During 2014, the number of enforcement actions brought by federal banking agencies1 continued a downward trend that began in 2011. Federal banking agencies issued 661 formal enforcement actions, representing more than a 55...more
6/24/2015
/ Banking Sector ,
Choke Point ,
Civil Monetary Penalty ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Fines ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Enforcement Statistics ,
FDIC ,
Financial Institutions ,
FIRREA ,
Foreign Currency ,
Mortgage-Backed Securities ,
RMBS ,
Strategic Enforcement Plan
The Financial Stability Oversight Council (Council) proposed regulations (Rule) on January 7, 2015, which create a new challenge for all nonbank financial companies with assets of $50 billion or more. While the four companies...more
On March 4, 2015, the Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) issued a second Consultation (PDF) addressing the potential designation of investment funds and asset...more
3/5/2015
The $5.9 billion Doral Bank (San Juan, Puerto Rico), a wholly owned subsidiary of Doral Financial Corporation (Coral Gables, Florida), was closed by the Office of the Commissioner of Financial Institutions of Puerto Rico, on...more
The U.S. Financial Stability Oversight Council (“Council”) has now formally responded to increasing concerns regarding the process by which it considers whether to designate a nonbank financial company as a systemically...more
2/13/2015
The Financial Stability Oversight Council (“FSOC”) has taken the next step in its consideration of the asset management industry, by issuing a notice requesting public comment on whether asset management products and...more
The U.S. Government Accountability Office just issued a report on the Financial Stability Oversight Council's (“FSOC”) systemically important financial institution (“SIFI”) designation process, entitled “Further Actions Could...more
Overall Trends & Outlook -
From an enforcement standpoint, 2013 was another historic year in a number of important ways beyond the sheer number of cases, which were again significant. Federal banking agencies1 issued...more
The Federal Reserve Board (Board) recently adopted final rules representing the most significant change in U.S. regulation of foreign banking organizations (FBOs) since the International Banking Act of 1978. Perhaps most...more
This article provides a brief summary of the key provisions of a new bi-partisan Senate bill, based on the Housing Finance Reform and Taxpayer Protection Act of 2013, as well as a brief discussion of a new House of...more
The Volcker Rule (“Volcker Rule” or “Rule”) is intended to limit risks to the financial system that Congress believes may be created by (i) proprietary trading operations of insured depository institutions, foreign banking...more
The Financial Stability Board (FSB), in consultation with the International Organization of Securities Commissions (IOSCO), issued “Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically Important...more
Full copy of the comment letter recently submitted by Dechert to the Securities & Exchange Commission regarding the Office of Financial Research’s report on "Asset Management and Financial Stability."
Dechert is highly...more
Thomas P. Vartanian, Chair of Dechert’s Financial Institutions practice, responded to the U.S. Securities and Exchange Commission's (SEC) request for comments, on behalf of certain clients, by comprehensively criticizing the...more
The Office of Financial Research (“OFR”), an office of the U.S. Department of the Treasury, recently issued a report that may provide a roadmap for future designations by the Financial Stability Oversight Council (“FSOC”) of...more
Loan originators, their advisors and service providers are moving rapidly to achieve compliance by January 10, 2014 with the Consumer Financial Protection Bureau’s (“Bureau’s”) new rule, which generally imposes an affirmative...more
The three U.S. federal banking agencies (the “Agencies”) have adopted a final rule (the “Rule”) that implements the Basel III regulatory capital framework and comprehensively revises the regulatory capital requirements for...more
One of the important unfinished aspects of the Dodd-Frank Act (“Act”) is the requirement for Federal agencies (“Regulators”) to issue regulations implementing Section 941 of the Act which generally requires that a securitizer...more
The Consumer Financial Protection Bureau (“Bureau”), pursuant to its authority to extend its supervision to persons that offer or provide any consumer financial product or service that poses a risk to consumers, has adopted a...more
Two insurance industry trade groups, the American Insurance Association and the National Association of Mutual Insurance Companies, recently filed suit against the U.S. Department of Housing and Urban Development (HUD)...more
Below is a link to A Strategic Guide to the ATR/QM Rules (Guide), Dechert LLP’s analysis for the American Bankers Association (ABA) of the Ability-to-Repay (ATR) and Qualified Mortgage (QM) rules adopted by the Consumer...more
Senators Bob Corker (R-TN) and Mark Warner (D-VA) have introduced a bi-partisan bill to reform the U.S. housing finance market. Entitled the “Housing Finance Reform and Taxpayer Protection Act of 2013” (the “Reform Bill” or...more
In This Presentation:
- The Qualified Mortgage (QM) Rule
- Small Creditor QM Proposal
- The Ability-to-Repay (ATR) Rule: What It Says and What It Means
- Liability for Failure to Comply with the ATR and QM...more
4/16/2013
/ Ability-to-Repay ,
Consumer Financial Protection Bureau (CFPB) ,
Disparate Impact ,
Fair Lending ,
HUD ,
Lenders ,
Loans ,
Mortgages ,
Qualified Mortgage Rule ,
Safe Harbors ,
Underwriting
Originally published in BNA’s Banking Report, 100 BBR 617 on 04/02/2013.
Overall Trends & Outlook -
In 2012, the federal banking agencies, including the Federal Deposit Insurance Corporation (‘‘FDIC’’), Office...more
4/4/2013
/ Anti-Money Laundering ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDIC ,
FinCEN ,
Mortgage Reform ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Unfair or Deceptive Trade Practices
The U.S. Department of Housing and Urban Development (“HUD”) issued a final rule (“Rule”) on February 8, 2013, which provides additional support to potential government and private plaintiffs seeking to challenge “facially...more