On October 24, FDIC announced a proposed rule to implement the Fair Hiring in Banking Act (FHB Act). The proposed rule amends 2 C.F.R. part 303, subpart L, and part 308, subpart M. The Federal Deposit Insurance Act (FDI Act)...more
The FDIC has proposed guidelines that would establish corporate governance and risk management expectations for FDIC-regulated banks with $10 billion or more in total assets. The FDIC is doing so in a rulemaking under its...more
Nine Republican AGs, led by Oklahoma AG Gentner Drummond, wrote a letter to the FDIC criticizing its proposed rule that would impose a special assessment on certain banking institutions to recoup the losses to the Deposit...more
A lot of ink has been spilled in the last 72 hours regarding the historic developments involving Silicon Valley Bank and Signature Bank. Our quick summary of the facts and law is below. Cadwalader will continue to monitor...more
On March 10, 2023, the California Department of Financial Protection and Innovation (DFPI) closed Silicon Valley Bank (SVB). Upon closure, the DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The...more
The Federal Deposit Insurance Act (FDIA) generally prohibits insured state banks, but not uninsured state member banks, from acting as principal in activities that are not permissible for national banks. Relying on its...more
With a new operational resilience framework in force in the UK and similar reforms proposed in the EU and the US, we examine how the regimes compare and their practical impact on financial services firms....more
With founders and investors in the Project W community increasingly innovating with and investing in digital assets, we asked Alexandra Barrage, a partner in DWT's Financial Services Practice Group and the leader of Project...more
Effective January 10, 2022, the Federal Deposit Insurance Corporation (“FDIC”) issued a final rule (the “Primary Purpose Rule”) that adds a specific business relationship that qualifies under the Primary Purpose Exception...more
In This Issue. The Federal Deposit Insurance Corporation (FDIC) is seeking information and comment regarding the FDIC’s supervisory approach to examinations during the pandemic; the FDIC’s tech lab, FIDTECH, announced a “tech...more
On Monday and Tuesday, PLI held its two-day 25th Annual Consumer Financial Services Institute, which I co-chaired. During the morning session of the first day, I co-moderated two consecutive panel discussions titled “Federal...more
The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation are issuing an interagency paper on Sound Practices to Strengthen Operational...more
In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more
Federal Deposit Insurance Corporation (FDIC) changes to its interpretation of Section 19 of the Federal Deposit Insurance Act will affect the hiring practices and affirmative action obligations of the financial institutions...more
The New York Department of Financial Services (DFS) has filed its opening brief with the Second Circuit in the OCC’s appeal from the district court’s final judgment in DFS’s lawsuit challenging the OCC’s issuance of special...more
A recent order by a federal court in Virginia rejected arguments that a cybersecurity consultant’s data breach report, which had been prepared at the direction of outside legal counsel, qualified for work product protection....more
On May 29, 2020, the Office of the Comptroller of the Currency (OCC) finalized a rule that reaffirms the “valid when made” doctrine applicable to loans originated by a national bank. According to Acting Comptroller of the...more
In a notice of proposed rulemaking (NPRM), the Federal Deposit Insurance Corporation (FDIC) announced its plan to update its brokered deposits regulations....more
Headlines - FDIC Adopts Final Rule Establishing Community Bank Leverage Ratio Framework OCC Issues Compliance Guidance on Registered Appraisal Management Companies CFPB Announces New Policies to Promote Innovation...more
FDIC Approves 3-Year Phase-In for Adverse Effects on Capital from CECL - The FDIC has approved a final rule that will provide banks with the option to phase in over a three-year period the day-one adverse effects on...more
Offering a cautionary tale to banks, the Board of Governors of the Federal Reserve fined a national bank $8.6 million for the improper execution of residential mortgage-related documents while a 2011 Consent Order was in...more
In this week's newsletter, we provide a snapshot of the principal U.S., European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more
The U.S. Federal Deposit Insurance Corporation issued modification to its Statement of Policy with respect to Section 19 of the Federal Deposit Insurance Act, which (among other things) prohibits persons with convictions for...more
In November 2016, with the election results confirmed, the banking industry was awash in hopes for a more lenient regulatory posture. To date, the industry has seen no reform. However, on March 14, 2018, the Senate passed and...more
The Whistleblower Augmented Reward and Nonretaliation Act of 2016, with the confusing alternative title of the WARN Act of 2016, has been introduced before the House of Representatives. The proposed legislation would...more