Last week, the Office of the Comptroller of the Currency (“OCC”), Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), and the Consumer Financial...more
6/16/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
Disparate Impact ,
FDIC ,
Financial Services Industry ,
FIRREA ,
FRB ,
Interagency Guidance ,
NCUA ,
OCC ,
Property Valuation ,
Real Estate Market ,
Real Estate Transactions
The Office of the Comptroller of the Currency (“OCC”) issued its Semiannual Risk Perspective for Spring 2023 (“SARP”) recently. The OCC highlighted liquidity, operational, credit, and compliance risks, among the key risk...more
On June 6, the three Federal bank regulatory agencies (the Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”) and Office of the Comptroller of the Currency (“OCC”)), issued final interagency...more
The Federal Deposit Insurance Corporation (“FDIC”) recently issued the latest Quarterly Banking Profile (“QBP”) for the first quarter of 2023.
The headline results of the QBP were...more
The Office of the Comptroller of the Currency (“OCC”) issued an updated Policies and Procedures Manual (PPM 5310-3) on Bank Enforcement Actions and Related Matters last week. The PPM is updated from the 2018 issuance. The...more
Federal Deposit Insurance Corporation (“FDIC”) Chair Martin Gruenberg gave remarks to the Cities for Financial Empowerment Fund 2023 Bank On National Conference recently in which he said that the FDIC “shares the Bank On...more
This week, the Senate Banking Committee and the House Financial Services Committee held multiple hearings on bank failures that have occurred this year, with each committee holding a hearing with former leaders of the failed...more
The Federal Deposit Insurance Corporation (“FDIC”) Board voted (3-2) to propose a special assessment to recoup the expected $15.8 billion cost to the Deposit Insurance Fund “(DIF”) in the wake of invocation of the special...more
5/12/2023
/ Banking Crisis ,
Banks ,
Comment Period ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
NPRM ,
Receivership ,
Risk Assessment ,
Silicon Valley
Last Friday, the Federal Reserve Board (“FRB”) and Federal Deposit Insurance Corporation (“FDIC”) released reports evaluating their supervision of the failed Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”),...more
5/5/2023
/ Bank Accounts ,
Federal Reserve ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
FRB ,
GAO ,
Receivership ,
Regulatory Oversight ,
Silicon Valley ,
Supervisory Highlights
The Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) (collectively, the “Agencies”) provided supervisory guidance this week on certain overdraft practices. Of particular...more
4/28/2023
/ Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
FRB ,
New Guidance ,
OCC ,
Overdraft Rule ,
UDAAP ,
UDAP ,
Unfair or Deceptive Trade Practices
The Federal Deposit Insurance Corporation (“FDIC”) Board held an open meeting on Tuesday to receive the semiannual update on the Deposit Insurance Fund (“DIF”) Restoration Plan. As we previously wrote last year, the FDIC...more
Federal Deposit Insurance Corporation (“FDIC”) Vice Chair Travis Hill gave a speech earlier this week, titled “Recent Bank Failures and the Path Ahead,” at the Bipartisan Policy Center. The speech appears to be Vice Chair...more
Both the Senate Banking Committee and House Financial Services Committee held hearings this week on the federal regulatory response to the failures of Silicon Valley Bank (“SVB”) and Signature Bank. Witnesses at both hearings...more
3/30/2023
/ Banking Crisis ,
Banks ,
Congressional Investigations & Hearings ,
Deposit Accounts ,
FDIC ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
FRB ,
Receivership ,
Regulatory Agenda ,
Senate Banking Committee ,
Silicon Valley
As we have previously discussed, after the failure of Silicon Valley Bank (“SVB”), the FDIC is operating the Silicon Valley Bridge Bank, N.A. (“Bridge Bank”) in many ways as if it’s business as usual to help preserve as much...more
As we noted very briefly on Monday in our “Quick Take on a Sudden Change in the Banking Landscape,” among the various actions the government took Sunday evening to try to stabilize the banking market, the Federal Reserve...more
3/17/2023
/ Depository Institutions ,
Fannie Mae ,
Federal Funding ,
Federal Reserve ,
Financial Institutions ,
FRB ,
Freddie Mac ,
Ginnie Mae ,
Loans ,
Mortgage-Backed Securities ,
Relief Measures ,
Term Sheets
Many of the transactions involving qualified financial contracts (“QFC”) with Silicon Valley Bank (“SVB”) and Signature Bank constitute Commodity Futures Trading Commission (“CFTC”) jurisdictional transactions that may be...more
3/15/2023
/ CFTC ,
Commodities ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
Derivatives ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
Futures ,
Insolvency ,
Qualified Financial Contracts (QFC) ,
Receivership ,
Silicon Valley ,
Swaps
A lot of ink has been spilled in the last 72 hours regarding the historic developments involving Silicon Valley Bank and Signature Bank. Our quick summary of the facts and law is below. Cadwalader will continue to monitor...more
This week, Acting Comptroller of the Currency Michael Hsu delivered remarks, titled “Trust and Global Banking: Lessons for Crypto,” at the Institute of International Bankers’ (“IIB”) Annual Washington Conference in which he...more
Federal Reserve Board (“FRB”) Governor Michelle Bowman gave remarks last week to the American Bankers Association (“ABA”) Community Banking Conference. Governor Bowman discussed the role of FRB independence, predictability...more
Earlier yesterday, the Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”) and Office of the Comptroller of the Currency (“OCC”) issued a “Joint Statement on Liquidity Risks to Banking Organizations...more
2/24/2023
/ Banks ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
FRB ,
Joint Statements ,
Liquidity ,
Liquidity Risk Management Rule ,
OCC ,
Policy Statement
The Federal Reserve Board (“FRB”) and Office of the Comptroller of the Currency (“OCC”) last week released their 2023 Dodd-Frank Act Stress Test (“DFAST”) scenarios. As noted in the FRB’s release, the “stress tests help...more
Federal Reserve Board (“FRB”) Vice Chair Lael Brainard submitted her resignation from the FRB earlier this week, effective on or about February 20. Vice Chair Brainard is resigning from the FRB to become President Biden’s...more
On January 25, 2023, the Securities and Exchange Commission (“SEC” or “Commission”) issued a release (the “Re-Proposal”) proposing Rule 192 under the Securities Act of 1933, as amended (the “Securities Act”), a rule that is...more
Federal Reserve Board (“FRB”) Vice Chair of Supervision Michael Barr gave remarks to the Banking on Financial Inclusion Conference at Jackson State University early this week....more
The Federal Reserve Board (“FRB” or “Board”) issued two seemingly related press releases late last week. The first announced the denial of the Federal Reserve membership application by Custodia Bank, a Wyoming special purpose...more