New circular warns that unilaterally reopening closed accounts can constitute an unfair practice -
On May 10, 2023, the Consumer Financial Protection Bureau ("CFPB" or the "Bureau") published guidance warning banks that...more
Our team is pleased to announce an important publication on crypto developments and future stablecoin regulation in the United States. Here we provide a brief overview of stablecoins, outline various risks and policy concerns...more
In July, we discussed the federal banking agencies' proposal to harmonize their respective risk management guidance. At the time, we highlighted three passages from the proposal that relate to the due diligence banking...more
Last week, the federal banking agencies—Federal Reserve Board (Board), Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC)—issued proposed interagency guidance ("Proposal") on...more
Update: On May 17, 2021, the agencies extended the deadline for comments from June 1, 2021, to July 1, 2021. The text of this post has been updated accordingly....more
The federal financial institutions regulatory agencies collectively issued a Request for Information and Comment (RFI) on March 31, 2021, to better understand how artificial intelligence (AI) and machine learning (ML) are...more