Last Friday, the Federal Deposit Insurance Corporation (FDIC) announced the rescission of Financial Institution Letter (FIL-16-2022) and issued new guidance clarifying the process for FDIC-supervised institutions to engage in...more
4/1/2025
/ Banks ,
Consumer Financial Products ,
Cryptocurrency ,
Digital Assets ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
New Guidance ,
OCC ,
Regulatory Oversight
On January 8, Senate Bill No. 1252 (SB 1252) was introduced to the Virginia General Assembly, aiming to amend and reenact sections of the Code of Virginia related to the application of usury rates. Just two weeks ago, the...more
2/28/2025
/ Banks ,
Consumer Financial Products ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Interest Rates ,
Loans ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements
In the last two weeks, several amicus briefs were filed in the Tenth Circuit in the ongoing litigation concerning Colorado’s opt-out from the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Troutman...more
12/5/2024
/ Amicus Briefs ,
Banks ,
Colorado ,
Consumer Financial Products ,
DIDMCA ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Opt-Outs ,
Preliminary Injunctions
This is the second of three articles focused on a key question: as bank-fintech partnerships continue to play a vital role in driving financial services, how does the industry make this system safer and better?...more
10/4/2024
/ Bankruptcy Code ,
Banks ,
Commercial Bankruptcy ,
Consumer Financial Products ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Recordkeeping Requirements ,
Risk Management
“I would say a lot of these fintechs deposits are actually the opposite of hot money,” said Matthew Bornfreund, a partner at Troutman Pepper. “I think a problem with this proposed rulemaking is, the FDIC asserts that these...more
Last week, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a joint statement highlighting...more
7/29/2024
/ AML/CFT ,
Anti-Money Laundering ,
Banks ,
Consumer Financial Products ,
Customer Due Diligence (CDD) ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Joint Statements ,
OCC ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
Third-Party Relationships
As discussed here, on June 28, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed significant amendments to the anti-money laundering and countering the financing of terrorism...more
7/29/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Regulators ,
Consumer Financial Products ,
Credit Unions ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules ,
Risk Assessment ,
Suspicious Activity Reports (SARs) ,
Terrorist Financing Regulations ,
U.S. Treasury
On May 30, the U.S. Supreme Court unanimously decided Cantero, reaffirming and elaborating on the Barnett Bank preemption standard, and remanding the case to the Second Circuit for further proceedings. Cantero addressed...more
6/21/2024
/ Cantero v Bank of America NA ,
Consumer Financial Products ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Interest Rates ,
Mortgage Lenders ,
Mortgages ,
National Bank Act ,
Preemption ,
SCOTUS
In this episode of The Consumer Finance Podcast, Chris Willis introduces the firm's esteemed bank regulatory team. Featuring Kevin Petrasic, Matthew Bornfreund, Alexandra Barrage, and Helen Lee, the episode delves into the...more