News & Analysis as of

Federal Deposit Insurance Corporation › Securities and Exchange Commission (SEC) › Banking Sector

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... more +
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 -
Venable LLP

Irregular Time - A Quasi-Proposed Rule on Incentive-Based Compensation

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For the third time, federal agencies have issued a proposed rule to regulate incentive-based compensation paid by certain financial institutions and other entities (the 2024 Proposal). The 2024 Proposal has been released by...more

Nutter McClennen & Fish LLP

Nutter Bank Report: April 2024

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The CFPB has issued a policy statement that provides an analytical framework for identifying what constitutes an abusive act or practice under the Consumer Financial Protection Act of 2010 (CFPA). The new guidance published...more

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2024

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The SEC has issued a controversial 886-page final rule imposing climate-related disclosure requirements on publicly traded companies, including banking organizations, which will require them to include certain climate-related...more

Sheppard Mullin Richter & Hampton LLP

South Dakota Lenders on Tight Deadline for BSA/AML Compliance

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On January 12, South Dakota’s Division of Banking issued a mandate setting March 31, 2024 as the deadline for all South Dakota licensed money lenders and non-residential mortgage brokers to comply with their Bank Secrecy...more

Kilpatrick

A Regulatory Enforcement Roundup

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A periodic review of regulatory enforcement actions is a useful guide to what not to do in the financial services sector. This post focuses on several recent enforcement actions – one by the Federal Reserve Board (the...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: A Deep Dive Into Cryptocurrency and its Risks to Investors and the Banking System, with...

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After discussing what fluctuating- value cryptocurrencies and stablecoins are, their differences, and their primary uses and risks, we discuss the factors that led to the crypto boom and crash of 2020-22. We then look at the...more

Morgan Lewis

How Financial Services Companies Can Prepare for and Comply with New Federal Cybersecurity Requirements

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US regulators have increased their focus on cybersecurity issues impacting financial services companies, with a host of guidance documents recently released by the US Securities and Exchange Commission (SEC), the three...more

Seward & Kissel LLP

First Republic Bank Closed, Acquired by JPMorgan Chase

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In the early morning hours of Monday, May 1, 2023, the California Department of Financial Protection and Innovation closed First Republic Bank (“FRB”) and appointed the Federal Deposit Insurance Corporation (“FDIC”) receiver...more

Nutter McClennen & Fish LLP

Nutter Bank Report: April 2023

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FDIC and OCC Issue Guidance on Authorize Positive, Settle Negative Overdraft Fee Risks. The FDIC and the OCC each have issued supervisory guidance on consumer compliance risk exposure related to the assessment of overdraft...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 3, Issue 3, March 2023

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Now is the Time to Guard Against Reckless Banking Legislation - “Only a structural change to the way Congress acts on financial regulation will prevent future losses.” Why this is important: An old adage is that...more

Perkins Coie

Distressed Bank Update as of March 16, 2023

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In the three days since federal authorities announced sweeping measures to protect depositors of Silicon Valley Bank (SVB) and Signature Bank and help prevent additional bank failures (as discussed in our update of March 12,...more

Cooley LLP

After bank failures, SEC Chair reassures that the SEC is on the job

Cooley LLP on

So far, the SEC has been rather quiet about the impact of last week’s bank failures. Here is a brief statement from SEC Chair Gary Gensler...more

Foley & Lardner LLP

Public Company Disclosure Considerations for Those Affected by SVB

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Hundreds of public companies have filed current reports on Form 8-K since Silicon Valley Bank (SVB) became insolvent and was taken over by the FDIC. The disclosures made to date have been primarily “voluntary” filings, made...more

Seward & Kissel LLP

Bank Contagion Spreads, Celsius Still Sending the Wulf? Voyager Nearing End of Journey, and Info (Salary) Wars

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Crypto-friendly lender Silvergate collapses | CNBC - Silvergate, a Crypto focused lender, announced it will wind down its operations and voluntarily liquidate the bank. This announcement comes a week after Silvergate...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - March 2023

Troutman Pepper on

To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Venable LLP

Four Cybersecurity Law Issues for Financial Services to Track in 2023 | Insights

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The financial services sector must already contend with a maze of regulations in a variety of areas, and 2023 is poised to usher in new cybersecurity regulations for the industry. Organizations should ensure their security...more

Goodwin

Financial Services Weekly News Roundup - February 2023

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Federal Reserve Issues Policy Statement on Section 9(13) of the Federal Reserve Act - On January 27, the Federal Reserve issued a policy statement interpreting section 9(13) of the Federal Reserve Act, which authorizes...more

Nutter McClennen & Fish LLP

Nutter Bank Report: October 2022

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New CFPB Guidance Identifies Fee Practices That Constitute UDAAP Violations The CFPB has issued new guidance about what it pejoratively characterizes as “junk fee” practices by banks that the agency believes are likely to...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday, October 18, 2022

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October 17, 2022- U.S. Department of the Treasury Office of Foreign Assets Control Director Andrea Gacki and HM Treasury Office of Financial Sanctions Implementation Director Giles Thomson published a joint article...more

Goodwin

The Federal Deposit Insurance Corporation (FDIC) Issued Guidance Regarding FDIC Insurance and Crypto Assets - August 2022 #2

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FDIC Takes Action Against False or Misleading Crypto-Related Representations - On August 19, the FDIC issued letters (the Letters) to five companies demanding that they cease and desist from making false and misleading...more

Goodwin

CFPB Issues Interpretive Rule Clarifying Tech Service Providers Are Subject to CFPA

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Regulatory Developments - CFPB Issues Interpretive Rule: Tech Firms and Digital Marketers Acting as Service Providers Are Subject to CFPA - On August 10, the CFPB issued an interpretive rule clarifying that tech firms...more

Goodwin

The Federal Deposit Insurance Corporation (FDIC) Issued Guidance Regarding FDIC Insurance and Crypto Assets

Goodwin on

On July 29, the FDIC issued a Fact Sheet and Advisory (collectively, the Published Documents) regarding FDIC deposit insurance and crypto assets. The Published Documents emphasize that FDIC deposit insurance does not apply...more

Goodwin

OCC Solicits Research on Implications of Financial Technology for Banking

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Regulatory Developments - OCC Solicits Research on Implications of Financial Technology for Banking - On July 25, the OCC is seeking academic and policy-focused research on the impact that fintech and non-bank...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday, July 26, 2022

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July 25, 2022- The Federal Deposit Insurance Corporation (FDIC) has updated its Formal and Informal Enforcement Actions Manual (manual) to address the FDIC's minimum standards for terminating cease and desist and consent...more

Clark Hill PLC

The Current Expectations of the Financial Services Regulatory Agenda – And What To Do

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President Biden spent nearly 18 months assembling his team of top financial services regulators. Michael Barr’s nomination as the top banking regulator at the Federal Reserve Board (FRB) will fill the last remaining vacancy...more

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