On May 20, the OCC published its Semiannual Risk Perspective, Spring 2019 and singled out financial innovation and rapid developments in Fintech as a special topic in emerging risks to the banking industry. This is the first...more
On May 2, 2019, Judge Victor Marrero of the U.S. District Court of the Southern District of New York denied two of three counts of the OCC’s Motion to Dismiss New York State’s challenge to the OCC’s statutory authority to...more
The Board of Governors of the Federal Reserve System (the “Federal Reserve”) has released for public comment a proposal to simplify and clarify rules for determining control of or by a banking organization under the Bank...more
FDIC Shares Examiners’ Expectations for Contracts with Technology Service Providers -
The FDIC has issued guidance on examiners’ expectations for provisions of contracts between banks and technology service providers...more
5/1/2019
/ Accounting Standards ,
Banking Sector ,
EGRRCPA ,
FDIC ,
Federal Reserve ,
FinTech ,
Global Systemically Important Banks (G-SIBs) ,
HMDA ,
Insolvency ,
Marijuana ,
Marijuana Related Businesses ,
Regulatory Authority ,
Safe Harbors
Earlier this month, the Securities and Exchange Commission (“SEC”) provided additional guidance on digital assets, which include “tokens” and “coins.” The SEC’s Strategic Hub for Innovation and Financial Technology (“FinHub”)...more
4/19/2019
/ Bitcoin ,
Digital Assets ,
Division of Corporate Finance ,
FinTech ,
Howey ,
No-Action Letters ,
Popular ,
Securities ,
Securities and Exchange Commission (SEC) ,
Securities Tokens ,
Token Sales
On March 28, 2019, the Supervisory Board of The Clearing House Payments Company L.L.C. (“TCH”) released its “Business Principles for the RTP® Network” (the “Principles”) outlining the operation of TCH’s RTP® Network (the...more
In March 28 remarks, Randal K. Quarles, Federal Reserve Board Vice Chair for Supervision, speaking as Chair of the Financial Stability Board (“FSB”), announced that the FSB’s 2019 Work Plan would include a review of the...more
FFIEC Issues Principles for Examiners in Developing Reports of Examination -
The Federal Financial Institutions Examination Council (“FFIEC”) has issued a policy statement that describes the minimum expectations for what...more
3/29/2019
On March 19, 2019, the New York State Department of Financial Services (“NYDFS”) filed a brief in opposition to the Office of the Comptroller of the Currency’s (“OCC”) motion to dismiss the NYDFS’ lawsuit challenging the...more
3/27/2019
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Banking Sector ,
Chevron Deference ,
CSBS ,
Federal Reserve ,
FinTech ,
Fintech Charter ,
Motion to Dismiss ,
NYDFS ,
OCC ,
Popular ,
Special Purpose National Bank Charter
1. FDIC Proposes Changes to Deposit Insurance Assessment Rule for CBLR Banks
The FDIC has published a proposal that describes how the agency would apply the Community Bank Leverage Ratio (“CBLR”) framework previously...more
2/28/2019
/ Ability-to-Repay ,
Banking Sector ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
CSBS ,
Deposit Insurance ,
Farm Credit Administration ,
FDIC ,
Federal Bank Regulatory Agencies ,
FinTech ,
Flood Insurance ,
Leverage Ratio ,
Payday Loans ,
Prepaid Payment Products ,
Student Loans
On February 14, 2019, the Conference of State Bank Supervisors (“CSBS”), the national organization of state bank regulators, released the recommendations of its 33-member Vision 2020 Fintech Industry Advisory Panel....more
The comment period for the Consumer Financial Protection Bureau’s (“CFPB”) proposed Policy on No-Action Letters and the CFPB Product Sandbox concluded on February 11. As anticipated, the proposal received extensive...more
New Data Breach Law Requires Free Credit Monitoring for Massachusetts Consumers -
Recent amendments to the Massachusetts data security breach law will require any person – including, in relevant part, any bank or any bank...more
1/31/2019
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Monitoring ,
Data Breach ,
Enforcement ,
Government Shutdown ,
Marijuana ,
Marijuana Related Businesses ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
RESPA
Some commenters have opined that the litigation risk surrounding the Office of the Comptroller of the Currency’s (“OCC”) proposed special purpose national bank charter for Fintechs (“Fintech Charter”) is deterring applicants...more
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
The framework of a regulatory sandbox should allow for informal dialogue with regulators at the idea or initial concept and early design stages, and controlled experiments with real-time regulatory input and feedback at the...more
12/5/2018
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Reserve ,
Financial Services Industry ,
FinTech ,
Fintech Charter ,
Global Financial Innovation Network (GFIN) ,
OCC ,
Popular ,
Regulatory Standards ,
Sandbox ,
Special Purpose National Bank Charter ,
U.S. Treasury
Federal Banking Agencies Propose Alternative Capital Framework for Community Banks -
The federal banking agencies have proposed a new community bank leverage ratio (“CBLR”) framework that would simplify regulatory capital...more
12/3/2018
/ Appraisal ,
Bank Deposits ,
Banking Sector ,
Call Reports ,
Class Action ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Insurance ,
Depository Institutions ,
Dodd-Frank ,
EGRRCPA ,
FDIC ,
Federal Reserve ,
FFIEC ,
Inflation Adjustments ,
Overdraft Fees ,
Regulation M ,
Regulation Z ,
Residential Real Estate Market
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
Federal Banking Agencies Issue Joint Statement on the Role of Supervisory Guidance -
The federal banking agencies, along with the CFPB and the NCUA, have issued a joint statement clarifying the role of supervisory...more
Headlines -
...OCC to Begin Accepting Applications for Bank Charters for Fintech Companies
...Agencies Issue Rules Implementing 18-Month Exam Cycles for Community Banks...more
8/31/2018
/ Bank Holding Company ,
Banking Examinations ,
Banking Sector ,
Community Banks ,
EGRRCPA ,
FinTech ,
Fintech Charter ,
Liquidity Coverage Ratio ,
Municipal Securities Issuers ,
Notice Requirements ,
OCC ,
Regulation P
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
Federal Banking Agencies Propose to Ease Compliance Burdens Under the Volcker Rule -
The federal banking agencies, together with the SEC and the CFTC, have jointly proposed to amend the Volcker Rule to tailor the...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)
Treasury Report Recommends Changes to Community Reinvestment Act Rules -
The U.S. Department of the Treasury has released a report recommending changes to the federal banking agencies’ rules that implement the Community...more
4/27/2018
/ Bank Secrecy Act ,
Banking Sector ,
Commercial Real Estate Contracts ,
Community Reinvestment Act ,
Customer Due Diligence (CDD) ,
Cyber Insurance ,
Cybersecurity ,
Decriminalization of Marijuana ,
EU ,
Federal Budget ,
FFIEC ,
FinCEN ,
General Data Protection Regulation (GDPR) ,
Medical Marijuana ,
Proposed Legislation ,
U.S. Treasury
Small Bank Holding Company and Qualified Mortgage Regulatory Relief Bills Pass House
The U.S. House of Representatives has passed two regulatory relief bills with bipartisan support, one of which would raise the ceiling on...more
2/28/2018
/ Bank Holding Company ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Farm Credit Administration ,
FHFA ,
FinTech ,
Money Services Business ,
Multistate Tax Compact ,
Pending Legislation ,
Qualified Mortgage Rule ,
RESPA ,
Stress Tests ,
Swaps