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Morgan Lewis

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

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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

GeoDataVision

Have Regulators Already “Raised the Bar” for CRA Exams?

GeoDataVision on

When the new 2023 CRA Rule was approved by regulators FDIC Chairman Martin Gruenberg indicated one of the goals was to “raise the bar” for CRA performance ratings. Now that the final 2023 CRA performance ratings are in it...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday October 15

Paul Hastings LLP on

October 14, 2024- Federal Reserve Board Governor Christopher J. Waller gave a speech entitled “Thoughts on the Economy and Policy Rules at the Federal Open Market Committee,” at “A 50 Year Retrospective on the Shadow Open...more

Orrick, Herrington & Sutcliffe LLP

Fed’s Cook delivers remarks regarding artificial intelligence

On October 1, Fed Board of Governors Member Lisa D. Cook delivered remarks titled “Artificial Intelligence, Big Data, and the Path Ahead for Productivity” at a conference organized by the Federal Reserve Banks of Atlanta,...more

Orrick, Herrington & Sutcliffe LLP

Fed issues RFI to assess discount window operations and access to intraday credit

Recently, the Fed issued an RFI and comment period on the operational aspects of the discount window and the provision of intraday credit to banks and credit unions. The discount window allows depository institutions to...more

Orrick, Herrington & Sutcliffe LLP

GOP Reps urge efficient review of credit-linked note transactions

On September 16, several GOP lawmakers signed a letter urging the Fed to expedite its review process for approving regulated entities’ applications for risk adjusted treatment for the direct issuance of credit-linked notes. ...more

Mintz - ML Strategies

2024 Pre-Election Analysis: Financial Services

Mintz - ML Strategies on

Financial services encompass a wide range of services offered by the nation’s financial institutions, including banking, mortgage, investment, and credit services. The next administration and Congress’s financial services...more

Nutter McClennen & Fish LLP

Nutter Bank Report: September 2024

The FDIC, OCC, and U.S. Department of Justice (DOJ) have coordinated the release of new policies that will govern each agency’s consideration of bank merger transactions. The FDIC and OCC each published final statements of...more

Orrick, Herrington & Sutcliffe LLP

Fed issues enforcement action after inspections, examinations

On September 11, the Fed announced a written agreement entered by a bank holding company and its Connecticut state-chartered bank, with the Federal Reserve Bank of New York, and the State of Connecticut Department of Banking...more

Orrick, Herrington & Sutcliffe LLP

DOJ announces its withdrawal from the 1995 Bank Merger Guidelines

On September 17, the DOJ announced its withdrawal from the 1995 Bank Merger Guidelines, stating the 2023 Merger Guidelines will be the only authoritative statement across all industries. This decision followed collaboration...more

Orrick, Herrington & Sutcliffe LLP

Banking regulators extend comment period on bank-fintech relationships

On September 13, the Fed, OCC and the FDIC (the agencies) released a notice extending the comment period of their request for information regarding bank-fintech arrangements by one month. The notice extends the original...more

Orrick, Herrington & Sutcliffe LLP

Fed’s Barr speaks on changes to Basel III and liquidity requirements

On September 10, the Fed released the prepared remarks given by the Vice Chair for Supervision, Michael Barr, on changes to the Basel III endgame proposal and the capital surcharge for global systemically important banks...more

Katten Muchin Rosenman LLP

Basel III Endgame: Will Banks Have to Increase Their Capital Requirements?

On Tuesday, September 10, the Federal Reserve announced a reproposal of the much discussed and awaited Basel III Endgame. However, before we dive into the reproposal, it is important to take a step back and look at how we got...more

Orrick, Herrington & Sutcliffe LLP

Fed issues cease and desist against bank

On September 4, the Fed and the Texas Department of Banking published a cease and desist order alleging deficiencies identified in a Texas-based bank’s corporate governance, risk management and compliance with BSA/AML laws....more

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

Venable LLP

Banking on a Nonbank Bank in 2024 - The ILC Option Revisited

Venable LLP on

Becoming or owning an industrial loan company (or ILC)—the elusive "nonbank bank" option, as Congress coined the term in 1987— still has an allure for financial services providers that want to (1) lend on a national scale...more

Orrick, Herrington & Sutcliffe LLP

Fed issues enforcement action against bank holding company

On August 15, the Fed released an enforcement action against a registered bank holding company and its parent company alleging financial and governance concerns. The agreement established concrete steps and regulatory...more

Orrick, Herrington & Sutcliffe LLP

Fed releases final capital requirements for all large banks

On August 28, the Fed released its final capital requirements for large bank holding companies. As previously covered by InfoBytes, the Fed derived these requirements from stress test results showing that large banks had...more

Paul Hastings LLP

Daily Financial Regulation Update -- Wednesday August 14

Paul Hastings LLP on

August 13, 2024 - The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “When Are Central Bank Reserves Ample?” August 13, 2024 - The Federal Deposit Insurance Corporation...more

Orrick, Herrington & Sutcliffe LLP

FDIC, Fed approve final resolution planning guidance

On July 30, the Fed and the FDIC published final guidance to enhance resolution planning at large banks. The guidance aims to assist certain larger financial institutions in developing their resolution plans, which are...more

Cadwalader, Wickersham & Taft LLP

FDIC Proposes To Exercise Now-Dormant Authority Under the Change-in-Bank Control Act

The board of directors of the Federal Deposit Insurance Corporation (“FDIC”) recently proposed a rule change that would reassert its now-dormant authority to review changes in bank control involving bank holding companies....more

Latham & Watkins LLP

FDIC Proposes Amendments to Its Change in Bank Control Act Regulations

Latham & Watkins LLP on

The proposal would establish stricter oversight of certain transactions and responds to concerns that large asset managers may be exerting influence on FDIC-supervised institutions. On July 30, 2024, the Board of...more

MoginRubin LLP

Why the Capital One-Discover Merger Makes Sense

MoginRubin LLP on

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

Ballard Spahr LLP

Bank Regulators Issue Statement on Third-Party Relationships with Financial Institutions and Publish Request for Information on...

Ballard Spahr LLP on

The federal banking regulators (The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation) issued on July 25 a lengthy joint statement...more

Orrick, Herrington & Sutcliffe LLP

Bank regulators appeal to 5th Circuit to lift district court’s final rule ban

On July 18, the OCC, FDIC, and the Fed (the federal banking agencies or FBAs) submitted a brief requesting that the U.S. Court of Appeals for the Fifth Circuit hold oral argument and reverse the U.S. District Court for the...more

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