News & Analysis as of

Banks State Charters

Nutter McClennen & Fish LLP

Nutter Bank Report: June 2024

The CFPB, as part of its initiative to accelerate the shift to open banking in the United States, issued a final rule on June 5 that outlines the qualifications to become a recognized industry standard setting body, which can...more

Goodwin

California Attorney General Warns California-Chartered Banks and Credit Unions On Surprise Overdraft Fees and Returned Deposited...

Goodwin on

On February 20, 2024, California Attorney General Rob Bonta issued a letter warning California-chartered banks and credit unions with assets under $10 billion that charging surprise overdraft fees and returned deposited item...more

Goodwin

FAQs About US Bank Failure

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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

Venable LLP

Colorado Passes Law to Curb Interest Rates on Consumer Loans

Venable LLP on

Colorado has passed a law that amends the Colorado Uniform Consumer Credit Code (UCCC) to extend state interest rate limits on certain consumer loans made by out-of-state state-chartered banks, which caps rates at a maximum...more

Goodwin

Colorado Opts Out of Federal Interest Exportation for Consumer Credit: 3 Things Credit Card and Lending Programs Need to Know

Goodwin on

Colorado House Bill 23-1229 (the Bill) was signed into law on June 5,  2023. As part of the Bill, Colorado opted out of the federal interest exportation right granted to federally insured, state‐chartered banks under the...more

Hudson Cook, LLP

Much Ado About Colorado

Hudson Cook, LLP on

One of the beauties of the national banking system is that it allows state-chartered banks to offer uniform credit products across the 50 states without having to worry about state interest rate caps. This concept - rate...more

Manatt, Phelps & Phillips, LLP

FDIC on Marketplace Lending, Supervisory Appeals and Communication

The latest regulator attempting to rein in controls on the marketplace lending industry is the Federal Deposit Insurance Corp. (FDIC). Marketplace lending to consumer borrowers generally runs through state-chartered banks....more

BakerHostetler

FDIC Rescinds De Novo Period Extension and Releases Supplemental Guidance on Business Plan Content

BakerHostetler on

On April 6, 2016, the Federal Deposit Insurance Corporation (FDIC) rescinded Financial Institution Letter (FIL) 50-2009, titled “Enhanced Supervisory Procedures for Newly Insured FDIC-Supervised Depository Institutions.” In...more

Orrick - Finance 20/20

The FDIC Rescinds De Novo Time Period Extension

Orrick - Finance 20/20 on

On April 6, 2016, the Federal Deposit Insurance Corporation (the “FDIC”) rescinded Financial Institution Letter (FIL) 50-2009, Enhanced Supervisory Procedures for Newly Insured FDIC-Supervised Depository Institutions. ...more

Bracewell LLP

FDIC Action Encourages De Novo Bank Charter Applications

Bracewell LLP on

On April 6, 2016, the FDIC rescinded its 2009 Financial Institutions Letter concerning enhanced scrutiny for newly insured FDIC-supervised depository institutions. The 2009 Financial Institution Letter, among other things,...more

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