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 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
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
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
On September 12, the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a final rule clarifying that deposits in foreign branches of US banks are not FDIC-insured, even though they can be deposits...more