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Nutter Bank Report: February 2022

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

Nutter Bank Report: December 2021

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

Nutter Bank Report: November 2021

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

Nutter Bank Report: September 2021

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

Nutter Bank Report: July 2021

CFPB Amends Mortgage Rule to Protect Borrowers Affected by COVID-19 The CFPB issued a final rule to amend its Regulation X—which implements the Real Estate Settlement Procedures Act—to assist home mortgage loan borrowers...more

Nutter Bank Report: May 2021

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

Fintech in Brief: FDIC Solicits Information on Digital Assets

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

Fintech in Brief: Federal Reserve Board Proposes Guidelines for Approving Master Accounts and Other Services

On May 5, 2021, the Federal Reserve Board (the “Board”) published for public comment proposed guidelines (the “Account Access Guidelines”) for the 12 regional Federal Reserve Banks (the “Reserve Banks”) to use when reviewing...more

Fintech in Brief: Banking Agencies Request Information on the Use of Artificial Intelligence by Financial Institutions

On March 29, 2021, the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency...more

Nutter Bank Report: January 2021

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

Fintech in Brief: OCC Issues New Crypto-related Interpretive Letter

On January 4, 2021, the Office of the Comptroller of the Currency (OCC) issued the latest in a string of interpretative letters on permissible crypto-related activities of national banks and federal savings associations...more

Fintech in Brief:  Financial Trade Associations Oppose Novel OCC Charter with Uninsured Deposits

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

Nutter Bank Report: November 2020

Federal Banking Agencies Issue New Guidance on Managing the LIBOR Transition - The member agencies of the Federal Financial Institutions Examination Council (“FFIEC”) have issued joint guidance for banking organizations...more

Fintech in Brief: OCC Finalizes True Lender Regulation

On October 27, 2020, the Office of the Comptroller of the Currency (the “OCC” or the “Agency”) adopted a final “true lender” rule governing loans made under third-party relationships with nonbank entities, including fintechs,...more

Fintech in Brief: State Attorneys General File Lawsuit Challenging OCC’s ‘Valid When Made’ Rule

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

Fintech in Brief: OCC Authorizes National Banks and Federal Savings Associations to Offer Cryptocurrency Custody Services

On July 22, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued Interpretive Letter No. 1170 (the “Letter”) authorizing national banks and federal savings associations to provide cryptocurrency custody...more

Fintech in Brief: OCC Proposes ‘True Lender’ Rule for Bank Fintech Partnership Model

On July 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (NPR) defining the “true lender” in bank partnerships with third party marketplace lenders. The NPR seeks comment on...more

Fintech in Brief: Acting OCC Comptroller Announces Plans to Release a National Charter for Payments Companies

On June 25, 2020, Acting Comptroller Brian Brooks announced that the Office of the Comptroller of the Currency (the “OCC”) intends to introduce the first in a series of at least two national bank charters for payments...more

Fintech in Brief: New Acting OCC Comptroller Continues to Prioritize Innovation as OCC Proposes Rules on Digitizing Banking

On May 29, 2020, Joseph Otting stepped down as Comptroller of the Currency, and Brian Brooks was named Acting Comptroller. In his opening remarks, Acting Comptroller Brooks outlined his priorities, the first of which...more

Fintech in Brief: OCC Issues Final ‘Valid When Made’ Rule on Permissible Interest on Transferred Loan

On May 29, 2020, the Office of the Comptroller of the Currency (the “OCC”) issued a final rule (the “Rule”) confirming the validity of interest rates on bank loans transferred to third parties, including fintech affiliates....more

Nutter Bank Report: Special Edition: Working with Customers Affected by COVID-19

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

Fintech in Brief: OCC Updates Third-Party Risk Management FAQs

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

Nutter Bank Report: February 2020

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

Fintech in Brief: FDIC Approves First Fintech Application for Federal Deposit Insurance

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

Nutter Bank Report: January 2020

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

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