News & Analysis as of November 19, 2024

Financial Institutions

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The Federal Deposit Insurance Corporation is a United States federal agency created in 1933 in response to widespread bank failures in the 1920s and early 1930s. The FDIC's mission is to maintain stability and consumer confidence in the United States banking system by insuring deposits, monitoring the health of financial institutions and managing receiverships. less -

Banking Regulators’ Request for Information on Bank-Fintech Arrangements

Cadwalader, Wickersham & Taft LLP on 8/12/2024

On July 25, 2024, the Fed, the OCC and the FDIC (the “Banking Regulators”) released a “Request for Information on Bank-Fintech Arrangements Involving Banking Products and Services Distributed to Consumers and Businesses” (the...more

Regulators Focus on Bank-Fintech Arrangements

Alston & Bird on 8/9/2024

Through joint guidance and an information request, federal bank regulators underscored banks’ compliance responsibilities in their banking-as-a-service (BaaS) relationships with third parties. Our Financial Services Team...more

Bank Regulators Issue Statement on Third-Party Relationships with Financial Institutions and Publish Request for Information on...

Ballard Spahr LLP on 8/1/2024

The federal banking regulators (The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation) issued on July 25 a lengthy joint statement...more

Nutter Bank Report: July 2024

Nutter McClennen & Fish LLP on 7/31/2024

The federal banking agencies have published joint guidance for banks about risks posed by fintech companies and other third parties to deliver bank deposit products and services. The joint guidance issued on July 30...more

Banking Regulators Seek Comment on Third-Party Relationships with Financial Institutions

Ballard Spahr LLP on 7/31/2024

The federal banking regulators are seeking comment to better understand the relationship between financial institutions and third parties that work for them....more

The U.S. Basel III Endgame Proposal: Update and Thoughts

Cadwalader, Wickersham & Taft LLP on 6/28/2024

On September 18, 2023, the U.S. Basel III Endgame proposal was published in the Federal Register. The comment period ended on January 16, 2024, with the banking regulators (the Federal Reserve, the OCC, and the FDIC) having...more

Crystal Clear: New Guide on Third-Party Risk Management for Community Banks - and Others

Venable LLP on 5/14/2024

It is no secret that the Federal Reserve, the FDIC, and the OCC have zeroed in on banks' use of third parties for products, services, and other operations, the risks those arrangements may pose, and banks' responsibility to...more

Financial Regulatory Reform Tracker - Anti-Tailoring Efforts

Venable LLP on 8/29/2023

Following the 2023 bank failures, the federal banking regulators (the Federal Reserve, the OCC, and the FDIC) have signaled that they are seeking to develop more stringent bank regulatory requirements for larger banking...more

Federal Banking Agencies Propose Basel III Endgame Capital Rules

Goodwin on 8/4/2023

On July 27, 2023, the Federal Reserve, FDIC, and OCC issued a notice of proposed rulemaking and request for comment on a proposal (the Proposal) to implement the final components of the Basel III Capital Accords, often...more

Capital Idea? Risk-Based Capital, Capital Relief Trades and the Proposed Basel III Endgame Capital Rules

Cadwalader, Wickersham & Taft LLP on 8/3/2023

On July 27, 2023, the U.S. federal prudential bank regulators (the Federal Deposit Insurance Corporation, the Federal Reserve Board (“FRB”) and the Office of the Comptroller of the Currency) proposed new capital requirements...more

Federal Bank Regulatory Agencies Issue Final Joint Guidance for Managing Third-Party Relationship Risks

Hudson Cook, LLP on 7/5/2023

On June 6, 2023, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency issued final joint guidance addressing bank management of...more

Bank Regulators Issue Guidance for Third-Party Risk Management

Goodwin on 7/3/2023

On June 6, 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, Agencies)...more

Federal Reserve Announces Backstopping of Silicon Valley Bank and Signature Bank Depositors

Foley & Lardner LLP on 3/14/2023

Secretary of the Treasury Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin J. Gruenberg issued a joint statement this evening approving actions...more

