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Board of Directors Federal Reserve

Sheppard Mullin Richter & Hampton LLP

Federal Reserve Board Issues Cease and Desist Order Against Banking-As-A-Service Provider

On June 14, the Federal Reserve Board (Fed) released a cease and desist order against an Arkansas-based banking-as-a-service (BaaS) provider for compliance and risk management failures. As part of the order, the bank is...more

Morrison & Foerster LLP

Federal Banking Agencies Adopt Climate-Related Financial Risks Guidance

On October 24, 2023, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (together, the “Agencies”) released their final Principles for Climate-Related...more

Holland & Knight LLP

Is the Sky Really Falling? Acting Comptroller Proposes Key Questions for Banks on Climate Change

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Canadian singer-songwriter Joni Mitchell lamented the toil of deforestation in 1970: "They took all the trees, put 'em in a tree museum/And they charged the people a dollar and a half just to see 'em." More than 50 years...more

Foodman CPAs & Advisors

The Federal Reserve Expects The Board Of Directors Of Financial Institutions To Be Effective

On February 26, 2021, the Federal Reserve issued Supervisory Guidance (SG) for the Board of Directors (BOD) of Domestic Bank and Savings and Loan Holding Companies requiring effective BOD oversight.   ...more

Goodwin

CFPB Grants No-Action Letter for Proposed Small-Dollar Credit Product

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In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more

Goodwin

Financial Services Weekly Roundup: The OCC’s True Lender Test Embraces A Simplified Solution

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In This Issue. The Office of the Comptroller of the Currency (OCC) proposed a rule that would establish that a national bank or federal savings association is the “true lender” of a loan if, as of the date of origination, the...more

Goodwin

Financial Services Weekly Roundup: PPP Borrowers And Lenders Under The Microscope

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In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more

Sheppard Mullin Richter & Hampton LLP

Fed’s Vice Chair for Supervision Proposes a Deregulatory Approach to Limit the Scope of “Matters Requiring Attention” used in Bank...

A January proposal to give banks compliance slack floated by a high-ranking Federal Reserve Board (“FRB”) official has not yet gained the traction its supporters had hoped for. In remarks before the American Bar Association...more

Robins Kaplan LLP

Financial Daily Dose 3.10.2020 | Top Story: US Markets Dive Again in Worst Trading Day Since 2008

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Monday on Wall Street was the equivalent of a well-forecast storm that still managed to blow meteorologists’ minds. The deadly combination of diving oil prices and yet more COVID-19 worries spelled disaster for U.S. markets,...more

A&O Shearman

Federal Reserve Board Adopts Final Control Regulation

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On January 30, 2020, the Federal Reserve Board (the “Board”) adopted final rules (the “Final Control Regulation”) to provide increased transparency and consistency around determining when an investor company has “control”...more

White & Case LLP

Federal Reserve Finalizes Rule Updating Controlling Influence Framework

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On January 30, the Federal Reserve released a highly anticipated final rule that substantially updates and clarifies the agency's regulatory framework for determining when an investor exercises a controlling influence over a...more

Dechert LLP

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

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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

Goodwin

Key Takeaways for Investors From the Federal Reserve’s Final “Control” Rule

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On January 30, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) issued a final rule (Rule) that revises the Federal Reserve’s regulations related to determinations of whether a first company (an...more

Robins Kaplan LLP

Financial Daily Dose 1.31.2020 | Top Story: IBM CEO Ginni Rometty is Out After Eight Years at the Helm

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In a week that’s already seen plenty of C-suite shakeups, we’ve learned that Ginni Rometty is stepping down from her role as CEO at IBM. The company’s cloud computing chief, Arvind Krishna, will take over for her, though...more

Robins Kaplan LLP

Financial Daily Dose 9.18.2019 | Top Story: Fed Carries Out Rare Market Operation to Steady Rates

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The Federal Reserve took the rare step yesterday of stepping “into financial markets . . . to keep interest rates from rising above its target, the first time the central bank has had to carry out this type of ‘market...more

Dechert LLP

Federal Reserve Proposes Revisions to its Control Framework: Implications for Asset Managers and Other Bank Investors

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The Federal Reserve Board (FRB) recently issued a proposed rule that would codify and clarify when a company is presumed to have a controlling influence over the management and policies of a second company (Proposed...more

Kramer Levin Naftalis & Frankel LLP

Federal Reserve Proposes To Clarify Bank Control Rules

Investors that own large stakes in a bank can trigger the Federal Reserve’s oversight if they have “controlling influence” over the bank. ...more

Robins Kaplan LLP

Financial Daily Dose 5.7.2019 | Top Story: Occidental Ups Cash Bid for Anadarko

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Occidental has increased the cash portion of its recent bid for rival Anadarko, upping the cash side of its $38 billion offer to 78% (from 50%). Chevron now has 4 days to sweeten its bid or lose out – NYTimes and WSJ and...more

White & Case LLP

Financial Regulatory Observer – March 2019: Navigating uncertainty: Corporate governance for foreign banks in the US

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With the regulatory agenda for the US operations of foreign banks in a state of flux, Kevin Petrasic, Paul Saltzman, Glen Cuccinello, Will Giles and Alexander Abedine of global law firm White & Case provide a map to help...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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After the tragic crash of Ethiopian Airlines Flight 302 this weekend, Ethiopia, Indonesia, and China have moved to ground all flights on Boeing’s new 737 Max 8 planes until further notice. ...more

Orrick - Finance 20/20

Federal Reserve Board Issues Interim Final Rule Expanding the Applicability of the Board’s Small Bank Holding Company Policy...

On August 28, 2018, the Federal Reserve Board published “an interim final rule expanding the applicability of the Board’s small bank holding company policy statement[.]” ...more

Dorsey & Whitney LLP

Current Topics in Bank Governance and Recommended Practices

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Banking is one of the most heavily regulated industries in the United States. In recent years, that regulatory burden has grown, as has the complexity of the risks faced by the industry....more

The Volkov Law Group

Federal Reserve Hits Wells Fargo with Unprecedented Enforcement Action (Part I of II)

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In an extraordinary action, with significant ramifications for the financial industry, the Federal Reserve recently announced a series of enforcement actions against Wells Fargo....more

Sullivan & Worcester

Bank Corporate Governance—Fed lowers Boom on Wells’ Directors

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On February 2, 2018, the Fed announced that it issued a consent Cease and Desist order with Wells Fargo—the bank holding company. The Fed’s press release noted that Wells is replacing 4 directors within this year (out of 17...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Facebook may have had a difficult day on the Hill. But a 79% rise in Q3 profit—driven, ironically enough, by online ads—should help soften the blow....more

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