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
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
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
7/29/2021
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
FHFA ,
FinCEN ,
Foreclosure ,
Interagency Guidance ,
Mortgage Lenders ,
Mortgage Servicers ,
New Guidance ,
OCC ,
Refinancing ,
Regulation X ,
RESPA ,
Rulemaking Process ,
Third-Party Risk
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
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
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
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)
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
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 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
11/24/2020
/ Appraisal ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Due Diligence (CDD) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Federal Reserve ,
Final Rules ,
FinCEN ,
Libor ,
National Bank Charters ,
NCUA ,
New Guidance ,
OCC ,
Regulation F ,
Regulation M ,
Regulation Z ,
Secured Overnight Funding Rate (SOFR) ,
Supervision ,
Truth in Lending Act (TILA)
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
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 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
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
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
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
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
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 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