On March 3, 2025, the Federal Deposit Insurance Corporation (“FDIC”) withdrew its pending proposed rule on brokered deposits (the “Proposal”), originally published in the Federal Register on August 23, 2024. The Proposal,...more
During the past 12-18 months, we have noted a significant increase in the number of brokers underwriting share certificates issued by credit unions. It is vital for brokers in the credit union share certificate market to...more
1/16/2025
/ Broker-Dealer ,
Compliance ,
Credit Unions ,
Deposit Insurance ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
NCUA ,
Regulatory Requirements ,
Risk Management ,
State and Local Government
Over the last several years credit unions have sought to raise funds in the capital markets by issuing their Share Certificates through brokers or other intermediaries. Credit union shares have many of the same attributes of...more
Risk Trend -
This risk alert highlights a recent trend of criminals using fraudulent wire transfer schemes to target financial institutions and the steps that clients can take to mitigate this increasing risk. We have...more
As with any business, a bank can become insolvent. But unlike most businesses, your bank holds your money or your customers’ money, making insolvency particularly fraught. On Friday, March 10, 2023, the California Department...more
3/13/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Insolvency ,
Receivership ,
Silicon Valley ,
U.S. Treasury
As with any business, a bank can become insolvent. But unlike most businesses, your bank holds your money or your customers’ money, making insolvency particularly fraught. In recent days, the parent corporation of Silvergate...more
$55B CLO/ Loan Facilities Represented several financial institutions in connection with CLOs (including middle-market CLOs), multi-currency loan facilities and warehouse transactions, as well as redemptions, re-pricings,...more
The Federal Deposit Insurance Corporation (“FDIC”) published for comment in December 2022 a notice of proposed rulemaking (12 CFR Part 328) (“Proposed Rule”) that would apply to all FDIC-insured institutions and impose new...more
1/19/2023
/ Banks ,
Broker-Dealer ,
Deposit Insurance ,
Disclosure Requirements ,
FDI Act ,
FDIC ,
Financial Institutions ,
FinTech ,
Non-Bank Lenders ,
Notice of Proposed Rulemaking (NOPR) ,
Pass-Through Entities ,
Proposed Rules ,
Regulatory Requirements
On October 27, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced a new regulatory framework (“Framework”) governing “Personal Financial Data Rights,” or, by another name, “open banking.” Conceptually, open...more
11/18/2022
/ Application Programming Interface (APIs) ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Data Security ,
Financial Institutions ,
Financial Products ,
Financial Services Industry ,
FinTech ,
New Regulations ,
Open Banking ,
Rulemaking Process ,
SBA ,
SBREFA
Introduction -
On May 17, 2022, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) adopted a final rule (“Rule”) setting forth its procedures for investigating and enforcing false advertising,...more
6/16/2022
/ Banking Sector ,
Banks ,
Broker-Dealer ,
Consumer Financial Products ,
Deposit Insurance ,
Digital Currency ,
Enforcement Guidance ,
False Advertising ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Government Investigations ,
Misleading Statements ,
New Guidance ,
Stablecoins