On November 20, Fed Governor Michelle Bowman delivered a speech discussing the Fed’s dual mandate of maximum employment and price stability, noting the inherent challenges in balancing these goals in light of recent economic...more
In this update, we focus on the potential changes in the executive branch and on the congressional committees that have jurisdiction over cryptocurrency. As the transition unfolds, much attention is on who will stay from the...more
In February 2024, we issued a report on the public comments received on the proposal of the Board of Governors of the Federal Reserve System (Federal Reserve), the Office of the Comptroller of the Currency (OCC), and the...more
Given the recent news about President-Elect Trump’s cabinet appointments , it is a safe bet that the SEC Division of Enforcement’s priorities will change under the new administration. Under President Biden, SEC Chair Gary...more
On July 19, 2024, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (the “Agencies”)...more
The principle of amateurism—an amorphous concept that the National Collegiate Athletic Association (NCAA) historically relied upon to prevent NCAA athletes from profiting from the commercial use of their identity, otherwise...more
Key Point: The Federal Trade Commission (FTC) has amended the Safeguards Rule to require non-banking financial institutions to inform the FTC within 30 days of discovering any unauthorized acquisition of unencrypted customer...more
On 7/20/ 23, the Board of Governors of the Federal Reserve system announced the launch of the FedNow Service. FedNow is a new instant payment infrastructure developed by the Federal Reserve that is available to depository...more
But upon closer consideration, there is an interplay between a bank partner program and the Electronic Fund Transfer Act (EFTA) as implemented by Regulation E, particularly when it comes to timeframes for disputes, liable...more
On August 8, 2023, the Board of Governors of the Federal Reserve System (FRB) issued two Supervision and Regulation Letters (“SR Letters”) that provide guidance on the agency’s supervision of novel activities and the process...more
August 24, 2023- The Office of Financial Research published a brief entitled, "Work-from-Home and the Future Consolidation of the U.S. Commercial Real Estate Office Sector: The Decline of Regional Malls May Provide...more
Federal Reserve Issues Guidance on Stablecoin Issuances by State-chartered Member Banks- The Board of Governors of the Federal Reserve System announced the creation of a new supervision program addressing novel activities...more
July 14, 2023- The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and the Chairman of the House Agriculture Committee, Glenn "GT" Thompson (PA-15), issued the following statement regarding the...more
On June 6, 2023, the Board of the Governors of the Federal Reserve System (Board), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, Agencies) issued...more
The Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, National Credit Union Administration, and Federal Deposit Insurance Corporation (collectively, the “Agencies”) issued a joint...more
On June 6, 2023, the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency and Federal Deposit Insurance Corp. (collectively, the “Agencies”) issued final interagency guidance that...more
On June 6, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency jointly released final guidance on managing risks associated...more
June 7, 2023- The U.S. Committee on Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions held a hearing entitled, "Dollar Dominance: Preserving the U.S. Dollar's...more
En enero del 2023, Agencias Reguladoras; incluyendo la Junta de Gobernadores del Sistema de la Reserva Federal, la Corporación Federal de Seguros de Depósitos y la Oficina del Contralor emitieron una Declaración Conjunta...more
Contractors face potential payment uncertainty as a result of the current congressional inability to agree to increase the federal government’s debt ceiling. The government reached the official debt limit months ago, on...more
March 14, 2023- The Federal Deposit Insurance Corporation issued Financial Institution Letter 10-2023 indicating that financial institutions are required to meet contractual obligations with bridge banks established to...more
UPDATE (3/12 PM): U.S. Treasury Uses Systemic Risk Exception to Protect Depositors of Failed Banks and the Federal Reserve Board Establishes New Emergency Facility. Following the failure of Silicon Valley Bank (SVB) on...more
Background- On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for SVB....more
On January 3, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively the Agencies)...more
On January 3, 2023, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the “Agencies”) issued a joint...more