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McGlinchey Stafford

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

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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

Ballard Spahr LLP

Defendant Challenges FDIC Enforcement Proceeding, Citing Jarkesy

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In one of the first tests of the implications of the Jarkesy decision for other federal regulatory agencies, an individual accused by the FDIC of participating in fraudulent loan activity is asking a federal judge to dismiss...more

Hudson Cook, LLP

CFPB Issues Consent Order Related to Bank's Duplicative Force-Placed Insurance Policies

Hudson Cook, LLP on

On July 9, 2024, the Consumer Financial Protection Bureau issued a consent order against a nationally chartered bank that, among other things, includes a number of allegations related to the bank's policies regarding...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024 # 4

Troutman Pepper on

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

Ballard Spahr LLP

Sixth Circuit Says No Indemnification Under EFTA or Michigan Law for Bank EFTA Reimbursements to Customers

Ballard Spahr LLP on

On July 16, the Sixth Circuit held that the Federal Electronic Funds Transfer Act (EFTA) does not provide for an implied right of indemnification or contribution, and preempts indemnification claims under the Michigan...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Why do Fintechs Want to Become Banks?

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A great number of fintechs are contemplating owning a bank or obtaining a banking charter—either a national bank charter, a state bank charter or a special purpose charter. In this episode, we are joined by our special guest...more

Ballard Spahr LLP

Plaintiffs oppose Colorado’s motion for a stay of the preliminary injunction in the Colorado opt-out litigation

Ballard Spahr LLP on

Very soon, briefing by the parties in the 10th Circuit will commence with respect to Colorado’s appeal of a preliminary injunction entered by the Federal District Court for the District of Colorado. The District Court...more

Ballard Spahr LLP

FDIC Seeking Comments on Industrial Bank Rule Changes

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The FDIC is seeking comment on proposed changes to its regulation governing parent companies of industrial banks and industrial loan companies—Part 354 of the FDIC Rules and Regulations....more

Ballard Spahr LLP

Tenth Circuit sets briefing schedule in appeal from preliminary injunction granted to trade groups with respect to Colorado...

Ballard Spahr LLP on

We are following very closely this appeal to the 10th Circuit of the preliminary injunction issued by the Federal District Court for the District of Colorado to the plaintiffs (three trade groups) enjoining the Colorado...more

Troutman Pepper

FDIC Proposal Would Classify More BaaS Deposits as Brokered, Not Core

Troutman Pepper on

“I would say a lot of these fintechs deposits are actually the opposite of hot money,” said Matthew Bornfreund, a partner at Troutman Pepper. “I think a problem with this proposed rulemaking is, the FDIC asserts that these...more

MoginRubin LLP

Why the Capital One-Discover Merger Makes Sense

MoginRubin LLP on

When federal agencies review bank mergers, the competition issues typically relate to the number and location of physical branches and the extent of any overlap in the areas served. By contrast, the proposed $35 billion...more

Ballard Spahr LLP

FDIC Proposes Revisions to Broker Deposits Rule

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The FDIC board on July 30 approved a notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered deposits (12 CFR 337.6)....more

Ballard Spahr LLP

Bank Regulators Issue Statement on Third-Party Relationships with Financial Institutions and Publish Request for Information on...

Ballard Spahr LLP on

The federal banking regulators (The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation) issued on July 25 a lengthy joint statement...more

Ballard Spahr LLP

Regulators Outline Risks that Third-Party Servicers Pose to Banks

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Banking regulators have issued a joint statement outlining the potential risks that financial institutions face in arrangements with third parties to deliver bank deposit products and services and examples of risk management...more

Troutman Pepper

Federal Banking Agencies Reiterate Guidance on Managing Risks Posed By Fintech Partnerships and Other Third Party Relationships

Troutman Pepper on

Last week, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a joint statement highlighting...more

Ballard Spahr LLP

Banking Regulators Ask Fifth Circuit to Lift Injunction Blocking CRA Rules

Ballard Spahr LLP on

Federal banking regulators are asking the Fifth Circuit Court of Appeals to lift a Texas court injunction barring implementation of new Community Reinvestment Act (CRA) rules....more

Ballard Spahr LLP

Magistrate Judge stays further proceedings pending resolution of 10th Circuit appeal in Colorado litigation challenging Colorado...

Ballard Spahr LLP on

We previously reported that, on July 18, the Colorado Attorney General and UCCC Administrator appealed to the 10th Circuit Court of Appeals challenging Judge Domenico’s order dated June 18 D. (Colo.) granting a preliminary...more

GeoDataVision

How to Minimize Compliance Risk in the Radical New “Modern” Redlining Era

GeoDataVision on

As any bank professional regulatory compliance professional knows redlining is the hottest issue today and has been since Attorney General Merrick Garland announced the “Combatting Redlining Initiative” in October 2021. Since...more

Ballard Spahr LLP

Colorado seeks stays of District Court proceedings and preliminary injunction

Ballard Spahr LLP on

We previously reported that, on July 18, the Colorado Attorney General and UCCC Administrator appealed to the 10th Circuit Court of Appeals challenging Judge Domenico’s order dated June 18 D. (Colo.) granting a preliminary...more

Ballard Spahr LLP

Proposals to Ease Capital Standards for New Banks Could Lead to More Failures, CRS Says

Ballard Spahr LLP on

In a recent report, the Congressional Research Service stated that capital formation remains the largest obstacle hampering the formation of de novo banks, but regulatory and legislative changes that have been proposed could...more

Ballard Spahr LLP

New Florida Law Prohibits Banks from Considering Customers’ Political, Religious Beliefs

Ballard Spahr LLP on

A Florida law that prohibits federal and state depository institutions conducting business in the state from denying services based on religion or political beliefs and activities went into effect on July 1....more

Ballard Spahr LLP

Witnesses Tell House Subcommittee That Regulators Risk Hampering Fintech-Bank Partnerships

Ballard Spahr LLP on

Federal and state regulators risk stifling competition as they continue to develop a regulatory regime for fintech relationships with financial institutions, witnesses told a House subcommittee last week....more

GeoDataVision

Chevron is History. Implications for the 2023 Community Reinvestment Act regulations

GeoDataVision on

When the Supreme Court decided in favor of the plaintiff in Loper Bright Enterprises et al vs. Gina Raimondo it overruled its decision in Chevron v. Natural Resources Defense Council, the so-called “Chevron Decision” which...more

Ballard Spahr LLP

In Rare Move, the CFPB Comes to the Defense of Bank

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In an unusual move, the CFPB is coming to the defense of a bank being accused of failing to provide repayment disclosures to a borrower....more

Ballard Spahr LLP

Plaintiffs file amended complaint in Colorado opt-out litigation

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Here is an update on the lawsuit filed by three trade associations against the Colorado Attorney General and UCCC Administrator challenging the application of the Colorado opt-out statute to out-of-state, state chartered,...more

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