA) ,
Banking Sector ,
Civil Rights Act ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
Electronic Fund Transfer Act ,
Equal Employment Opportunity Commission (EEOC) ,
FDIC ,
Federal Reserve ,
FIRREA ,
Fraud ,
Guidance Update ,
Interest Rates ,
Leverage Ratio ,
Minority-Owned Businesses ,
Mortgage Lenders ,
Policy Statement ,
Remote Notarization ,
Title VII ,
Uniform Commercial Code (UCC) ,
Vaccinations
Court Rules that Debt Collector Violated FDCPA with Communication to Dunning Vendor -
A federal appellate court has recently ruled that a debt collector violated certain privacy requirements under the federal Fair Debt...more
6/1/2021
/ Appeals ,
Bank Holding Company ,
Bank Holding Company Act ,
Banking Sector ,
Biden Administration ,
Climate Change ,
Congressional Review Act ,
Cryptocurrency ,
Debt Collectors ,
Digital Assets ,
Executive Orders ,
FDCPA ,
FDIC ,
FinTech ,
Fintech Charter ,
OCC ,
Predatory Lending ,
Proposed Legislation ,
Public Comment ,
Qualified Mortgage Rule ,
Regulation Z ,
Risk Assessment ,
Special Purpose National Bank Charter ,
Third-Party Service Provider ,
Time Extensions ,
True Lender
On May 17, 2021, the Federal Deposit Insurance Corporation (the “FDIC”) issued a Request for Information and Comment (the “RFI”) on Digital Assets. The FDIC is interested in getting input from all interested parties on the...more
HUD, VA, and USDA Coordinate Extensions of COVID-19 Relief for Homeowners -
The U.S. Department of Housing and Urban Development (HUD), the U.S. Department of Veterans Affairs (VA), and the U.S. Department of Agriculture...more
2/25/2021
/ Bank Secrecy Act ,
Banking Sector ,
Benchmarks ,
Call Reports ,
CARES Act ,
Coronavirus/COVID-19 ,
Current Expected Credit Losses (CECL) ,
Deposit Insurance ,
Disparate Impact ,
Fair Housing Act (FHA) ,
FDIC ,
FFIEC ,
Financial Institutions ,
FinCEN ,
Guidance Update ,
HUD ,
Libor ,
Mortgage Lenders ,
Mortgages ,
Paycheck Protection Program (PPP) ,
Public Health Emergency ,
Time Extensions ,
USDA ,
Veterans Administration
Updated Annual Meeting Guidance for Mutual Banks and Mutual Holding Companies -
The Massachusetts Division of Banks has issued new guidance to mutual banks and mutual holding companies that have not yet held their 2020...more
1/28/2021
/ Annual Meeting ,
Bank Holding Company ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Data Breach ,
FDIC ,
Final Rules ,
Guidance Update ,
Mortgage Escrow Account ,
Mortgages ,
Notice Requirements ,
OCC ,
Supervisory Guidance ,
Suspicious Activity Reports (SARs)
FDIC Modernizes Brokered Deposit Rule and Amends Interest Rate Restrictions -
The FDIC has adopted a final rule that establishes new standards for determining whether deposits made through certain kinds of arrangements...more
12/23/2020
/ Bank Secrecy Act ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Due Diligence (CDD) ,
FDIC ,
Financial Institutions ,
FinCEN ,
FinTech ,
Interest Rates ,
Libor ,
Suspicious Activity Reports (SARs)
On December 7, 2020, several bank and credit union trade associations (collectively, the “Associations”) submitted a joint letter (the “Letter”) to the Office of the Comptroller of the Currency (the “OCC”) opposing the...more
Federal Court in New York Dismisses Claims Against PPP Lenders for Agent Fees -
A federal court in New York has dismissed claims made in six class action lawsuits against several banks and other Small Business...more
10/1/2020
/ Banking Sector ,
CARES Act ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Dismissals ,
Disparate Impact ,
FDIC ,
Fees ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
HUD ,
Main Street Lending Programs ,
Paycheck Protection Program (PPP) ,
Transaction Fees
Federal Court Dismisses Class Action Claims Against PPP Lenders for Agent Fees -
A federal court in Florida has dismissed claims made in a class action lawsuit against several banks and other Small Business Administration...more
