On September 10, Federal Reserve Vice Chair for Supervision Barr gave a speech (the Barr Speech) in which he outlined the principal changes to the federal banking agencies' 2023 proposal to implement the Basel Endgame (the...more
11/20/2024
/ Banking Sector ,
Banks ,
Fannie Mae ,
Federal Reserve ,
Financial Institutions ,
Freddie Mac ,
Global Systemically Important Banks (G-SIBs) ,
Housing Developers ,
Mandatory Clearing Requirements ,
Mortgages ,
Renewable Energy ,
Risk Assessment ,
Risk Management ,
Trade Associations
In February 2024, we issued a report on the public comments received on the proposal of the Board of Governors of the Federal Reserve System (Federal Reserve), the Office of the Comptroller of the Currency (OCC), and the...more
11/19/2024
/ Board of Governors ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Agencies ,
Global Systemically Important Banks (G-SIBs) ,
Market Risk Capital Rule ,
Minorities ,
OCC ,
Public Comment ,
Rulemaking Process ,
Securitization ,
Stress Tests
The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge....more
10/30/2024
/ Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Open Banking ,
Personal Data ,
Sensitive Personal Information
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
The proposal would make key changes to the definition of “deposit broker” with significant ramifications for banks, fintechs, bank-fintech partnerships, and other third parties in the financial services industry....more
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
8/9/2024
/ Acquisitions ,
Banking Sector ,
Banks ,
Change in Control ,
Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
NPRM ,
OCC ,
Proposed Amendments ,
Publicly-Traded Companies
On July 19, 2024, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration...more
8/5/2024
/ AML/CFT ,
Anti-Money Laundering ,
Anti-Terrorism Financing ,
Bank Secrecy Act ,
Banks ,
Compliance ,
Customer Due Diligence (CDD) ,
Financial Institutions ,
Financial Regulatory Agencies ,
FinCEN ,
NPRM ,
Proposed Rules ,
Risk Assessment ,
Risk Management
OCC-supervised institutions with $100 billion or more in average total consolidated assets must be adequately prepared to mitigate severe financial and non-financial risks. ...more
Recent Supreme Court administrative law rulings change the power dynamic between the executive and the judiciary in critical areas of statutory interpretation, enforcement, and immunity from legal challenge....more
7/15/2024
/ Administrative Authority ,
Administrative Procedure Act ,
Administrative Proceedings ,
Chevron Deference ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Cryptoassets ,
Cryptocurrency ,
FinTech ,
Government Agencies ,
Judicial Authority ,
Jury Trial ,
Loper Bright Enterprises v Raimondo ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Seventh Amendment ,
Statute of Limitations ,
Statutory Authority ,
Statutory Interpretation
Insured depository institutions with $50 billion to less than $100 billion in average total assets are subject to new resolution reporting standards, with enhanced reporting for those with average total assets of $100 billion...more
The centralized repository would assist the CFPB and law enforcement in detecting patterns of misbehavior and recidivism adversely affecting consumers.
On June 3, 2024, the Consumer Financial Protection Bureau (CFPB)...more
The proposal seeks to make executive compensation arrangements more sensitive to risk and would require complex risk management programs to ensure compliance....more
5/30/2024
/ Dodd-Frank ,
Executive Compensation ,
FDIC ,
FHFA ,
Financial Services Industry ,
Incentive Compensation ,
NCUA ,
NPRM ,
OCC ,
Proposed Rules ,
Risk Management
With regulators keeping close watch, the results underscore the need for ongoing climate risk management investment and adaptation within the financial sector.
On May 9, 2024, the Board of Governors of the Federal...more
The bipartisan bill seeks to foster innovation and promote US dollar dominance while protecting consumers and mitigating illicit finance risks.
On April 17, 2024, US Senators Cynthia Lummis from the Senate Banking...more
As federal regulation remains patchy, firms may want to consider a New York state charter as a potential avenue to expand digital asset offerings in a compliant manner.
On March 22, 2024, WisdomTree, Inc., a global asset...more
4/5/2024
/ Custody ,
Digital Assets ,
Exemptions ,
Fiduciary ,
FinTech ,
Investment Management ,
Investment Trust Companies ,
Market Participants ,
Money Transmitter ,
NYDFS ,
OCC ,
Stablecoins ,
State Charters ,
Subsidiaries
The Proposal clarifies the FDIC’s bank merger approval process but may prove challenging for new large bank consolidations with the FDIC as the primary regulator.
On March 21, 2024, the Board of Directors of the Federal...more
4/4/2024
/ AML/CFT ,
Anti-Competitive ,
Anti-Money Laundering ,
Anti-Monopoly ,
Bank Merger Act ,
Bank Secrecy Act ,
Banks ,
Community Reinvestment Act ,
Dodd-Frank ,
FDIC ,
Industry Consolidation ,
Merger Reviews ,
Mergers ,
Policy Statement ,
Proposed Amendments ,
Public Comment ,
Risk Assessment
A recent bipartisan bill, if enacted, would particularly benefit small lenders and bank/fintech partnerships by promoting transparency, appellate rights and examiner accountability.
On Dec. 14, 2023, a bipartisan group of...more
Banking agencies are alleged to have exceeded their congressional authorization, with potentially adverse consequences on banks and consumers.
On February 5, 2024, several banking trade groups[1] (the Plaintiffs) sued...more
As person-to-person payments become mainstream, the proposal would proactively outlaw fees that financial institutions could assess on instantaneously declined transactions.
On January 24, 2024, the Consumer Financial...more
A recent bipartisan bill, if enacted, would particularly benefit small lenders and bank-fintech partnerships by promoting transparency, appellate rights, and examiner accountability.
On December 14, 2023, a bipartisan...more
The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending.
On December 6, 2023, the Office of the Comptroller of the Currency...more
Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting.
The New York State Department of Financial Services’ (DFS) amendments (the...more
The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in venture lending.
On November 1, 2023, the Office of the Comptroller of the Currency...more
11/29/2023
/ Banking Crisis ,
Banking Sector ,
Commercial Loans ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Lenders ,
New Guidance ,
OCC ,
Risk Management ,
State Charters
A proposed rule would lower the maximum amount that large debit card issuers can charge merchants for each transaction.
On October 25, 2023, the Board of Governors of the Federal Reserve System (FRB) published a proposal...more
Guidance for the largest US financial institutions is intended to promote climate risk management consistent with general safety and soundness practices.
On October 30, 2023, the three US federal bank regulatory agencies...more
11/8/2023
/ Banking Sector ,
Biden Administration ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Executive Orders ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
New Guidance ,
OCC ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
Strategic Planning