News & Analysis as of

Office of the Inspector General Federal Deposit Insurance Corporation

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday June 5, 2024

Paul Hastings LLP on

June 4, 2024- The Consumer Financial Protection Bureau issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. June 4, 2024- ...more

Orrick, Herrington & Sutcliffe LLP

FDIC OIG confirms board oversight and liquidity issues led to a bank’s failure

On March 25, the Office for the Inspector General (OIG) for the FDIC issued a report on a 2023 bank failure, finding that the bank’s failure netted a $14.8 million estimated loss to the Deposit Insurance Fund (“DIF”), but...more

Sheppard Mullin Richter & Hampton LLP

OIG Issues Audit Memorandum to FDIC’s Regional Service Provider Examination Program, Impacts Fintechs

On December 21, the Office of Inspector General (OIG) of the FDIC issued its audit memorandum on the FDIC’s Regional Service Provider (RSP) Examination Program. The OIG’s objective was to assess the effectiveness of the...more

Orrick, Herrington & Sutcliffe LLP

FDIC OIG makes recommendations based on material loss report

On November 28, the OIG for the FDIC delivered a material loss review report. The report’s objectives were twofold: first, to determine why a bank’s issues led to a material loss to the deposit insurance fund; and second, to...more

Orrick, Herrington & Sutcliffe LLP

FDIC’s crypto risk oversight criticized in OIG report

On October 18, the FDIC Office of Inspector General released a report on the FDIC’s strategies addressing the risks posed by crypto assets. According to the report, the FDIC has started to develop and implement strategies...more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday, October 19, 2023

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October 18, 2023- The Federal Deposit Insurance Corporation Office of Inspector General published a report entitled, "FDIC Strategies Related to Crypto-Asset Risks" with the FDIC staff noting guidance forthcoming by...more

King & Spalding

Congressional Report Finds FDIC Data Breach Response Obstructed Congressional Oversight

King & Spalding on

On July 12, the U.S. House of Representatives Committee on Science, Space, and Technology (the “Science Committee”) released a report regarding its investigation of an October 2015 data breach and the subsequent response of...more

Ballard Spahr LLP

FDIC Developing Guidance on Risks For Banks Lending Through Third Parties

Ballard Spahr LLP on

New guidance being developed by the Federal Deposit Insurance Corporation (FDIC) to address risks associated with banks making loans through third parties could significantly impact marketplace lending, private label credit...more

Burr & Forman

SEC Holds Its Admin Forum Isn’t Unconstitutional (!)

Burr & Forman on

The SEC recently – and predictably – rejected a Respondents’ arguments challenging the constitutionality of the agency’s administrative forum. The September 17 Timbervest decision was the first of the constitutional...more

Morrison & Foerster LLP

Financial Services Report, Summer 2014

In This Issue: - Beltway Report - Bureau Report - Mobile Payments - Mortgage and Fair Lending Report - Operations Report - Preemption Report - Privacy Report - Arbitration Report - TCPA Report ...more

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