News & Analysis as of

Banks Bank Holding Company

Orrick, Herrington & Sutcliffe LLP

Fed issues enforcement action against bank holding company

On August 15, the Fed released an enforcement action against a registered bank holding company and its parent company alleging financial and governance concerns. The agreement established concrete steps and regulatory...more

White & Case LLP

South African Bank and Bank Controlling Company Flac Instruments: Contractual Recognition of the South African Reserve Bank’s...

White & Case LLP on

The Prudential Authority of South Africa (the "Prudential Authority") published Draft Prudential Standard RA03 entitled "Flac Instrument Requirements for Designated Institutions" (the "Draft Flac Standard") in December 2023...more

Orrick, Herrington & Sutcliffe LLP

FDIC releases NPRM for parent companies of industrial entities

On July 30, the FDIC released an NPRM to regulate parent companies of industrial banks and industrial loan companies (the industrial entities). The proposed rule would revise the definition of “Covered Company” to include...more

Sheppard Mullin Richter & Hampton LLP

Fed Brings Enforcement Action Against Wyoming Bank Holding Company Over “Fintech Business Strategy”

On March 28, the Federal Reserve (Fed) issued a cease-and-desist order to a Wyoming-based bank holding company, citing deficiencies identified in a September 2023 inspection related to its “fintech business strategy, board...more

Orrick, Herrington & Sutcliffe LLP

National bank fined $98 million by OFAC, Fed for sanctions violations

On March 30, the U.S. Treasury Department’s Office of Foreign Assets (OFAC) announced a $30 million settlement with a national bank to resolve potential civil liabilities stemming from trade insourcing software that the bank...more

Lowenstein Sandler LLP

SVB Financial Group Files for Chapter 11 Bankruptcy

Lowenstein Sandler LLP on

Early Friday morning, March 17, 2023, SVB Financial, the former holding company of SVB, filed a voluntary Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York, citing the...more

Skadden, Arps, Slate, Meagher & Flom LLP

An Introduction to the Unique Issues in Bank Holding Company Bankruptcies

On March 17, 2023, the parent of Silicon Valley Bank (SVB) filed for Chapter 11 protection in the Southern District of New York. Unlike SVB itself, its parent, as a bank holding company, was eligible for Chapter 11. In the...more

Ballard Spahr LLP

Democratic Senators introduce bill to close industrial loan company “loophole”; coalition of financial services and consumer...

Ballard Spahr LLP on

Earlier this week, Senator Sherrod Brown (D-Ohio) introduced a bill, the “Close the Shadow Banking Loophole Act,” (Act) that is intended to close what is often termed a “loophole” in the Bank Holding Company Act (BHCA)...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: Issue 12, December 2022

US Senators Ask SoFi About Its Banking Law Compliance = “Four U.S. senators have signed a letter to SoFi Technologies CEO Anthony Noto expressing concerns about the online personal finance company and online bank’s digital...more

Latham & Watkins LLP

Private Bank Briefing – March 2021

Latham & Watkins LLP on

ESMA reminds firms on rules of reverse solicitation - In a statement published on 13 January 2021, ESMA reminded firms not established or situated in the EU of the MiFID II requirements on the provision of investment...more

Hogan Lovells

Financial institutions general regulatory news, March 2021 # 4

Hogan Lovells on

Holding company regulatory transaction fees: PRA PS3/21 - The UK Prudential Regulation Authority (PRA) has published a policy statement, PS3/21, on holding company regulatory transaction fees. ...more

Alston & Bird

SEC Replaces Industry Guide 3 and Modernizes Disclosures for Banking Registrants

Alston & Bird on

Our Securities Group summarizes the many ways the Securities and Exchange Commission has streamlined some statistical disclosure requirements by replacing the 30-year-old Industry Guide 3 with final rules that update and...more

Troutman Pepper

Sub Debt in Unprecedented Times

Troutman Pepper on

The COVID-19 pandemic has changed life in the United States and around the world, to say the least. It has caused illness, quarantines, cancellation of events and travel, business shutdowns, record unemployment and overall...more

Buchalter

Newly Enacted California Consumer Financial Protection Law (AB 1864) Reorganizes and Renames Financial Institutions Regulator for...

