News & Analysis as of

Notice of Proposed Rulemaking (NOPR) FinTech

Davis Wright Tremaine LLP

FDIC Proposes Rulemaking on Custodial Deposit Accounts in Wake of Synapse Bankruptcy

As part of a larger effort to address risks related to third-party deposit relationships, on October 2, 2024, the Federal Deposit Insurance Corporation (FDIC) announced and published a notice of proposed rulemaking (Proposed...more

Perkins Coie

FDIC’s Proposed Changes to Custodial Deposit Accounts: Practical Implications for Fintechs and Their Banks

Perkins Coie on

The Federal Deposit Insurance Corporation (FDIC) issued a Notice of Proposed Rulemaking (the Proposal) on September 17, 2024, that seeks to strengthen recordkeeping for bank deposits held by nonbank companies on behalf of...more

Troutman Pepper Locke

FDIC Proposes New Rule to Strengthen Recordkeeping for Third-Party Deposits

Troutman Pepper Locke on

On September 17, the Federal Deposit Insurance Corporation (FDIC) announced a notice of proposed rulemaking (Proposal) aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank...more

Ballard Spahr LLP

FDIC final Signage and False Advertising Rule will be effective April 1, 2024, with an extended full compliance date of January 1,...

Ballard Spahr LLP on

The final rule issued in December 2023 by the Federal Deposit Insurance Corporation (FDIC) amending its regulations at 12 CFR Part 328 (“Final Rule“), which address use of the official FDIC sign and banks’ advertising...more

Seward & Kissel LLP

FTC Imposes New Data Breach Notification Requirements

Seward & Kissel LLP on

On October 27, 2023, the Federal Trade Commission (the “FTC”) adopted a final rule (“Final Rule”) to amend the Standards for Safeguarding Customer Information (the “Safeguards Rule”). Among other things, the Final Rule will...more

Seward & Kissel LLP

FDIC Extends Comment Period on Rule Imposing Additional Deposit Insurance Disclosure Obligations

Seward & Kissel LLP on

The Federal Deposit Insurance Corporation (FDIC) announced today a 45-Day extension to the public comment period for proposed changes to its regulations that may significantly affect banks, broker-dealers, and FinTechs. The...more

Seward & Kissel LLP

Proposed FDIC Rule Would Impose Additional Deposit Insurance Disclosure Obligations on Banks and Non-Banks

Seward & Kissel LLP on

The Federal Deposit Insurance Corporation (“FDIC”) published for comment in December 2022 a notice of proposed rulemaking (12 CFR Part 328) (“Proposed Rule”) that would apply to all FDIC-insured institutions and impose new...more

Buchalter

SBA Plans to Increase Number of Non-Depository Institutions Eligible to Lend in the 7(a) Loan Program; FinTechs to be Included

Buchalter on

Recent pronouncements by Vice President Harris and by an SBA public affairs specialist indicate that SBA will soon publish a Notice of Proposed Rulemaking (NPRM) that will propose an expansion of the number of non-depository...more

Wiley Rein LLP

Wiley Consumer Protection Download (May 2, 2022)

Wiley Rein LLP on

Regulatory Announcements- FTC Holds April 2022 Open Commission Meeting and Launches Rulemaking Proceedings on Telemarketing. On April 28, the FTC held a virtual Open Commission Meeting to consider a Notice of Proposed...more

Goodwin

SEC Proposes Changes to Private Fund Regulation

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more

ArentFox Schiff

New Federal Regulation of Financial Data: CFPB Issues Long-Awaited Notice of Proposed Rulemaking

ArentFox Schiff on

The Consumer Financial Protection Bureau (Bureau or CFPB) has recently issued a formal proposal for a national regulatory standard governing companies’ handling of consumer data and their privacy rights with respect to...more

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