Mississippi Bankers Association, the American Bankers Association, the Consumer Bankers Association, America’s Credit Unions, and three banks are seeking a preliminary injunction blocking the CFPB from implementing the...more
12/23/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lack of Authority ,
Overdraft Fees ,
Overdraft Rule ,
Preliminary Injunctions ,
Regulation Z ,
Statutory Authority ,
Truth in Lending Act (TILA)
The CFPB has issued its long-awaited final rule that covers overdraft policies at financial institutions with at least $10 billion in assets. The final rule offers those financial institutions three options for designing...more
12/17/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lack of Authority ,
Overdraft Fees ,
Overdraft Rule ,
Regulation DD ,
Regulation E ,
Regulation Z ,
Rulemaking Process ,
Statutory Authority ,
Truth in Lending Act (TILA)
The FDIC is providing financial institutions with additional time to comply with parts of the new FDIC signage and advertising rule by extending the compliance date from January 1, 2025 to May 1, 2025....more
The FDIC, the OCC and the Justice Department earlier this month issued updated standards for bank mergers. The three agencies acted separately, although officials noted that they had worked with the other agencies involved....more
A group of 11 financial services associations is calling on the FDIC to withdraw its notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered...more
The FDIC is seeking comment on proposed changes to its regulation governing parent companies of industrial banks and industrial loan companies—Part 354 of the FDIC Rules and Regulations....more
The FDIC board on July 30 approved a notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered deposits (12 CFR 337.6)....more
8/2/2024
/ Banks ,
Broker-Dealer ,
Brokered Deposits ,
Consumer Financial Products ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Investment Adviser ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules
The FDIC board on July 30 agreed to request information on deposit data that currently is not reported in the Federal Financial Institutions Examination Council’s Call Reports—including data on uninsured deposits....more
Federal banking regulators are asking the Fifth Circuit Court of Appeals to lift a Texas court injunction barring implementation of new Community Reinvestment Act (CRA) rules....more
In a recent report, the Congressional Research Service stated that capital formation remains the largest obstacle hampering the formation of de novo banks, but regulatory and legislative changes that have been proposed could...more
On February 5, 2024, several national and Texas banking and business trade groups (Plaintiffs) filed a lawsuit challenging the final regulations (Final Rules) implementing the Community Reinvestment Act of 1977 (CRA) that...more
On September 18, 2023, the Federal Reserve, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly published and sought comments on a proposal to implement new, standardized capital...more
This is our third blog post on the final rule issued on October 24, 2023 by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency...more
12/1/2023
/ Banks ,
Community Reinvestment Act ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lending ,
Loans ,
Notice of Proposed Rulemaking (NOPR) ,
Rulemaking Process
This is our second blog post on the final rule issued on October 24, 2023 by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency...more
11/28/2023
/ Banks ,
Community Reinvestment Act ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lending ,
Loans ,
Notice of Proposed Rulemaking (NOPR) ,
Rulemaking Process
On October 24, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a final rule amending their regulations...more
11/14/2023
/ Banks ,
Community Reinvestment Act ,
Consumer Financial Products ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loans ,
OCC
On November 2, 2023, the Consumer Financial Protection Bureau issued a report on the community reinvestment laws of seven states (Connecticut, Illinois, Massachusetts, New York, Rhode Island, Washington, West Virginia), and...more
On October 24, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation issued a final rule amending their regulations implementing the...more
At its open Board meeting scheduled for October 24, 2023, the Federal Reserve Board is expected to approve its final rule amending its current regulation implementing the Community Reinvestment Act....more
In a move that will surely be welcome news to uninsured depositors of Silicon Valley Bank (SVB), which was closed by bank regulators early Friday, March 10, 2023, Secretary of the Treasury Janet L. Yellen, Federal Reserve...more
A bi-partisan group of nine Senators (five Republicans and four Democrats) recently sent a letter to Acting FDIC Chairman Martin Gruenberg to express their support for the industrial loan company (ILC) charter and to remind...more
On September 7, 2022, newly-appointed Vice Chair for Supervision at the Federal Reserve (the “Fed”), Michael S. Barr, gave a speech outlining his near-term goals and the “holistic approach” he intends to take to achieve them....more
On January 15, 2021, just weeks after the FDIC issued its final rule (the Rule) establishing requirements the parent entity of an industrial bank or industrial loan company (collectively, ILC) must meet for the ILC to have...more
Recently, the federal banking regulators issued four new sets of examination procedures. The OCC issued two significant examination booklets on sampling methodologies and UDAP/UDAAP, and the federal banking regulators,...more
8/4/2020
/ Banking Regulators ,
Banking Sector ,
CARES Act ,
Comptroller ,
Coronavirus/COVID-19 ,
Dodd-Frank ,
Examination Procedures ,
Financial Institutions ,
FRB ,
FTC Act ,
UDAAP ,
UDAP
On May 20, 2020, the OCC issued a final rule to “strengthen and modernize” its existing Community Reinvestment Act (“CRA”) regulations. This is the second in a series of five blog posts about the final rule....more
6/26/2020
/ Banks ,
Community Development ,
Community Reinvestment Act ,
Coronavirus/COVID-19 ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lending ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Performance Standards
The FDIC has extended by 30 days the comment period on its proposed rule setting forth the conditions it would impose and the commitments it would require to approve a deposit insurance application from an industrial bank or...more