Buchalter on

California has enacted a new California Consumer Protection Law (CCFPL), California Financial Code Section 90001 et seq. The CCFPL will convert the Department of Business Oversight (DBO) into a new Department of Financial...more

A&O Shearman

Planning in a Time of Pandemic: Considerations for Regulated Financial Institutions in the US, EU and UK

A&O Shearman on

The economic and operational stresses caused by the Novel Coronavirus (COVID-19) are highlighting the need for regulated financial institutions to formulate responses to address significant business disruptions (SBDs) and to...more

Dechert LLP

Federal Banking Agencies Provide Temporary Relief from Compliance with Regulation O for Investment Advisers to Large Fund...

Dechert LLP on

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (Federal Banking Agencies) on December 27, 2019 provided temporary relief from...more

King & Spalding

Federal Reserve Reinterprets Control

King & Spalding on

The Federal Reserve Board (Board) has adopted a rule that is intended to provide more detailed, accessible and slightly more generous criteria and procedures for use in determining whether control exists within the meaning of...more

Bracewell LLP

SEC Proposes Rules to Update Statistical Disclosure Requirements for Bank and Savings and Loan Registrants

Bracewell LLP on

On September 17, 2019, the Securities and Exchange Commission (the “SEC”) proposed rules that would update the statistical disclosures provided by banking registrants in response to Industry Guide 3, Statistical Disclosure by...more

Vedder Price

SEC Proposes Rules to Update Disclosures for Public Bank Holding Companies, Banks, Savings and Loan Holding Companies and Savings...

Vedder Price on

On September 17, 2019, the Securities and Exchange Commission (the “SEC”) proposed rules that would update the statistical disclosures currently required by Industry Guide 3, Statistical Disclosure by Bank Holding Companies...more

Manatt, Phelps & Phillips, LLP

Passive-Aggressive: Federal Reserve Seeks Comment on Bank Control

Seeking to increase the transparency of the rules for determining control of a banking organization, the Federal Reserve Board of Governors (Board) asked for public comment on a new proposal....more

BCLP

FAST Act Rule Changes for Banks

BCLP on

The SEC recently published final rules that allow publicly traded bank holding companies and banks to simplify their public disclosures and provide more meaningful information to investors. Most of the rules become effective...more

Orrick - Finance 20/20

Federal Reserve Board Releases Scenarios for 2019 Stress Test Exercises

Orrick - Finance 20/20 on

On February 5, the Federal Reserve Board and Office of Comptroller of Currency released the stress scenarios for the 2019 stress test cycle for domestic bank holding companies and foreign bank intermediate bank holding...more

A&O Shearman

Financial Stability Oversight Council Announces Proposed Decision to not Apply "Hotel California" Provision to Large US National...

A&O Shearman on

The U.S. Financial Stability Oversight Council issued a proposed decision with respect to a national bank’s petition to not treat the surviving entity of a bank holding company parent merging into its large U.S. national bank...more

Sullivan & Worcester

What Does the Dodd-Frank Relief Bill mean for Enhanced Prudential Standards for Foreign Banks?

Sullivan & Worcester on

On May 23, Congress passed a bill to revise Dodd-Frank to reduce regulatory burdens on banks. Just as with the original Dodd-Frank Act, the real work will have to be done by the banking agencies and thus months will have to...more

Vedder Price

Regulatory Relief: It’s About Time

Vedder Price on

In November 2016, with the election results confirmed, the banking industry was awash in hopes for a more lenient regulatory posture. To date, the industry has seen no reform. However, on March 14, 2018, the Senate passed and...more

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