As of Wednesday, stablecoin bills in the House and the Senate have been voted out of committee and moved onto the floor of each house for a full vote....more
The following article is part four of our series on the 2022 Amendments to the UCC. You can find the previous articles here. Our last article explored the amendments to the main definition of “money” in Article 1 of the UCC....more
The following article is part three of our series on the 2022 Amendments to the UCC. Please read the first two articles for context. I am going to get right to the point here – the reason that the definition of money has been...more
On June 6, 2024 federal regulators published a final rule addressing Quality Control Standards for Automated Valuation Models. This was a collaborative rulemaking effort that included regulators from the Office of the...more
6/28/2024
/ Algorithms ,
Appraisal ,
Automated Systems ,
Collateral ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
FHFA ,
Financial Institutions ,
Financial Services Industry ,
GSE ,
Mortgage-Backed Securities ,
Mortgages ,
NCUA ,
Secondary Markets ,
Securitization ,
Valuation
On March 5th the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized its rule revisions to Regulation Z and the Official Staff Commentary regarding “Credit Card Penalty Fees.” See a redline of the...more
3/7/2024
/ CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Regulation Z ,
Rulemaking Process
From January 18th to 20th, the American Bar Association’s Banking Law Committee of the Business Law Section held its winter meeting in Washington, DC. This meeting not only provides an excellent retrospective of the previous...more
As we mentioned last week, the Federal Reserve Board (“FRB”) announced proposed changes to Regulation II (Debit Card Interchange Fees and Routing), which is the implementing regulation of the Durbin Amendment to the...more
11/3/2023
/ Comment Period ,
Debit and Credit Card Transactions ,
Debit Cards ,
Durbin Amendment Rules ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FRB ,
Interchange Fees ,
Regulation II ,
Regulatory Agenda
The Federal Reserve Board announced proposed changes to Regulation II (Debit Card Interchange Fees and Routing), which is the implementing regulation of the Durbin Amendment to the Dodd-Frank Act....more
10/30/2023
/ Comment Period ,
Debit and Credit Card Transactions ,
Debit Cards ,
Dodd-Frank ,
Durbin Amendment Rules ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FRB ,
Interchange Fees ,
Regulation II ,
Regulatory Agenda
The Federal Reserve issued a Supervision and Regulation letter earlier this week to all state member banks (“SMBs”) regarding their involvement in activities involving stablecoins, taking an even more reticent position than...more
Earlier this week, the Federal Reserve issued a Supervision and Regulation Letter regarding the “Creation of Novel Activities Supervision Program” (SR 23-7). The letter informs all banking organizations subject to supervision...more
The Federal Reserve Bank announced last week that its instant payments system, FedNow, is now live with 35 banks and credit unions, which means that “[b]anks and credit unions of all sizes can sign up and use this tool to...more
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
This week the Federal Reserve reported that its instant payment service, FedNow, will be available for all participating financial institutions to use starting in July 2023....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” 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
On the first business day of the year, January 3, 2023, the Board of Governors of the Federal Reserve System (“the Fed”), the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency...more
1/5/2023
/ Anti-Money Laundering ,
Corporate Governance ,
Cryptoassets ,
Cryptocurrency ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Financial Transactions ,
Investment Opportunities ,
Joint Statements ,
OCC ,
Virtual Currency
A couple of weeks ago, we reported on the FDIC and the Federal Reserve Board sending a cease and desist (“C&D”) letter to Voyager Capital to stop representing that customer funds were protected by deposit insurance. This past...more
8/29/2022
/ Cease and Desist Orders ,
Consumer Financial Products ,
Crypto Exchanges ,
Cryptocurrency ,
Deposit Insurance ,
Depository Institutions ,
Enforcement Actions ,
False Statements ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
Misleading Statements ,
Misrepresentation