News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Banking Sector Depository Institutions

Latham & Watkins LLP

FDIC Proposes Amendments to Its Change in Bank Control Act Regulations

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The proposal would establish stricter oversight of certain transactions and responds to concerns that large asset managers may be exerting influence on FDIC-supervised institutions. On July 30, 2024, the Board of...more

Morgan Lewis

CFPB Finalizes New Rule to Monitor Nonbank ‘Repeat Offenders’

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The Consumer Financial Protection Bureau (CFPB) recently finalized its proposed rule to create a so-called “Repeat Offender” registry for certain covered financial services providers and individuals violating federal, state,...more

Sheppard Mullin Richter & Hampton LLP

Lawsuit Challenges CFPB Reporting Rule for Small Business Lending

On April 26, an association of Texas state banking organizations and a Texas minority depository institution filed a joint complaint against the CFPB in Texas federal court seeking to invalidate a recently finalized agency...more

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2023

President Recommends Regulatory Reforms to Address Recent Bank Failures - President Biden has issued a statement urging the federal banking agencies to adopt regulatory reforms that are meant to reduce the risk of future...more

Nutter McClennen & Fish LLP

Nutter Bank Report: November 2022

Headlines: CFPB Reminds Credit Bureaus and Furnishers of Their Obligations to Investigate Disputes The CFPB has issued guidance on the obligations of both credit bureaus and furnishers of consumer credit information,...more

Morgan Lewis

President’s Working Group Report: Stablecoin Issuers Should Be Banks; Status as Securities or Commodities Still Unclear

Morgan Lewis on

US President Joe Biden’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a report on the risks and...more

Goodwin

SEC Announces Annual Regulatory Agenda

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In This Issue. Several federal financial regulatory agencies updated their Spring 2021 regulatory agendas; the Consumer Financial Protection Bureau (CFPB) announced its intention to restart Military Lending Act examinations;...more

Nutter McClennen & Fish LLP

Nutter Bank Report: June 2021

Fed Issues Proposed Rule for New Instant Electronic Payment Service - FedNow The Federal Reserve has issued a proposed rule that would govern funds transfers over the Federal Reserve’s new 24x7x365 service that will...more

Goodwin

OCC Reconsiders Controversial Revisions to CRA Rules

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) announced that it will reconsider its controversial June 2020 final rule revising its Community Reinvestment Act (CRA) rules, and published its Semiannual...more

Goodwin

OCC Grants National Trust Bank Charter to Third Cryptocurrency Firm

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) granted preliminary conditional approval to a third cryptocurrency firm chartering a national trust bank; the Consumer Financial Protection Bureau (CFPB)...more

Goodwin

Treasury Rolls Out Emergency Capital Investment Program

Goodwin on

In this Issue. The U.S. Department of the Treasury announced that it was opening the application process for the Emergency Capital Investment Program, a new program designed to provide long-term, low-cost equity and...more

Goodwin

10 Key Takeaways From California’s New Consumer Finance Regulatory And Enforcement Regime

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Three California laws that affect fintech companies will go into effect on January 1, 2021. The California Consumer Financial Protection Law (CCFPL) expands the scope of the Department of Business Oversight’s (DBO) current...more

Goodwin

OCC Finalizes “True Lender” Rule

Goodwin on

In the News. The Office of the Comptroller of the Currency (OCC) finalized its “true lender” rule, which establishes that a national bank or federal savings association (bank) is the “true lender” of a loan if, as of the...more

Goodwin

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

Goodwin on

In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more

Goodwin

CFPB, FTC And 50 States Show Power In Numbers With Operation Corrupt Collector

Goodwin on

In the News. The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced Operation Corrupt Collector, a nationwide law...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

Goodwin on

In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Nutter McClennen & Fish LLP

Nutter Bank Report November 2018

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

Nutter McClennen & Fish LLP

Nutter Bank Report, March 2018

Headlines: ...Lawsuits Challenging Overdraft Fees Continue Against Depository Institutions ...Broad Regulatory Relief Bill Passes Senate and Is Sent to House for Consideration ..FFIEC Issues Revised Guidance...more

Ballard Spahr LLP

CFPB and banking agencies begin review of bank sales practices

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According to Politico, the CFPB, OCC, Fed and FDIC have launched a review of bank sales practices, with the reviews to be conducted as special reviews rather than as part of the regular examination process....more

Ballard Spahr LLP

Trade groups seek extension of compliance date for Military Lending Act final rule

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The American Bankers Association, joined by six other prominent industry trade groups, is seeking a six-month extension of the date by which depository institutions must comply with the Military Lending Act (MLA) final rule...more

Polsinelli

Banking Agencies Issue Deposit-Reconciliation Best Practices

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Five federal regulators on Wednesday – the FDIC, the Fed, CFPB, NCUA, and OCC – issued an interagency guidance applicable to all FDIC-supervised financial institutions describing expectations for effective...more

Stinson - Corporate & Securities Law Blog

Can You be Regulated by the CFPB?

The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage...more

Ballard Spahr LLP

CFPB settles first overdraft opt-in rule enforcement action

Ballard Spahr LLP on

The CFPB announced yesterday that it had reached a settlement with Regions Bank regarding claims that the bank unlawfully charged overdraft fees to customers who had not opted-in for overdraft coverage. The matter is the...more

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