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Sheppard Mullin Richter & Hampton LLP

Fed Issues Cease and Desist Order for Crypto-Related Compliance and Risk Management Deficiencies

On September 4, the Federal Reserve Board (Fed) released enforcement actions against a Texas-based bank, addressing regulatory violations and compliance lapses. The Fed, joined by the Texas Department of Banking (TDB),...more

MoginRubin LLP

Why the Capital One-Discover Merger Makes Sense

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When federal agencies review bank mergers, the competition issues typically relate to the number and location of physical branches and the extent of any overlap in the areas served. By contrast, the proposed $35 billion...more

Harris Beach PLLC

Bank Term Funding Program to Expire on March 11

Harris Beach PLLC on

The Federal Reserve’s Bank Term Funding Program (BTFP) will sunset as planned on March 11, ending a program that helped calm the markets after last year’s collapses of Silicon Valley Bank and Signature Bank threatened a...more

Nutter McClennen & Fish LLP

Nutter Bank Report: January 2024

OCC Requests Public Comments on Proposed Bank Merger Policy Statement and Rules The OCC has proposed a new policy to increase the transparency of the standards that the agency applies to review business combinations involving...more

K&L Gates LLP

FRB, FDIC Deliver Reports and Take Some Blame on Silicon Valley Bank and Signature Bank Failures; More Regulation Ahead

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On Friday 28 April 2023, the Board of Governors of the Federal Reserve System (the FRB) and the Federal Deposit Insurance Corporation (the FDIC) each released a report regarding a recent bank failure. The FRB report covered...more

A&O Shearman

The Regulatory Post-Mortem Reports on Silicon Valley Bank and Signature Bank

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The Federal Reserve released a detailed report on the supervision and regulation of the former Silicon Valley Bank (SVB).  The report, released along with a trove of confidential supervisory information pertaining to SVB,...more

Pillsbury Winthrop Shaw Pittman LLP

The Banking Crisis of 2023: Outlook for the U.S. Banking Sector, Possible Regulatory and Legislative Responses, Lessons for Bank...

Legislative responses to recent banking industry failures could include reinstating various rules that formerly applied to banks with more than $100 billion in assets. There are a variety of measures which bank depositors...more

Proskauer Rose LLP

Understanding the Federal Reserve’s New Bank Term Funding Program in Response to Recent Bank Failures

Proskauer Rose LLP on

On March 12, 2023, in the wake of shutdowns of Silicon Valley Bank and Signature Bank by regulators in their respective states, the Federal Reserve Board announced the creation of a new Bank Term Funding Program (“BTFP”)...more

Lowenstein Sandler LLP

Silicon Valley Bank: A Timeline and Summary of Events

Lowenstein Sandler LLP on

On Friday, March 10, the Federal Deposit Insurance Corporation (FDIC) shuttered Silicon Valley Bank (SVB) and seized its deposits in the second-largest bank collapse in U.S. history. In this alert, we’ve mapped out the events...more

Venable LLP

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

Venable LLP on

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

White & Case LLP

A New “Operation Choke Point”? The Quickly Changing Rules on Crypto Activities for Member Banks

White & Case LLP on

In an effort to align the permissibility of crypto activities for all member banks of the Federal Reserve System (the "FRS", which includes all national banks and state member banks), the Board of Governors of the Federal...more

Wilson Sonsini Goodrich & Rosati

Demystifying the Banking Regulators’ Recent Crypto Actions: Key Takeaways for Fintech Companies

The last few years had started to see a convergence between crypto and banking, with bitcoin appearing to rapidly grow mainstream. That momentum hit a wall with the spectacular crypto market failures of 2022, including the...more

A&O Shearman

Fed Imposes New Roadblock on Banks’ Crypto Activities

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Today, the Fed announced a new procedural requirement for banks seeking to engage in crypto activities. Going forward, a bank must provide formal notice to its lead supervisory contact at the Fed “prior to engaging in any...more

Cooley LLP

Federal Reserve Seeks Comments on a US Central Bank Digital Currency

Cooley LLP on

The Federal Reserve Board recently released a discussion paper and is seeking public comments on the potential benefits and risks, and related policy considerations, of introducing a central bank digital currency (CBDC) in...more

Holland & Knight LLP

The Impact of Cybersecurity Regulations on the Financial Services Industry in 2022

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Following the SolarWinds and the Colonial Pipeline cyberattacks, the Biden Administration emphasized a shift toward mandatory cybersecurity requirements. Throughout 2021, government agencies issued new cybersecurity guidance,...more

Cozen O'Connor

Federal Agencies Announce a New 36-Hour Cybersecurity Incident Rule Reporting Requirement

Cozen O'Connor on

On November 18, 2021, the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), and the Federal Deposit Insurance Corporation (“FDIC”) (collectively, the...more

Benesch

Federal Agencies Issue New Breach Notification Rules for Banking Organizations and Banking Service Providers

Benesch on

Banking organizations must notify the appropriate agency within 36 hours of certain computer-security incidents; and banking service providers must notify affected banking organizations as soon as possible in the event of an...more

Troutman Pepper

Think Fast: Banking Regulators Release Final Computer-Security Incident Notification Requirements

Troutman Pepper on

Introduction - On November 18, federal banking agencies issued the long-awaited final rule, establishing data security incident response notification requirements for “banking organizations” and “bank service providers”...more

Ballard Spahr LLP

Federal banking agencies Issue “Crypto Asset Roadmap” for 2022 guidance; OCC confirms prior interpretive letters on crypto (but...

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The Federal Reserve Board, FDIC, and OCC (collectively, the “Agencies”) issued on November 23 a short Joint Statement on Crypto-Asset Policy Sprint Initiative and Next Steps (“Joint Statement”), which announced – without...more

Balch & Bingham LLP

Financial Regulators Issue New Cyber Incident Reporting Rule for U.S. Banks and Service Providers

Balch & Bingham LLP on

On November 18, 2021, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) approved a new final rule regarding reporting of cyber incidents for U.S. banks...more

Eversheds Sutherland (US) LLP

Federal Banking Regulators Shine Light Again on Third-Party Risk Management

Federal banking regulators have again demonstrated their focus on bank oversight and management of risk from third party relationships through a series of guidance and proposed guidance published in the third quarter of 2021....more

Goodwin

Supreme Court Decision Empowers President Biden to Replace Director of FHFA

Goodwin on

In This Issue. In a move that gives him the opportunity to put his stamp on housing policy and the potential overhaul of Fannie Mae and Freddie Mac, President Biden replaced the Director of the Federal Housing Finance Agency...more

Morrison & Foerster LLP

Financial Services Report - Summer 2021

As spring turns to summer, climate change is on our minds. A new day, a new story about how financial institutions are addressing climate-related risks. In the past few months, six major banks—Bank of America, JPMorgan...more

Perkins Coie

Fintech Week in Review - May 2021

Perkins Coie on

Federal Reserve Seeks Comments on Guidelines for Fintechs Receiving Fed Accounts and Services - The Federal Reserve System (the Fed) issued a request for comment on new guidelines for the Fed’s Regional Banks to use when...more

Locke Lord LLP

Federal Reserve Board Order of Prohibition Sends Message to Departing Bank Executives That ‎Actions to Poach Former Employer Data,...

Locke Lord LLP on

The Federal Reserve Board recently issued a final decision In the Matter of: Frank Smith and Mark Kiolbasa, Institution Affiliated Parties of Farmers State Bank, Docket No. 18-036-E-1. The decision creates a significant...more

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