News & Analysis as of

Federal Reserve

Federal Reserve Settles with Pennsylvania Bank Over Alleged Deceptive Student Lending Practices

by Goodwin on

On December 6, 2016, the Federal Reserve Board announced that it entered into a consent order with a Pennsylvania bank ordering it to cease and desist deceptive student lending practices, and assessing millions of dollars in...more

Marvin Goodfriend Nominated to Serve as Member of the Board of Governors of the Federal Reserve System

by Shearman & Sterling LLP on

The Trump Administration announced that Marvin Goodfriend has been nominated as a Member of the Board of Governors of the Federal Reserve System...more

US Senate Committee on Banking, Housing & Urban Affairs Holds Nomination Hearing of Jerome Powell

by Shearman & Sterling LLP on

The US Senate Committee on Banking, Housing & Urban Affairs held the nomination hearing of Jerome Powell to serve as Chair of the Federal Reserve Board. Governor Powell’s written testimony briefly discussed his background and...more

Federal Reserve Bank of New York President William Dudley Discusses the Evolving Structure of the US Treasury Market

by Shearman & Sterling LLP on

Federal Reserve Bank of New York President and CEO William Dudley delivered remarks to attendees of the Evolving Structure of the US Treasury Market: Third Annual Conference. President Dudley’s remarks focused on the four...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The UK and EU made a significant breakthrough early this morning to “unlock” Brexit divorce negotiations. The still-rough agreement would see Britain repaying $53 billion and addressed in at least vague terms thorny issues...more

Federal Reserve Announces Consent Order Related to Bank’s Use of Discount Points

by Ballard Spahr LLP on

On November 28, 2017, the Federal Reserve Board announced a Consent Order with Peoples Bank (Peoples) in Lawrence, Kansas. The Order charges Peoples with violating Section 5 of the Federal Trade Commission Act (FTCA) by...more

Treasury’s Third Report on Financial System Regulation Focuses on the Asset Management and Insurance Industries

by Dechert LLP on

The U.S. Department of the Treasury (Treasury) recently released a report examining the regulatory framework for the asset management and insurance industries (Report). The Report is the third in a series of four reports that...more

Deceptive Marketing Practices Cost Bank $5M

A state-chartered bank based in Missouri must pay $5 million pursuant to a Consent Order with the Board of Governors of the Federal Reserve System resulting from charges of deceptive marketing practices....more

Federal Reserve Vice Chairman for Supervision Speaks About “Prudent Innovation in the Payment System”

On November 30, 2017, Federal Reserve Board Vice Chairman for Supervision Randal Quarles delivered remarks at the 2017 Financial Stability and Fintech Conference sponsored by the Federal Reserve Bank of Cleveland, the Office...more

Federal Reserve, OCC, and FDIC Announce Final Rule Extending the 2017 Regulatory Capital Treatment for Certain Items Under the...

by Shearman & Sterling LLP on

The Federal Reserve Board, OCC, and the FDIC adopted a final rule, applicable to banking organizations that are not subject to the “advanced approaches” under the US regulatory capital rules. The final rule will extend the...more

Orrick's Financial Industry Week In Review

FHFA Updates Progress on Fannie Mae and Freddie Mac Credit Risk Transfer Programs - On November 22, 2017, the Federal Housing Finance Agency ("FHFA") issued a status report on credit risk transfer transactions done in...more

The Trump Administration Gets Its Man at the CFPB

Mick Mulvaney is secure in his new title as Acting Director of the Consumer Financial Protection Bureau (CFPB)—at least for now—as a result of a Trump-appointed judge’s decision, issued on November 28, 2017. The decision came...more

Federal Reserve, OCC, and FDIC Announce Amendments to Community Reinvestment Act Regulations

by Shearman & Sterling LLP on

The US Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the US Federal Deposit Insurance Corporation announced changes to their respective regulations under the Community...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Bitcoin surged to over $11,000 yesterday before falling 20% later in the day, prompting this look from the Journal at the widespread lure of Bitcoin mania....more

Chair of the Federal Reserve Board Janet Yellen to Step Down

by Shearman & Sterling LLP on

Janet Yellen, Chair of the Federal Reserve Board submitted her resignation as Chair and as a Member of the Federal Reserve Board...more

Regulatory Capital Rule: Final Rule

On November 22, 2017, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation published a final rule continuing the application of...more

Federal Banking Agencies Finalize Extension of Certain Capital Rule Transitions

On November 21, 2017, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency “finalized a rule for certain banking organizations by...more

Agencies Amend CRA Regulations to Conform to HMDA Regulation Changes and Remove References to the Neighborhood Stabilization...

On November 20, 2017, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency each modified their respective regulations in large part...more

Federal Reserve Board Governor Lael Brainard Discusses the Impact of Fintech on Consumers

by Shearman & Sterling LLP on

US Federal Reserve Board Governor Lael Brainard discussed the evolution of FinTech including the impact in the consumer space and the important role that banks, data aggregators, consumers, and other stakeholders play in the...more

Federal Reserve Enters Consent Order With Kansas Bank Over Deceptive Mortgage Origination Practices

by Goodwin on

?On November 28, the Federal Reserve announced that it had entered into a consent order with a Kansas state bank, resolving allegations that the bank engaged in deceptive residential mortgage lending practices in violation of...more

Federal Reserve Board Extends Comment Periods for Two Supervisory Proposals

by Shearman & Sterling LLP on

The US Board of Governors of the Federal Reserve System announced an extension of the comment period for two significant proposals that are currently out for comment...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo is again in federal regulators’ crosshairs. The OCC has dubbed the bank a repeat offender and is weighing a “formal enforcement action” over “improprieties in its auto-insurance and mortgage operations”....more

US Banking Regulators Discuss Lessons Learned Since the Financial Crisis

by Shearman & Sterling LLP on

Michael Held, Vice President and General Counsel of the Federal Reserve Bank of New York discussed the many lessons learned from the financial crisis and cautioned against the dangers of forgetting these lessons. Mr. Held...more

Senators Announce Bipartisan Deal to Ease Banking Regulations

by Reed Smith on

On November 13, 2017, Senate Banking Committee Chairman Mike Crapo, along with several Democratic senators, announced an agreement on bipartisan financial reform legislation. The proposed legislation aims to lower the number...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

As we’ve been expecting, the DOJ announced yesterday that it was suing to block AT&T’s $84.5 billion bid for Time Warner over antitrust concerns....more

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Cybersecurity

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