News & Analysis as of November 19, 2024

Federal Deposit Insurance Corporation › Credit Unions

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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 -

New FDIC Recordkeeping Requirements: Director Chopra Cautions Against a New Form of “Rent-a-Bank”

Bradley Arant Boult Cummings LLP on 9/24/2024

On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) rulemaking board proposed new recordkeeping rules intended to bolster the FDIC’s ability to make deposit insurance determinations for accounts that are...more

FDIC Approves Final Rule to Update Its Section 19 Regulations – Insured Depository Institutions Have Until October 1, 2024 to...

Littler on 9/9/2024

On July 30, 2024, the Federal Deposit Insurance Corporation (“FDIC”) Board of Directors approved a final rule that updates the FDIC’s regulations concerning Section 19 of the Federal Deposit Insurance Act, 12 U.S.C.§ 1829...more

Daily Financial Regulation Update -- Wednesday August 14

Paul Hastings LLP on 8/14/2024

August 13, 2024 - The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “When Are Central Bank Reserves Ample?” August 13, 2024 - The Federal Deposit Insurance Corporation...more

Several Regulators Re-Propose Rules to Curb Incentive Compensation at Financial Institutions

Troutman Pepper on 5/15/2024

On May 6, the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and Federal Housing Finance Agency (FHFA) issued a notice of proposed rulemaking and request for public comment to...more

Minnesota, Nevada, and Rhode Island Propose DIDMCA Opt-Outs

McGlinchey Stafford on 4/2/2024

Minnesota, Nevada, and Rhode Island are the most recent additions to the list of jurisdictions that have proposed legislation to opt out of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Sections...more

Colorado interest rate preemption opt-out challenged in federal court

Ballard Spahr LLP on 3/27/2024

On March 25, 2024, three consumer financial services industry trade groups filed a lawsuit asking the federal district court in Colorado to strike down recent Colorado legislation purporting to opt out of a federal law that...more

Legal Issues, Problems, and Unanswered Questions Regarding a State’s Ability and Potential Departure from the Depository...

Lewis Roca on 3/26/2024

In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more

Credit Union Share Certificates: A Primer

Seward & Kissel LLP on 1/29/2024

Over the last several years credit unions have sought to raise funds in the capital markets by issuing their Share Certificates through brokers or other intermediaries. Credit union shares have many of the same attributes of...more

Proposed Rule on Quality Control Standards for Automated Valuation Models: Comments Closed and Now What?

Dechert LLP on 11/9/2023

The proposed rule, if adopted, would apply to mortgage originators and issuers of mortgage-backed securitizations that rely on automated valuation models (“AVMs”) to determine the value of real estate collateral. The...more

Troutman Pepper Weekly Consumer Financial Services Newsletter -October 2023 # 3

Troutman Pepper on 10/17/2023

To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Banking and Consumer Regulatory Digest - August 2023

Davis Wright Tremaine LLP on 8/29/2023

The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more

Federal Agencies Issue Joint Guidance on Contingency Planning for Liquidity Risks

Troutman Pepper on 8/1/2023

On July 28, the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and the National Credit Union Administration (NCUA)...more

Agencies put out policy on CRE workouts

Orrick, Herrington & Sutcliffe LLP on 7/10/2023

On June 29, the FDIC, OCC, Federal Reserve Board, and NCUA, in consultation with state bank and credit union regulators, jointly issued a final policy statement addressing prudential commercial real estate loan accommodations...more

Promissory Notes - Banking & Finance Insights: V 3, Issue 4, April 2023

Spilman Thomas & Battle, PLLC on 5/1/2023

Banks are Borrowing Less from the Federal Reserve - “’So the fact that they are now borrowing less means that they’re trying to get back to normal.’” Why this is important: Investors and commentators look to several...more

New National Defense Authorization Act Expands ‘Fair Chance’ Initiatives to Covered Finance Institutions

Jackson Lewis P.C. on 2/15/2023

Covered financial institutions (such as banks and credit unions) have been swept into a new “fair chance” initiative designed to further reduce barriers to individuals with certain convictions....more

Promissory Notes - Banking & Finance Insights, Volume 2, Issue 11 2022

Spilman Thomas & Battle, PLLC on 11/21/2022

Schumer: Senate ‘Very Close’ To Passing SAFE Banking Act - “The House of Representatives passed the bill for the sixth time earlier this year.” Why this is important: The passage of the Secure And Fair Enforcement...more

Daily Financial Regulation Update -- Tuesday, July 19, 2022

Paul Hastings LLP on 7/19/2022

July 18, 2022- The U.S. Department of the Treasury released Treasury International Capital data for May 2022. Secretary of the Treasury Janet L. Yellen's Meetings with Counterparts at the G20 Finance Ministers and...more

Daily Financial Regulation Update --Wednesday, June 8, 2022

Paul Hastings LLP on 6/8/2022

Congress- U.S. Senate- Committee on Banking, Housing, and Urban Affairs- Brown Presses FSOC to Protect Consumer Data-...more

Financial Services Weekly Roundup: Code Libor – SEC And OCIE Issue Risk Alert In Preparation Of Libor Discontinuation

Goodwin on 6/26/2020

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

Credit Unions Purchasing Community Banks

Winthrop & Weinstine, P.A. on 1/13/2020

The recent trend of credit unions buying banks has become one of the hot topics in the industry. While the number of actual transactions is quite small relative to the number of mergers and acquisitions that take place each...more

Nutter Bank Report: September 2019

Nutter McClennen & Fish LLP on 9/30/2019

Headlines - FDIC Adopts Final Rule Establishing Community Bank Leverage Ratio Framework OCC Issues Compliance Guidance on Registered Appraisal Management Companies CFPB Announces New Policies to Promote Innovation...more

Would You Bank On Los Angeles?

Allen Matkins on 3/13/2019

On Monday, California Assemblymembers Miguel Santiago and David Chiu announced that they intend to author a bill that would allow local governments to form their own local or regional public banks. The announcement refers to...more

Nutter Bank Report, February 2019

Nutter McClennen & Fish LLP on 2/28/2019

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

October and November Developments

Sullivan & Worcester on 12/8/2017

For the first time in my memory, the Congress passed a joint resolution to disapprove a final regulation of a federal agency—in this case the CFPB and the rule was related to arbitration clauses in contracts for consumer...more

Banking Agencies Address Disaster Relief for Hurricane Harvey Victims

Ballard Spahr LLP on 9/1/2017

Several federal agencies have issued reminders and requirements related to banking and credit services for borrowers affected by Hurricane Harvey. We previously reported on mortgage-related guidance issued by Fannie Mae,...more

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Federal Deposit Insurance Corporation › Credit Unions

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