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A&O Shearman

Final Basel Committee guidelines for counterparty credit risk management

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The Basel Committee on Banking Supervision has published the final version of its guidelines for counterparty credit risk management, replacing its "Sound Practices for Banks' Interactions with Highly Leveraged Institutions"...more

Clark Hill PLC

Navigating the New CFPB Overdraft Rule: Implications for Financial Institutions

Clark Hill PLC on

The Consumer Financial Protection Bureau (CFPB) recently finalized its “Overdraft Lending: Very Large Financial Institutions Rule,” introducing sweeping changes to how overdraft credit is structured and regulated for the...more

Orrick, Herrington & Sutcliffe LLP

CFPB finalizes overdraft lending rule for “very large financial institutions”

On December 12, the CFPB issued a final rule, restricting the amount that certain financial institutions can charge for their overdraft service. As previously covered by InfoBytes, historically, the Fed exempted banks from...more

Saul Ewing LLP

Big Banks, Beware – CFPB Issues Final Rule to Cap Overdraft Fees

Saul Ewing LLP on

After nearly a year of speculation, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (the “Rule”) to cap overdraft fees that financial institutions with at least $10 billion in assets can assess to...more

Brownstein Hyatt Farber Schreck

CFPB Finalizes Controversial Overdraft Overhaul

On Dec. 12, the Consumer Financial Protection Bureau (CFPB) finalized a controversial rulemaking that would fundamentally alter how banks and credit unions offer overdraft services. The proposed rule was issued in January...more

K&L Gates LLP

QPAM Amendments Impact on CITs: What Banks and Their Advisers Need to Know

K&L Gates LLP on

Effective 17 June 2024, the US Department of Labor (DOL) adopted comprehensive amendments to Prohibited Transaction Exemption (PTE) 84-14, also known as the “QPAM exemption” (Exemption)....more

J.S. Held

Lending Climate in America – 4th Quarter 2024 Survey

J.S. Held on

Lender optimism toward the US economy is on the rise in the near term following the presidential election and is expected to continue that upward trend heading 2025. Meanwhile, interest rates and consumer activity are the two...more

Orrick, Herrington & Sutcliffe LLP

Lawsuit reveals crypto “Pause Letters” issued by FDIC

On December 6, in a joint status report filed in the U.S. District Court for the District of Columbia, the FDIC made public 23 “Pause Letters” that the FDIC issued to regulated, unnamed institutions to pause...more

Orrick, Herrington & Sutcliffe LLP

9th Circuit: Appellate listens to Fed of SF’s account denial

On December 4, the U.S. Court of Appeals for the Ninth Circuit heard oral arguments in an appeal of a district court’s decision upholding the Federal Reserve Bank of San Francisco’s (FRBSF) denial of an application by an...more

Goodwin

Compliance Covenants in Fintech Investment Side Letters

Goodwin on

Fintech companies that partner with banks to deliver financial products and services can be among the most compliance-fortified financial services companies. A fintech with a lending solution can operate with at least seven...more

Mayer Brown

Interview with Patrick Quinn, former GC of New York Community Bancorp

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Mayer Brown partner Matt Bisanz interviews Patrick Quinn about his experience advising a bank whose assets leapt from $10 billion to $100 billion in only a few years....more

Rumberger | Kirk

FINRA Reminds Financial Firms How AI Use Poses Significant Risks

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These days, artificial intelligence is everywhere we look, and the financial services industry is no different. As AI use increases, regulatory bodies are updating their rules and guidelines detailing how companies should and...more

Wilson Sonsini Goodrich & Rosati

Focus on Fintech – Q3 2024

In this issue of Wilson Sonsini's Focus on Fintech, our attorneys discuss updates and developments from federal regulators, including those related to bank-fintech partnerships, cryptocurrency and virtual currency updates,...more

Orrick, Herrington & Sutcliffe LLP

GAO says Fed, FDIC escalation processes could be improved

The GAO released its November 2024 report, titled “Bank Supervision: Federal Reserve and FDIC Should Address Weaknesses in Their Process for Escalating Supervisory Concerns,” to the U.S. Senate Committee on Banking, Housing,...more

Stinson LLP

Trump's First 100 Days: Bankruptcy & Creditors' Rights

Stinson LLP on

During his campaign, President-elect Donald Trump indicated he would make major policy changes with significant impact within the agricultural, international trade, health care, financial and energy sectors. As is common with...more

Orrick, Herrington & Sutcliffe LLP

FDIC updates its signs and advertising requirement Q&As

On December 2, the FDIC updated its Q&As related to its final rule “FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC Name or Logo,” affecting 12...more

Bradley Arant Boult Cummings LLP

Future of Fair Access to Banking: Will 2025 See Federal Action?

The start of the second Trump administration is fast approaching, and it raises prospects of a renewed push for federal-level fair access to banking requirements. The first Trump administration came close to enacting such a...more

Mayer Brown

Tips for New Fund Finance Professionals

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EXECUTIVE SUMMARY - In this Legal Update, we provide suggestions for junior finance professionals new to the fund finance market and offer practical suggestions for beginning their careers with a solid foundation....more

Baker Donelson

Key Approaches for Maximizing Post-Judgment Enforcement Outcomes

Baker Donelson on

As we noted in our Fraud and Commercial Loan Transactions: Post-Judgment Legal Strategies Webinar, fraud in commercial loan transactions presents significant challenges for creditors seeking to recover funds. Once a judgment...more

Orrick, Herrington & Sutcliffe LLP

Fed study links bank failures to deteriorating fundamentals

The authors’ conclusion was based on an analysis of three testable predictions for bank runs: (i) significant deposit outflows before failure; (ii) high asset recovery rates if the bank was solvent before the run; and (iii) a...more

Skadden, Arps, Slate, Meagher & Flom LLP

A Review of the UK and EU Approaches to Third Country Branches and Subsidiarisation

Financial centres around the world have been hosts to branches and representative offices of international banks since as early as the 19th century. The term “branch” refers to a local establishment of a foreign financial...more

Orrick, Herrington & Sutcliffe LLP

OCC announces 2025 fees and assessments for national banks and federal savings associations

On November 27, the OCC published Bulletin 2024-32, which announced the fees and assessments for national banks, federal savings associations, and federal branches and agencies of foreign banks for the 2025 calendar year. ...more

Orrick, Herrington & Sutcliffe LLP

OCC releases enforcement actions for November 2024

On November 21, the OCC released a list of recent enforcement actions against national banks, federal savings associations, institution-affiliated parties (IAPs, or individuals associated with these entities). The OCC issued...more

Orrick, Herrington & Sutcliffe LLP

House Republicans urge FDIC to withdraw corporate governance guidelines

Recently, a group of House Republicans sent a letter to Martin Gruenberg, Chairman of the FDIC, expressing concerns regarding the proposed corporate governance and risk management guidelines that would apply to all insured...more

Orrick, Herrington & Sutcliffe LLP

State chartered bank challenges constitutionality of FDIC enforcement proceedings

On November 19, a Kansas state chartered bank filed a complaint for declaratory and injunctive relief against the FDIC and two Administrative Law Judges (ALJs) from the Office of Financial Institution Adjudication. The...more

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