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Banks Banking Sector

Cooley LLP

CFPB Challenges Financial Institutions to Produce Evidence of Affirmative Consent to Overdraft Fees

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On September 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a circular explaining that financial institutions may violate the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation...more

Orrick, Herrington & Sutcliffe LLP

FDIC issues list of banks examined for CRA compliance

On September 4, the FDIC released its latest evaluations of state nonmember banks for compliance under the CRA. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 requires public disclosure of...more

Orrick, Herrington & Sutcliffe LLP

FDIC sunsets its FFIEC Cybersecurity Assessment Tool

On September 5, the FFIEC announced the sunsetting of the Cybersecurity Assessment Tool (CAT) on August 31, 2025. The CAT, introduced in June 2015, was a voluntary tool designed to help financial institutions identify...more

Orrick, Herrington & Sutcliffe LLP

Bank faces class action over its overdraft fee practices

Recently, a bank customer and his business filed a class action complaint in the Stamford-Norwalk Judicial District Superior Court against a Connecticut-based bank alleging that bank engaged in unlawful business practices to...more

Venable LLP

Custody Battles: The FDIC's Latest Proposed Rule on FBO Accounts

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The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....more

Orrick, Herrington & Sutcliffe LLP

Fed’s Barr speaks on changes to Basel III and liquidity requirements

On September 10, the Fed released the prepared remarks given by the Vice Chair for Supervision, Michael Barr, on changes to the Basel III endgame proposal and the capital surcharge for global systemically important banks...more

Orrick, Herrington & Sutcliffe LLP

U.S.-U.K. treasuries convene to discuss financial stability goals

On September 3, the Department of the Treasury hosted the tenth official meeting of the U.S.-U.K. Financial Regulatory Working Group in Washington, D.C. Officials from both countries discussed economic and financial...more

McGlinchey Stafford

Podcast: Deep Dive into the Regulatory Landscape of Bank Partnerships Featuring American Fintech Council CEO, Phil Goldfeder [More...

McGlinchey Stafford on

McGlinchey attorneys Robert Savoie and Rachael Aspery are joined by Phil Goldfeder, the CEO of the American Fintech Council, in this installment of the Deep Dive into Bank Partnerships. The podcast focuses primarily on...more

Orrick, Herrington & Sutcliffe LLP

OCC’s Acting Comptroller discusses the evolution of bank supervision

On September 3, Acting Comptroller of the Currency Michael J. Hsu delivered remarks on the evolution of bank supervision at a recent international conference, focusing on the transformation of bank supervision over the last...more

Orrick, Herrington & Sutcliffe LLP

FDIC releases seven enforcement actions for June and July 2024

On August 30, the FDIC released a list of seven administrative enforcement actions taken against banks and individuals in June and July. The public orders comprised six safety and soundness orders, two of which were consent...more

Orrick, Herrington & Sutcliffe LLP

FDIC announces updates to its examination handbook

On August 29, the FDIC announced that the Federal Financial Institutions Examination Council (FFIEC) updated its examination handbook. These updates revised specific parts and renamed it from the “Development and Acquisition”...more

Orrick, Herrington & Sutcliffe LLP

CFTC fines bank $3M for recordkeeping failures and more

On August 14, the CFTC issued an order simultaneously filing and settling charges against a swap dealer (the respondent) for allegedly violating the Commodity Exchange Act and related regulations. The order stated the bank...more

Orrick, Herrington & Sutcliffe LLP

Fed issues cease and desist against bank

On September 4, the Fed and the Texas Department of Banking published a cease and desist order alleging deficiencies identified in a Texas-based bank’s corporate governance, risk management and compliance with BSA/AML laws....more

Allen Matkins

California Court Upholds Daily Transaction Limits On Bitcoin ATMs

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A year ago, Governor Gavin Newsom signed two bills,  Assembly Bill 39 and Senate Bill 401, that created the California Digital Financial Assets Law.  SB 401 added Section 3902 to the Financial Code to prohibit an operator of...more

Sheppard Mullin Richter & Hampton LLP

Fed Issues Cease and Desist Order for Crypto-Related Compliance and Risk Management Deficiencies

On September 4, the Federal Reserve Board (Fed) released enforcement actions against a Texas-based bank, addressing regulatory violations and compliance lapses. The Fed, joined by the Texas Department of Banking (TDB),...more

Orrick, Herrington & Sutcliffe LLP

OCC releases August CRA evaluations for 17 institutions

On September 3, the OCC released its Community Reinvestment Act (CRA) performance evaluations for August. The OCC evaluated 17 entities, including national banks, federal savings associations and insured federal branches of...more

K&L Gates LLP

Guarding Against Fraud and Loss–What You Need to Know When Taking Security by Way of a Bank Guarantee

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Bank guarantees (BGs) are a very old invention yet remain one of the most common forms of security that are provided in respect of leasing and other property transactions. Despite their prevalence, there are a number of risks...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues filing instructions, other resources for nonbank registration

On August 23, the CFPB issued a Filing Instructions Guide and launched the Nonbank Registry webpage to help nonbank entities understand, register and comply with the Nonbank Registration Rule (the Rule). As previously covered...more

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

Cooley LLP

FDIC’s Proposed Brokered Deposit Rule Could Adversely Impact Fintech-Bank Partnerships

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In late July 2024, the Federal Deposit Insurance Corporation (FDIC) board of directors proposed a rule that would revise its standards on banks accepting brokered deposits. The proposed rule would expand the definition of...more

A&O Shearman

Regulatory monitoring - August 2024

A&O Shearman on

1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EBA: Opinion on measures in accordance with Article 458 CRR following a notification by the De Nederlandsche Bank - Status: Final - The EBA has...more

Orrick, Herrington & Sutcliffe LLP

Banking associations aver Fort Worth is the proper venue against CFPB

On August 12, several banking associations (plaintiffs) filed an opposition to the CFPB’s motion to dismiss in its ongoing litigation over the proper venue for the CFPB’s credit card late fee final rule (the Rule). The Bureau...more

Orrick, Herrington & Sutcliffe LLP

Fed Governor Waller discusses interlinking fast payment systems

On August 28, a Fed Governor Christopher Waller discussed the interplay between public and private sectors in advancing cross-border payments in a speech given at the Global Fintech Fest in Mumbai, India. ...more

Orrick, Herrington & Sutcliffe LLP

Fed releases final capital requirements for all large banks

On August 28, the Fed released its final capital requirements for large bank holding companies. As previously covered by InfoBytes, the Fed derived these requirements from stress test results showing that large banks had...more

Orrick, Herrington & Sutcliffe LLP

OCC announces enforcement actions for August 2024

On August 22, the OCC released a list of recent enforcement actions against national banks, federal savings associations, and individuals affiliated with such entities (defined as institution-affiliated parties, or IAPs). The...more

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