August 27, 2024 - The Federal Reserve Board released the minutes from its recent meetings to review and determine the discount rates provided to depository institutions through the discount window....more
May 30, 2024 - The Federal Reserve Board published a working paper entitled, “Central Banking Post Crises.” May 30, 2024 - The Federal Reserve Board published a working paper entitled, “Constructing high-frequency...more
To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more
September 28, 2022- The Federal Reserve Board finalized a supervisory framework for insurance organizations that are overseen by the Board....more
Federal Agencies- Federal Reserve Board- Federal Reserve Board announces final timeline and implementation details for adoption of new Fedwire Funds Service message format-...more
The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the following nominations: The Honorable Michael S. Barr, of Michigan, to be a Member and Vice Chairman for Supervision of the Board of...more
On June 17, 2021, President Joe Biden signed into law Juneteenth National Independence Day Act. The enactment of the new Federal holiday was an historic and welcome national event. ...more
Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more
Federal Financial Regulators Seek Information on the Use of AI by Financial Institutions - On March 29, 2021, five federal financial regulatory agencies (the Federal Reserve, CFPB, FDIC, OCC, and NCUA) announced a request...more
FDIC Creates New Exceptions for Fintech Companies with Its Final Brokered Deposit Rule - On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) finalized its updated brokered deposit rule, providing...more
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more
The Conference of State Bank Supervisors (CSBS) and the Consumer Financial Protection Bureau (CFPB) recently issued a joint statement concerning mortgage loan forbearances under the Coronavirus Aid, Relief, and Economic...more
The Consumer Financial Protection Bureau (CFPB) and Conference of State Bank Supervisors (CSBS) recently issued a joint statement addressing mortgage loan forbearances under the CARES Act. It appears that the conduct of...more
In This Issue. The Office of the Comptroller of the Currency (OCC) finalized a rule to strengthen and modernize regulations under the Community Reinvestment Act; the Securities and Exchange Commission (SEC) voted to adopt...more
(New information added on April 17, 2020) - As the coronavirus crisis unfolds, federal and state financial services regulatory agencies have taken multiple actions impacting banks, non-bank financial service providers, and...more
The three US federal banking agencies continue to take additional steps to promote the functioning of the financial system in the face of the pandemic. The three US federal banking agencies - the Board of Governors of the...more
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
Editor's Note - Fireworks After the July 4th Holiday. On July 10, the Consumer Financial Protection Bureau (CFPB) issued the highly anticipated final Arbitration Rule, which prohibits the use of mandatory arbitration...more
Earlier this month, the Electronic Transactions Association (ETA) hosted its annual TRANSACT conference to connect and educate the various branches of the payments industry. Industry leaders spoke on technology, security,...more
Editor's Note - The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more
Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more
CFPB Delays the Effective Date of New Prepaid Accounts Rule - The CFPB adopted a final rule on April 20 that delays the general effective date of its rule governing prepaid accounts by six months. The rule will now take...more
What were state banking regulators focused on last year? A new report from the Conference of State Bank Supervisors (CSBS) reveals that state regulators "increased coordination and collaboration between state regulators and...more
The CFPB announced earlier this week that it has established a “framework” with the Conference of State Bank Supervisors (CSBS) for coordination among the CFPB and state regulators on supervision and enforcement matters....more
Last week, the CFPB issued a Statement of Intent that describes its plans for sharing information about nonbanks with state banking and financial service regulators (“State Regulators”) and coordinating supervisory and...more