News & Analysis as of

Federal Reserve Board of Directors Banking Sector

Sheppard Mullin Richter & Hampton LLP

Federal Reserve Board Issues Cease and Desist Order Against Banking-As-A-Service Provider

On June 14, the Federal Reserve Board (Fed) released a cease and desist order against an Arkansas-based banking-as-a-service (BaaS) provider for compliance and risk management failures. As part of the order, the bank is...more

Holland & Knight LLP

Is the Sky Really Falling? Acting Comptroller Proposes Key Questions for Banks on Climate Change

Holland & Knight LLP on

Canadian singer-songwriter Joni Mitchell lamented the toil of deforestation in 1970: "They took all the trees, put 'em in a tree museum/And they charged the people a dollar and a half just to see 'em." More than 50 years...more

Goodwin

CFPB Grants No-Action Letter for Proposed Small-Dollar Credit Product

Goodwin on

In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more

Goodwin

Financial Services Weekly Roundup: The OCC’s True Lender Test Embraces A Simplified Solution

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) proposed a rule that would establish that a national bank or federal savings association is the “true lender” of a loan if, as of the date of origination, the...more

Goodwin

Financial Services Weekly Roundup: PPP Borrowers And Lenders Under The Microscope

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule that would establish a revised framework for the fair value determination for purposes of the Investment Company Act of 1940 and have...more

Sheppard Mullin Richter & Hampton LLP

Fed’s Vice Chair for Supervision Proposes a Deregulatory Approach to Limit the Scope of “Matters Requiring Attention” used in Bank...

A January proposal to give banks compliance slack floated by a high-ranking Federal Reserve Board (“FRB”) official has not yet gained the traction its supporters had hoped for. In remarks before the American Bar Association...more

White & Case LLP

Financial Regulatory Observer – March 2019: Navigating uncertainty: Corporate governance for foreign banks in the US

White & Case LLP on

With the regulatory agenda for the US operations of foreign banks in a state of flux, Kevin Petrasic, Paul Saltzman, Glen Cuccinello, Will Giles and Alexander Abedine of global law firm White & Case provide a map to help...more

Orrick - Finance 20/20

Federal Reserve Board Issues Interim Final Rule Expanding the Applicability of the Board’s Small Bank Holding Company Policy...

On August 28, 2018, the Federal Reserve Board published “an interim final rule expanding the applicability of the Board’s small bank holding company policy statement[.]” ...more

Dorsey & Whitney LLP

Current Topics in Bank Governance and Recommended Practices

Dorsey & Whitney LLP on

Banking is one of the most heavily regulated industries in the United States. In recent years, that regulatory burden has grown, as has the complexity of the risks faced by the industry....more

The Volkov Law Group

Federal Reserve Hits Wells Fargo with Unprecedented Enforcement Action (Part I of II)

The Volkov Law Group on

In an extraordinary action, with significant ramifications for the financial industry, the Federal Reserve recently announced a series of enforcement actions against Wells Fargo....more

Sullivan & Worcester

Bank Corporate Governance—Fed lowers Boom on Wells’ Directors

Sullivan & Worcester on

On February 2, 2018, the Fed announced that it issued a consent Cease and Desist order with Wells Fargo—the bank holding company. The Fed’s press release noted that Wells is replacing 4 directors within this year (out of 17...more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

Facebook may have had a difficult day on the Hill. But a 79% rise in Q3 profit—driven, ironically enough, by online ads—should help soften the blow....more

BCLP

Regulators Tackle Board Effectiveness and Overdrafts

BCLP on

Host Jonathan Hightower is joined by Ken Achenbach to discuss this week's proposed guidance from the Federal Reserve on the effectiveness of bank boards. In addition, at the outset of the episode Jonathan and Ken reviewed...more

Nutter McClennen & Fish LLP

Nutter Bank Report, August 2017

Federal Reserve Issues Proposed Guidance on Board Duties and Responsibilities - The Federal Reserve has issued proposed supervisory guidance on the duties of boards of directors of institutions supervised by the Federal...more

Bracewell LLP

Federal Reserve Proposes to Clarify and Reduce Supervisory Expectations on Boards of Directors

Bracewell LLP on

On August 9, 2017, the Board of Governors of the Federal Reserve (the "Federal Reserve") published proposed guidance on certain supervisory expectations for Boards of Directors of banks and holding companies. The proposal...more

Manatt, Phelps & Phillips, LLP

Federal Reserve Considers Changes to Board of Director Expectations

The Board of Governors of the Federal Reserve System requested public comment on a proposal intended to enhance the effectiveness of boards of directors, refocusing the regulator’s supervisory expectations of boards....more

Sullivan & Worcester

Proposed Fed Guidance for Bank Boards of Directors

Sullivan & Worcester on

Yesterday the Fed published a proposed guidance document for its expectations for board of directors of banks. The release only applies to the boards of banks with over $50 billion in consolidated assets, but the intent of...more

Robins Kaplan LLP

Your daily dose of financial news The Brief – 3.7.16

Robins Kaplan LLP on

The Federal Reserve is now tossing around a proposal that would “effectively place[] a cap on how much business banks can do with another bank or company”—the idea being to prevent the 2008-era mistake of Wall Street banks...more

Katten Muchin Rosenman LLP

Federal Reserve Changes Name Check Process

As part of its responsibilities as the primary federal banking regulator for bank holding companies, savings and loan holding companies and state-chartered banks that are members of the Federal Reserve System (referred to as...more

Epstein Becker & Green

Regulators Issue Final Dodd-Frank Standards for Assessing Diversity Policies and Practices of Covered Entities in the Financial...

Epstein Becker & Green on

On June 9, 2015, six federal agencies (“Agencies”) subject to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Act”) issued much-anticipated joint final standards (“Final Standards”) in accordance with...more

Manatt, Phelps & Phillips, LLP

FFIEC Releases Cybersecurity Assessment Tool

Why it matters - As anticipated, the Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Assessment Tool, providing a process for financial institutions' management to gauge their...more

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