Recent Actions by the Fed Show Its Continued Cautious Approach to Cryptoasset Activities by Supervised Institutions

Skadden, Arps, Slate, Meagher & Flom LLP on 2/7/2023

In the past year, the Board of Governors of the Federal Reserve System (the Board) Biden administration officials, and other U.S. banking regulators have repeatedly voiced growing concerns about certain cryptoasset...more

Nutter Bank Report: January 2023

Nutter McClennen & Fish LLP on 1/31/2023

Federal Reserve Policy Aims to Level the Playing Field for Insured and Uninsured Banks: The Federal Reserve has issued a policy statement clarifying that uninsured state member banks will be subject to the same limitations...more

Banking Regulators Issue Joint Statement on Crypto Risks

Latham & Watkins LLP on 1/12/2023

Banking organizations should ensure appropriate risk management, but regulators are skeptical of certain crypto activities as principal. On January 3, 2023, the Board of Governors of the Federal Reserve System (Federal...more

Zelle Fraud Reimbursement Demands on Banks and Credit Unions

Kaufman & Canoles on 9/9/2022

Tristan v. Bank of America, N.A., Case No. 8:22-cv-1183-CDCA (June 8, 2022). There is a groundswell of litigation arising over the lack of fraud warning or bank reimbursement protection for customers utilizing the Zelle...more

Risks Associated with Cryptocurrency Activities Continue to be Top-of-Mind for Federal Banking Regulators

Moore & Van Allen PLLC on 8/29/2022

For those tracking developments impacting the crypto-asset space, the summer has been far from slow and leisurely. Multiple industry alerts flow daily with news of new legislative proposals, enforcement actions, and other...more

In Depth: A Look at Federal Banking Agencies’ Proposal to Update Community Reinvestment Act Rules

Cadwalader, Wickersham & Taft LLP on 5/17/2022

As we mentioned briefly in our newsletter last week, the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board (“FRB”) and the Office of the Comptroller of the Currency (“OCC”) (together, “The Agencies”)...more

Federal Banking Regulators Propose Overhaul of Community Reinvestment Act

Pillsbury Winthrop Shaw Pittman LLP on 5/9/2022

Regulators took a first step toward modernizing CRA regulations with a joint Notice of Proposed Rulemaking. The proposed rule would add more standardized metrics for regulators’ CRA examinations and more clearly delineate...more

Federal Banking Regulators Issue New Guidance for Complying with 36 Hour Cybersecurity Incident Reporting Requirement

Polsinelli on 4/1/2022

On March 29, 2022, federal banking regulators issued important guidance for how banking organizations can comply with the upcoming requirement to notify regulators within 36 hours of ransomware or other disruptive...more

Federal Regulators Move To Regulate Stablecoins Through Banking Laws Plus New Legislation

Skadden, Arps, Slate, Meagher & Flom LLP on 11/17/2021

The President’s Working Group on Financial Markets (PWG), together with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a much-anticipated Report on...more

Federal banking regulators issue statement on loan reference rates and advise prompt transition from LIBOR

Ballard Spahr LLP on 11/10/2020

The Fed, FDIC, and OCC have issued a “Statement on Reference Rates for Loans” that addresses replacement rates for the London Inter-Bank Offered Rate (LIBOR). LIBOR, which many creditors currently use as the index for...more

Nutter Bank Report: August 2020

Nutter McClennen & Fish LLP on 8/27/2020

Federal Court Dismisses Class Action Claims Against PPP Lenders for Agent Fees - A federal court in Florida has dismissed claims made in a class action lawsuit against several banks and other Small Business Administration...more

Joint Statement Issued by Federal Banking Regulators to Encourage (Yes, Encourage) Responsible Small-Dollar Lending in Response to...

Bradley Arant Boult Cummings LLP on 5/26/2020

Following previous guidance issued by (and in some cases withdrawn by) the OCC, CFPB, Federal Reserve, FDIC, and NCUA, the federal financial institution regulatory agencies published a joint statement on March 26, 2020, in...more

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