8/27/2020
/ Banking Regulators ,
Banking Sector ,
BSA/AML ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
FDIC ,
FFIEC ,
Financial Institutions ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Qualified Mortgage Rule ,
Relief Measures
On July 29, 2020, the state attorneys general for California, Illinois, and New York filed a complaint against the Office of the Comptroller of the Currency (“OCC”) challenging the OCC’s final “valid when made” rule (the “OCC...more
On July 20, 2020, the Federal Deposit Insurance Corporation (the FDIC or the Agency) issued a Request for Information (RFI) on a proposed voluntary public/private standard setting and certification system to promote the...more
On June 30, 2020, the Federal Deposit Insurance Corporation (the “FDIC”) announced the start of a rapid prototyping competition among 20 data and technology firms to develop a new and innovative approach to financial...more
On March 18, the Board of Directors of the FDIC approved the deposit insurance applications of Square, Inc. and Nelnet, Inc. to create two de novo industrial loan companies (“ILCs”). The approvals come a day after Jelena...more
The FDIC, OCC, and Massachusetts Division of Banks (DOB) each have recently issued updated guidance on accommodations for customers that banks should consider to address the financial needs of borrowers and depositors who...more
3/18/2020
/ Banking Sector ,
Capital Controls ,
Commercial Loans ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Crisis Management ,
Debt Restructuring ,
Depository Institutions ,
Emergency Response ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Hardship Distributions ,
Hardship Extensions ,
Joint Policy Statements ,
Liquidity ,
OCC ,
Relief Measures
On March 17, the FDIC released for public comment a proposed rule for industrial banks and industrial loan companies (together, “ILCs”) and their parent companies and signaled that it is considering two pending ILC...more
3/18/2020
/ Bank Holding Company Act ,
Banking Sector ,
Comment Period ,
Community Banks ,
Deposit Insurance ,
FDIC ,
FinTech ,
National Bank Charters ,
Non-Bank Lenders ,
Parent Corporation ,
Proposed Rules ,
Subsidiaries
On March 5, the OCC issued new and revised frequently asked questions (FAQs) concerning third-party risk management. The FAQs supplement 2013 OCC guidance concerning third-party risk management, which provides supervisory...more
Federal Reserve Revises Framework for Determining Control of a Banking Organization
The Federal Reserve has adopted a final rule to simplify and clarify its regulations for determining control of a banking organization for...more
2/27/2020
/ Bank Holding Company Act ,
Banking Sector ,
CFTC ,
Comment Period ,
Community Reinvestment Act ,
Fannie Mae ,
FDCPA ,
FDIC ,
Federal Reserve ,
FFIEC ,
FHFA ,
Financial Institutions ,
Freddie Mac ,
Ginnie Mae ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
NPRM ,
OCC ,
Securities and Exchange Commission (SEC) ,
Time-Barred Debt ,
Volcker Rule
On February 7, all-mobile banking services startup Varo Money, Inc. (“Varo”) received the FDIC’s approval of its federal deposit insurance application for Varo Bank, N.A. (in formation) (the “Bank”). The FDIC’s approval...more
The FDIC and OCC have issued new guidance for banks on heightened cybersecurity risks facing the financial services industry because of increased geopolitical tensions and threats of aggression. The guidance published on...more
1/30/2020
/ Auditors ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Cybersecurity ,
Data Breach ,
Dodd-Frank ,
FDIC ,
Federal Savings Associations ,
FFIEC ,
Financial Abuse ,
Financial Institutions ,
Insurance Industry ,
Legal Opinion ,
New Guidance ,
OCC ,
Payment Systems ,
Popular ,
Reporting Requirements ,
Risk Management ,
Third-Party Service Provider ,
Transaction Fees