News & Analysis as of September 22, 2024

Federal Deposit Insurance Corporation › Choke Point

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

Operation Choke Point Lawsuit Comes to an End

Manatt, Phelps & Phillips, LLP on 6/12/2019

Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action....more

FDIC: Providing Accounts and Other Services to Payday Lenders Is OK

Manatt, Phelps & Phillips, LLP on 12/11/2015

Why it matters - Some bank vendors may cautiously smile when the FDIC makes a point that providing accounts and other services to payday lenders is fine, the Federal Deposit Insurance Corporation (FDIC) told banks by...more

Mixed Ruling in Suit Challenging Operation Choke Point

Manatt, Phelps & Phillips, LLP on 10/22/2015

Why it matters - A D.C. federal court judge issued a mixed ruling in a suit brought on behalf of payday lenders against the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board of Governors, and the...more

Payday Lenders’ “Operation Choke Point” Suit Allowed To Proceed

Ballard Spahr LLP on 9/30/2015

In a June 2014 alert, we discussed Community Financial Services Association vs. Federal Deposit Insurance Corporation, a payday loan industry suit challenging on various grounds certain supervisory and interpretive statements...more

Financial Services Weekly News - September 2015 #4

Goodwin on 9/24/2015

Regulatory Developments - NYDFS Announces Approval of First BitLicense Application from a Virtual Currency Firm: The New York State Department of Financial Services (NYDFS) announced Sept. 22 that it has approved...more

BNA INSIGHTS: Enforcement Actions Decline But Fines Hit Historic Highs in 2014

Dechert LLP on 6/24/2015

During 2014, the number of enforcement actions brought by federal banking agencies1 continued a downward trend that began in 2011. Federal banking agencies issued 661 formal enforcement actions, representing more than a 55...more

Bitcoin and Bullets: An Unexpected Alliance

Goodwin on 6/23/2015

At first blush, one might not expect the digital currency and firearm industries to have much in common – when was the last time you heard someone utter Bitcoin and guns in the same breath? Recently, however, the two...more

FDIC Withdraws List of ‘Risky’ Businesses

Ballard Spahr LLP on 8/1/2014

In an unexpected move earlier this week, the FDIC issued a Financial Institution Letter (FIL) announcing that it was withdrawing the list of “risky” merchant categories that was included in prior guidance on account...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

Ballard Spahr LLP on 6/20/2014

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

‘Operation Choke Point’ under Fire

Ballard Spahr LLP on 6/13/2014

"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more

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Federal Deposit Insurance Corporation › Choke Point

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