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Hogan Lovells

The Payments Newsletter including Digital Assets & Blockchain, October 2024

Hogan Lovells on

Key developments of interest over the last month include: the UK FCA publishing a consultation on two-stage reforms to the payments and e-money safeguarding regime; the U.S. Consumer Financial Protection Bureau announcing a...more

Morgan Lewis

Federal Reserve Bank Publishes Paper on ‘Extend-and-Pretend’ Workouts

Morgan Lewis on

The Federal Reserve Bank of New York released a paper last week analyzing the effects of “extend-and-pretend” mortgage modifications on the broader financial system. Since the first quarter of 2022, banks have extended the...more

Orrick, Herrington & Sutcliffe LLP

FHFA releases NPRM on revising FHLBanking System governance

On October 16, the FHFA released its NPRM to revise regulations governing the boards of directors and management of the FHLBank System. The proposed rule would update and clarify regulatory requirements on director...more

Orrick, Herrington & Sutcliffe LLP

FDIC Chairman remarks on 2024 Small Business Lending Survey

Recently, FDIC Chairman Martin Gruenberg remarked on the 2024 Small Business Lending Survey (SBLS) report at a community banking conference. He highlighted that technological advancements have not altered the...more

Orrick, Herrington & Sutcliffe LLP

FDIC extends compliance deadline for amended sign and advertising requirements

On October 17, the FDIC issued a notice delaying the deadline to comply with its final rule governing its official signage from January 1, 2025, to May 1, 2025. The final rule, titled “FDIC Official Signs and Advertising...more

Orrick, Herrington & Sutcliffe LLP

DDC tosses case challenging constitutionality of FDIC imposing civil penalties

On October 11, the U.S. District Court for the District of Columbia (DDC) denied an individual plaintiff’s motion for a temporary restraining order (TRO) and granted the FDIC’s motion to dismiss in a case seeking to enjoin an...more

Stinson LLP

CFPB Promotes Open Banking as it Issues Final Rule on Personal Financial Data Access Rights

Stinson LLP on

Time will tell whether the Consumer Financial Protection Bureau's (CFPB) stated goals of accelerating "open banking" and competition will come to fruition as a result of the long-awaited final rule implementing Section 1033...more

Orrick, Herrington & Sutcliffe LLP

FDIC extends comment period for proposed rule for another month

On October 16, the FDIC extended the comment period for a proposed rule change under the Change in Bank Control Act (CBCA) to November 18. As previously covered by InfoBytes, the proposed rule would amend the regulations...more

Orrick, Herrington & Sutcliffe LLP

FSB Chair and Bank of England Governor discuss financial resilience

On October 22, Financial Stability Board (FSB) Chair Klaas Knot spoke at a global regulatory forum in New York on the progress and ongoing challenges to strengthen global financial resilience since the 2009 G20 summit in...more

Orrick, Herrington & Sutcliffe LLP

Banking groups seek to halt CFPB’s 1033 rule

On October 23, one bank and two banking industry groups challenged the CFPB’s 1033 Rule that would mandate banks to share sensitive customer data, such as transaction history, account balances, and account and routing numbers...more

A&O Shearman

HM Treasury Publishes Draft Update to Special Resolution Regime Code of Practice

A&O Shearman on

HM Treasury has published a draft new chapter for the Special Resolution Regime Code of Practice that reflects reforms introduced by the Bank Resolution (Recapitalisation) Bill....more

Kelley Drye & Warren LLP

CFPB Pushes Move to an Open Banking System with the Personal Financial Data Rights Rule and Sparks Immediate Court Challenges from...

Kelley Drye & Warren LLP on

On Tuesday, the Consumer Financial Protection Bureau (CFPB) released the final version of the Personal Financial Data Rights Rule that requires many financial institutions, credit card issuers, and other financial service...more

Eversheds Sutherland (US) LLP

Payment matters - October 2024

Upcoming global developments for the payment sector - Asia - 1. Hong Kong: Launch of Phase 2 of the e-Hong Kong Dollar Pilot Programme - On September 23, 2024, the Hong Kong Monetary Authority (HKMA) announced the...more

Orrick, Herrington & Sutcliffe LLP

CSBS report reveals regulatory burden as top community bank concern

Recently, CSBC published its 2024 Annual Community Bank Survey which provides insights into the concerns and challenges faced by community banks. The survey revealed that regulatory burden has become the primary concern for...more

Hogan Lovells

Hogan Lovells PSD3 Impacts Report: Getting ahead of the evolving EU payments regulatory landscape

Hogan Lovells on

Given the sea change of payment services directive 2015/2366 (“PSD2”), one might expect the prospect of the proposed PSD3 and PSR to have psps groaning at the thought of yet more root and branch reg change projects. However,...more

A&O Shearman

HM Treasury Statement on Reforms to Bank Ring-Fencing

A&O Shearman on

The House of Commons has published a written statement by Tulip Siddiq, Economic Secretary to HM Treasury, on the status of reforms to the bank ring-fencing regime. Ms Siddiq states that the U.K. Government will implement a...more

Orrick, Herrington & Sutcliffe LLP

FDIC releases October CRA evaluations

On October 3, the FDIC released an updated list of state nonmember banks examined for compliance under the CRA. The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 requires public disclosure of...more

Orrick, Herrington & Sutcliffe LLP

DOJ settles with credit union in redlining action

On October 10, the DOJ announced its first redlining settlement against a credit union. The credit union agreed to pay over $6.5 million to resolve allegations of lending discrimination by redlining predominantly Black and...more

Orrick, Herrington & Sutcliffe LLP

DOJ, CFPB file complaint, propose order against mortgage company for alleged redlining

On October 15, the CFPB and DOJ announced an enforcement action against a mortgage company, alleging it engaged in redlining against majority-Black neighborhoods in the greater Birmingham, Alabama area. According to the...more

Latham & Watkins LLP

FDIC, OCC Finalize Policy on Bank Merger Transactions

Latham & Watkins LLP on

Regulators seek to provide clarity and transparency on the bank merger review process, but changes may increase application complexity and unpredictability. Consistent with ongoing initiatives to strengthen US antitrust...more

Dinsmore & Shohl LLP

Risk Areas to Consider Ahead of Your Next Regulatory Exam

Dinsmore & Shohl LLP on

The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corp. each periodically publish a report that describes their views on the current risk areas threatening the banking industry. The OCC calls its...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 48: Digital Infrastructure, Fintech and the Future of Banking

Alex Acree, Chief Legal Officer at Unit, joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to explore the role that a financial services infrastructure company can play in the evolving delivery of financial services...more

Orrick, Herrington & Sutcliffe LLP

Fed issues flood insurance-related enforcement action

On October 3, the Fed issued an enforcement action against a state member bank based in Montana for alleged violations related to flood insurance. Pursuant to the National Flood Insurance Act and its implementing Regulation...more

Orrick, Herrington & Sutcliffe LLP

OCC bulletin provides guidance on commercial lending refinance risk

On October 3, the OCC issued Bulletin 2024-29, providing guidance on managing credit risk associated with refinancing commercial lending. The bulletin applies to all banks with commercial loans and highlights the increased...more

Mayer Brown

Interview with Jay Luzar, Former Regional Bank Treasurer

Mayer Brown on

In this episode, Matt Bisanz interviews Jay Luzar, a former treasurer for a regional bank, on the inner workings of the position and the industry at large....more

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