News & Analysis as of

Banks Government Accountability Office

Orrick, Herrington & Sutcliffe LLP

GAO report calls for FDIC, Fed to fix bank supervision issues

On March 6, the U.S. Government Accountability Office (GAO) released a report to congressional requesters, including Senator Sherrod Brown (D-OH), Chairman of the U.S. Senate’s Committee on Banking, Housing, and Urban...more

Ballard Spahr LLP

GAO issues report on fintech products; recommends CFPB clarify when earned wage access products are “credit” under Truth in...

Ballard Spahr LLP on

The Government Accountability Office (GAO) has issued a new report entitled “Financial Technology: Products Have Benefits and Risks to Underserved Consumers, and Regulatory Clarity Is Needed.”...more

Ballard Spahr LLP

GAO report on household access to banking services finds limited availability of small-dollar loans from banks and credit unions

Ballard Spahr LLP on

In opposing efforts by federal and state lawmakers to impose rate caps on small-dollar loans, industry representatives have pointed out the harm that a rate cap can create for consumers, particularly those with less than...more

Skadden, Arps, Slate, Meagher & Flom LLP

Enforcement Risks and the CARES Act

The Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, which was signed into law on March 27, 2020, provided for the establishment and expansion of a range of economic assistance programs designed to help...more

Ballard Spahr LLP

Trade-Based Money Laundering: GAO Report Stresses Enforcement Challenges

Ballard Spahr LLP on

On January 29, 2020, the U.S. Government Accountability Office (GAO) publicly released the results of a study which the GAO conducted on trade-based money laundering, or TBML, entitled “Countering Illicit Finance and Trade:...more

White & Case LLP

Consumer financial services: The road ahead: Mortgage origination and servicing

White & Case LLP on

In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more

Dechert LLP

The Congressional Review Act: Striking a New Balance between Congressional Control and Regulatory Initiative – The Fate of the...

Dechert LLP on

After more than two decades in obscurity, the Congressional Review Act (CRA) has now emerged as a major factor in the relationship between the U.S. Congress and the regulatory agencies....more

Goodwin

Financial Services Weekly News - April 2016 #3

Goodwin on

Regulatory Developments - FHFA Announces Principal Reduction Program for Struggling Underwater Homeowners - On April 14, the Federal Housing Finance Agency (FHFA) announced a new Principal Reduction Modification...more

Stinson - Corporate & Securities Law Blog

GAO Says Regulators Should Improve Transparency in Evaluating Banks’ “Living Wills”

GAO has issued a report which noted the FDIC and Federal Reserve have developed separate but similar review processes for determining whether a resolution plan, often referred to as a “living will,” is “not credible” or would...more

Stinson - Corporate & Securities Law Blog

GAO Can’t Conclude Large Banks Have Lower Funding Costs Than Smaller Banks

The Government Accountability Office, or GAO, was asked to review the benefits that the largest bank holding companies (those with more than $500 billion in assets) have received from perceived government support. In...more

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