A recent OCC report identified key issues facing the federal banking system, including increasing credit risk due to higher interest rates, increasing risk in commercial real estate lending, prolonged inflation, declining...more
12/29/2023
/ Advertising ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Beneficial Owner ,
BSA/AML ,
Buy Now Pay Later (BNPL) ,
Commercial Real Estate Contracts ,
FDIC ,
Fees ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Information Reports ,
OCC ,
Proposed Rules ,
Real Estate Investments ,
Risk Management ,
Signs ,
Suspicious Activity Reports (SARs)
A federal court has issued an order granting an injunction that delays the compliance dates for the CFPB’s final rule governing the collection of small business lending data required by Section 1071 of the Dodd-Frank Wall...more
8/31/2023
/ Bank Holding Company ,
BSA/AML ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Diligence ,
FDIC ,
Federal Reserve ,
FFIEC ,
Final Rules ,
Financial Services Industry ,
FinTech ,
Foreign Banks ,
Funding ,
New Guidance ,
OCC ,
Proposed Rules ,
Small Business ,
Small Business Loans ,
Supervision
The Federal Reserve has adopted a final rule that provides benchmark replacement rates based on SOFR (Secured Overnight Financing Rate) for contracts governed by U.S. law that reference the overnight and one-, three-, six-,...more
1/3/2023
/ Banking Sector ,
Benchmarks ,
BSA/AML ,
Compliance ,
Cryptocurrency ,
Deposit Insurance ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Interest Rates ,
Investment Funds ,
Libor ,
Secured Overnight Funding Rate (SOFR)
Updated Annual Meeting Guidance for Mutual Banks and Mutual Holding Companies -
The Massachusetts Division of Banks has issued new guidance to mutual banks and mutual holding companies that have not yet held their 2020...more
1/28/2021
/ Annual Meeting ,
Bank Holding Company ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Data Breach ,
FDIC ,
Final Rules ,
Guidance Update ,
Mortgage Escrow Account ,
Mortgages ,
Notice Requirements ,
OCC ,
Supervisory Guidance ,
Suspicious Activity Reports (SARs)
Federal Banking Agencies Issue New Guidance on Managing the LIBOR Transition -
The member agencies of the Federal Financial Institutions Examination Council (“FFIEC”) have issued joint guidance for banking organizations...more
11/24/2020
/ Appraisal ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Due Diligence (CDD) ,
Debt Collection ,
Dodd-Frank ,
FDCPA ,
Federal Reserve ,
Final Rules ,
FinCEN ,
Libor ,
National Bank Charters ,
NCUA ,
New Guidance ,
OCC ,
Regulation F ,
Regulation M ,
Regulation Z ,
Secured Overnight Funding Rate (SOFR) ,
Supervision ,
Truth in Lending Act (TILA)
Federal Court Dismisses Class Action Claims Against PPP Lenders for Agent Fees -
A federal court in Florida has dismissed claims made in a class action lawsuit against several banks and other Small Business Administration...more
8/27/2020
/ Banking Regulators ,
Banking Sector ,
BSA/AML ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
FDIC ,
FFIEC ,
Financial Institutions ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Qualified Mortgage Rule ,
Relief Measures
SBA Issues Instructions to Lenders on Submitting PPP Loan Forgiveness Applications The U.S. Small Business Administration (the “SBA”) has issued a procedural notice announcing that the SBA will begin accepting forgiveness...more
7/30/2020
/ BSA/AML ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Eviction ,
FinCEN ,
Foreclosure ,
Loan Forgiveness ,
Moratorium ,
Paycheck Protection Program (PPP) ,
SBA ,
Single Director
Federal Banking Agencies Issue Final Rule to Simplify Regulatory Capital Calculations -
The federal banking agencies have issued a final rule that simplifies several requirements in the agencies' regulatory capital rules...more
7/29/2019
/ Automotive Loans ,
Banking Sector ,
BSA/AML ,
Capital Requirements Regulation (CRR) ,
Change in Control ,
Depository Institutions ,
EGRRCPA ,
FASB ,
FinCEN ,
Liens ,
Marijuana ,
Marijuana Related Businesses ,
New Guidance ,
Proposed Legislation ,
Safe Harbors ,
Volcker Rule
FDIC Approves 3-Year Phase-In for Adverse Effects on Capital from CECL -
The FDIC has approved a final rule that will provide banks with the option to phase in over a three-year period the day-one adverse effects on...more
12/21/2018
/ Banking Examinations ,
Banking Sector ,
Banks ,
BSA/AML ,
Community Banks ,
EGRRCPA ,
FDIC ,
Federal Deposit Insurance Act ,
Final Rules ,
FinCEN ,
Volcker Rule
Agencies Issue Joint Statement on BSA/AML Resource Sharing Arrangements -
The federal banking agencies, along with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) and the NCUA, have...more
10/31/2018
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Business Licenses ,
Cole Memorandum ,
Comment Period ,
Cybersecurity ,
Department of Justice (DOJ) ,
Dispensaries ,
Electronic Payment Transactions ,
Federal Reserve ,
FFIEC ,
FinCEN ,
FIRREA ,
HVCRE ,
HVCRE Loans ,
Joint Statements ,
Marijuana Related Businesses ,
NIST ,
Payment Systems ,
Property Valuation
Headlines -
...Guidance Issued on Immediate Implementation of Certain Provisions of the EGRRCPA
...Federal Appeals Court Rules That the FHFA Is Unconstitutionally Structured
...OCC Issues Updated Guidance on...more
Economic Growth, Regulatory Relief, and Consumer Protection Act Signed into Law
President Trump signed into law the Economic Growth, Regulatory Relief, and Consumer Protection Act (the “EGRRCPA”) on May 24. The EGRRCPA...more
5/31/2018
/ Banking Sector ,
Best Interest Standard ,
Broker-Dealer ,
BSA/AML ,
Community Banks ,
Consumer Financial Products ,
Customer Due Diligence (CDD) ,
Depository Institutions ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
FASB ,
FFIEC ,
Investment Advisers Act of 1940 ,
Leverage Ratio ,
Military Lending Act ,
Military Service Members ,
New Guidance ,
Regulation CC ,
Securities and Exchange Commission (SEC)
Fed Raises Threshold That Triggers Review of Systemic Risk of a Proposed Merger -
In a recent decision on a proposed merger of two bank holding companies, the Federal Reserve indicated that it has increased the...more
3/31/2017
/ Broker-Dealer ,
BSA/AML ,
Commercial Real Estate Contracts ,
Dodd-Frank ,
Federal Reserve ,
Fintech Charter ,
Merger Controls ,
OCC ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Threshold Requirements ,
Underwriting
The Federal Reserve Board has released a policy statement that details the framework it will follow in setting the Countercyclical Capital Buffer (“CCB”) for private-sector credit exposures located in the United States. The...more
9/30/2016
/ Banking Sector ,
BSA/AML ,
Capital Requirements ,
Community Banks ,
Cybersecurity ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
FFIEC ,
FinTech ,
Mortgage Lenders ,
OCC ,
Online Marketplace Lending
FinCEN has released guidance in the form of answers to frequently asked questions (“FAQs”) about new customer due diligence (“CDD”) requirements that became effective this month. The CDD FAQs issued on July 19 clarify new...more
The Nutter Bank Report is a monthly publication of the firm's Banking and Financial Services Group.
Headlines -
1. CFTC Issues Relief from Swap Clearing Requirements to Small Holding Companies
2. Federal...more