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FDIC Proposes Overhaul to Brokered Deposit Classification Rules; Significant Impact to Banking as a Service (BaaS) Industry

On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) issued a proposed rule that would make significant revisions to the FDIC’s regulations implementing the provisions of Section 29 of the Federal Deposit...more

FDIC Approves ILC With Traditional Bank Business Model (But Don’t Rush To Submit Your Application Just Yet)

An industrial bank or industrial loan company (each, an ILC) charter can be an attractive option for a financial technology company (fintech) or other company seeking to enter the banking space. In June 2024, the Federal...more

FAQs About US Bank Failure

Deposit Insurance - Are the deposits at my bank FDIC-insured? Deposits held at FDIC-insured depository institutions are insured up to $250,000 per depositor for deposits held in the same “right and capacity.”...more

FDIC Proposes Guidelines Establishing Standards for Corporate Governance and Risk Management for Covered Institutions with Total...

On October 3, 2023, the Federal Deposit Insurance Corporation (FDIC) approved proposed guidelines establishing standards for corporate governance and risk management for covered institutions with total assets of $10 billion...more

Banking Agencies Finalize Community Reinvestment Act Rules

On October 24, 2023, the Board of Governors of the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the Agencies) approved long-awaited final...more

Federal Banking Agencies Propose Basel III Endgame Capital Rules

On July 27, 2023, the Federal Reserve, FDIC, and OCC issued a notice of proposed rulemaking and request for comment on a proposal (the Proposal) to implement the final components of the Basel III Capital Accords, often...more

FDIC Pass-Through Coverage

Since the failure of Silicon Valley Bank in March of this year, there has been a renewed focus on Federal Deposit Insurance Corporation (FDIC) deposit insurance coverage, including arrangements that provide so-called...more

First Republic Bank FAQ

This FAQ was last updated at 3 pm EST on May 1, 2023. This is an evolving situation, and we will update this FAQ as more information becomes available. What happened with First Republic Bank? On May 1, 2023, First...more

FAQ About Recent Bank Failures in the US (Updated April 28, 2023)

Are the deposits at my bank FDIC-insured? Deposits held at FDIC-insured depository institutions are insured up to $250,000 per depositor for deposits held in the same “right and capacity” (see below)....more

Silicon Valley Bank FAQ

I had deposits at Silicon Valley Bank (SVB) that were assumed by First Citizens Bank. Are my deposits fully insured? Deposits at First Citizens are insured up to the standard maximum deposit insurance amount, which is...more

FAQ About Recent Bank Failures in the US (Updated April 12)

I had deposits at Silicon Valley Bank (SVB) that were assumed by First Citizens. Are my deposits fully insured? Deposits at First Citizens are insured up to the standard maximum deposit insurance amount, which is $250,000...more

Turbulent Banking Sector Renews Interest in Cash Management and Investment Policies

Silicon Valley Bank was a leading bank for the tech and life science sectors and for many of the venture capitalists who invest in those sectors. The bank’s abrupt disclosure on Wednesday, March 8, of significant losses on...more

FAQ About Recent Bank Failures in the US

What actions did the US government take on Sunday with respect to Silicon Valley Bank (SVB) and Signature Bank? On Sunday, March 12, the FDIC, the Federal Reserve, and the US Treasury Department announced that the US...more

FAQ About the Silicon Valley Bank Situation in the US

What happened to Silicon Valley Bank (SVB) on March 10? ..The California Department of Financial Protection and Innovation took possession of SVB on Friday morning, March 10, 2023, and appointed the Federal Deposit...more

OCC Announces it Will Accept Applications for Fintech Charter; Treasury Department Releases Fintech Report

The OCC announced on Tuesday, July 31, that it would begin accepting applications for special purpose national bank (SPNB) charters from FinTech companies engaged in the business of banking. The agency released a Policy...more

OCC Issues Draft Supplement Outlining Application Process for FinTech Charters

The Office of the Comptroller of the Currency (the OCC) has released a draft supplement to its Licensing Manual that explains the process for an entity engaged in financial technology—or FinTech—activities to charter a...more

OCC Will “Move Forward” With Federal FinTech Charter

The Office of the Comptroller of the Currency (the OCC) plans to consider applications from companies engaged in financial technology—or FinTech—activities to operate through a national bank charter and has released a paper...more

Federal Regulators Issue Volcker Rule FAQ Addressing Investment Fund Seeding Periods

The Volcker rule generally prohibits banking entities from engaging in proprietary trading and from sponsoring and/or investing in certain types of “covered” investment funds. The implementing regulation that the Agencies...more

Financial Services Weekly News Roundup - June 2015 #3

Regulatory Developments - CFTC Provides No-Action Relief from Introducing Broker and Commodity Trading Advisor Registration to Non-U.S. Persons Who Advise on or Facilitate Swaps Transactions for Certain International...more

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