News & Analysis as of

Deposit Insurance

Ballard Spahr LLP

FDIC Releases Second Set of Q&As on Required Use of FDIC Logo

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The FDIC has issued a revised list of Q&As concerning the agency’s new rule governing the use of the agency’s official sign....more

Davis Wright Tremaine LLP

Is the FDIC's Proposed Rulemaking on Brokered Deposit Restrictions a Solution in Search of a Problem?

One of the most fundamental activities of an insured depository institution (IDI) is taking and safekeeping customer deposits. However, a recent proposed rulemaking by the Federal Deposit Insurance Corporation (FDIC) poses...more

Morrison & Foerster LLP

Banking Agencies Address Banking Arrangements with Third Parties to Provide Deposit Products and Services

On July 25, 2024, the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the “Agencies”) issued a joint statement to banks regarding risks...more

Adams and Reese LLP

What are the Best Practices for Internal Controls and the Warning Signs of Embezzlement?

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President Ronald Reagan once said, “Trust, but verify,” echoing a Russian proverb to describe the relationship moving forward with the Soviet Union. The saying loosely translates into proceeding cautiously when someone is...more

Latham & Watkins LLP

FDIC Expands Resolution Plan Requirements for Banks with Assets of $50B or More

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Insured depository institutions with $50 billion to less than $100 billion in average total assets are subject to new resolution reporting standards, with enhanced reporting for those with average total assets of $100 billion...more

Goodwin

FDIC Approves ILC With Traditional Bank Business Model (But Don’t Rush To Submit Your Application Just Yet)

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An industrial bank or industrial loan company (each, an ILC) charter can be an attractive option for a financial technology company (fintech) or other company seeking to enter the banking space. In June 2024, the Federal...more

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

Troutman Pepper

FDIC Finalizes Amendments to Regulations Governing Official Signs, Advertising Requirements, and Misrepresentations Regarding...

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The Federal Deposit Insurance Corporation (FDIC) has recently issued a final rule amending its regulations governing the use of official FDIC signs and insured depository institutions’ (IDIs) advertising statements. The new...more

Husch Blackwell LLP

Why the FDIC's Consumer Compliance Supervisory Highlights Should Be on Your Reading List

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Similar to the Consumer Financial Protection Bureau’s Supervisory Highlights, the Federal Deposit Insurance Corporation (FDIC)’s Consumer Compliance Supervisory Highlights should be on your reading list. While the FDIC has...more

Seward & Kissel LLP

FDIC Adopts Enhanced Disclosure Requirements for the Offering of Deposit Products

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On December 20, 2023, the Federal Deposit Insurance Corporation (“FDIC”) amended its advertising rules for the second time in as many years. The amendments apply to both insured depository institutions (“IDIs”) and...more

Venable LLP

Georgia on the Mind: An Explainer for Payments Companies Considering the Merchant Acquirer Limited Purpose Bank Charter

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In January 2024, one of the largest U.S. non-bank merchant acquirers announced that it is pursuing a special-purpose bank charter developed by Georgia. Although the “merchant acquirer limited purpose bank” (MALPB) has been a...more

Venable LLP

New Year, New Signs - FDIC Amends Deposit Insurance Sign and Advertising Regulations

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After an intense 2023 rulemaking, supervisory, and enforcement cycle for the federal banking agencies, the FDIC issued a final rule on FDIC official signs and advertising requirements right before the new year. The rule comes...more

Husch Blackwell LLP

FDIC Amends Signage, Advertising, and FDIC Insurance Misrepresentation Rules to Address Digital Banking Services and Bank-Fintech...

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In December 2023, the Federal Deposit Insurance Corporation (FDIC) finalized amendments to its rules on official FDIC signage, bank advertisements, deposit insurance misrepresentations, and the misuse of the FDIC’s name or...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

Orrick, Herrington & Sutcliffe LLP

FDIC releases semiannual update on Restoration Plan

On December 7, the FDIC released its semiannual update on the Restoration Plan for the agency’s Deposit Insurance Fund (DIF). The Federal Deposit Insurance Act (the FDI Act) requires that the FDIC board adopt a Restoration...more

Orrick, Herrington & Sutcliffe LLP

FDIC issues final rule on special assessment, moves to collect $16.3 billion

On November 16, the FDIC approved a final rule to implement a special assessment to recover Deposit Insurance Fund (DIF) losses from protecting uninsured depositors, following the failure of two banks earlier this year. ...more

Venable LLP

Uninsured Deposits and the FDIC Final Rule for Special Assessments on Banks

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The FDIC recently approved a final rule to impose a special assessment on banks to recover losses in connection with the decision to guarantee uninsured deposits at two failed banks in March 2023. No banking organizations...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, November 18, 2023

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November 16, 2023- The Federal Deposit Insurance Corporation Board of Directors approved a final rule to implement a special assessment to recover the loss to the Deposit Insurance Fund (DIF) associated with protecting...more

Venable LLP

FTC Settles with Bankrupt Crypto Company, but Pursues CEO for Deceptive FDIC Claims

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The Federal Trade Commission (FTC) announced it has reached a settlement with the bankrupt crypto company Voyager over the company’s alleged deceptive crypto marketing practices. Specifically, the FTC’s complaint alleges that...more

Foodman CPAs & Advisors

La Revisión De Riesgos De La FDIC 2023 Agrega El Cripto

El 14/08/23 se publicó la Revisión de Riesgos de la FDIC 2023. El informe “FDIC Risk Review 2023” resume las condiciones de la economía, los mercados financieros y la industria bancaria de los EE. UU. El informe proporciona...more

Foodman CPAs & Advisors

FDIC Risk Review 2023 Adds Crypto

On 8/14/23, the FDIC Risk Review 2023 was published. The FDIC Risk Review 2023 report summarizes conditions in the U.S. economy, financial markets, and banking industry. The report provides a comprehensive summary of key...more

White & Case LLP

Tying deposit insurance reform to reform of the tying of deposits

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On March 10, 2023 the California Department of Financial Protection and Innovation ("CDFPI") closed Silicon Valley Bank ("SVB"), a California chartered, non-member bank. The CDFPI placed SVB into receivership and appointed...more

Akin Gump Strauss Hauer & Feld LLP

CryptoLink - August 2023 Updates

CryptoLink is a compilation of news stories published by outside organizations. Akin aggregates these stories, but the information contained in them does not necessarily represent the beliefs or opinions of the firm. Akin's...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - August 2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Kilpatrick

FDIC Issues Warnings to Fintech Firm on False Deposit Insurance Claims

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The FDIC recently sent a warning letter to a fintech firm that made misleading references to the availability of deposit insurance in promotional materials used for various crypto-related products. Unbanked, Inc, which...more

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