News & Analysis as of October 15, 2024

Financial Services Industry

+ Follow

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 -

FDIC Proposes Significant Revisions to Brokered Deposit Regulations

Holland & Knight LLP on 10/8/2024

The Federal Deposit Insurance Corporation (FDIC) announced a proposed rule that would revise brokered deposit regulations promulgated under Section 29 of the Federal Deposit Insurance Act....more

Custody Battles: The FDIC's Latest Proposed Rule on FBO Accounts

Venable LLP on 9/19/2024

The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....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

FDIC Proposes Expanding Change in Bank Control Act Reviews Aimed at Asset Managers

K&L Gates LLP on 8/23/2024

Executive Summary - Last month, the Federal Deposit Insurance Corporation (FDIC) Board of Directors (FDIC Board) proposed an amendment to its regulations under the Change in Bank Control Act of 1978 (CBCA). Driven by the...more

FDIC Proposes Rule to Revise Brokered Deposit Regulations and Issues Request for Information on Deposit Data

Alston & Bird on 8/22/2024

In a proposed rule and information request, the Federal Deposit Insurance Corporation expressed its concerns with the current brokered deposit restrictions and reporting requirements. Our Financial Services Team zeroes in on...more

FDIC Issues Narrow Interpretation of ATM Exception in Definition of Domestic Branch

Mayer Brown on 8/19/2024

On August 9, 2024, the US Federal Deposit Insurance Corporation (FDIC) issued an interpretation of the exclusion of automated teller machines (ATMs) and remote service units (RSUs) from the definition of a domestic branch....more

Colorado DIDMCA Opt-Out Litigation: District Court Enjoins the Colorado Attorney General and Administrator of the Colorado Uniform...

McGlinchey Stafford on 7/1/2024

On June 18, 2024, in NAIB, et al v. Weiser, et al., the United States District Court for the District of Colorado granted the motion for preliminary injunction filed by plaintiffs, the National Association of Industrial...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

NYDFS Sues Citigroup Over Lax Antifraud Defenses, Seeking Major Expansion in Antifraud Liability for Banking Institutions

The Volkov Law Group on 1/31/2024

The New York Department of Financial Services (“NYDFS”) has brought action in Federal court against Citibank, N.A., alleging that the bank systemically failed to protect accountholders from rampant online scam activity,...more

FRB, FDIC, OCC and NCUA Testify at Congressional Oversight Hearings

Cadwalader, Wickersham & Taft LLP on 11/17/2023

This week, the Senate Banking Committee and the House Financial Services Committee held oversight hearings with leaders of the Federal Deposit Insurance Corporation (“FDIC”), Federal Reserve Board (“FRB”), the National Credit...more

FDIC Releases SOD Data

Cadwalader, Wickersham & Taft LLP on 10/2/2023

Recently, the Federal Deposit Insurance Corporation (“FDIC”) released its annual Summary of Deposits (“SOD”) data, as of June 2023. The annual SOD data is the result of the FDIC’s annual survey of branch office deposits...more

Eventful Horizons September 2023 - Same Faces, Different Places

Cadwalader, Wickersham & Taft LLP on 9/29/2023

Following the disruption in the market in March of this year, with the FDIC seizing three major middle-market lenders one of the questions on many people’s minds was – where were our bankers, colleagues, clients and friends...more

FFForEver August 2023 - Lender Intel: A First Glance at Q2 Call Reports

Cadwalader, Wickersham & Taft LLP on 8/14/2023

The FDIC set up the SVB bridge bank on March 26, which meant that Q1 bank earnings reports and industry data largely reflected a business environment that had ceased to exist by the time the numbers hit the tape. With the Q2...more

Agencies update guidance on liquidity risks and contingency planning

Orrick, Herrington & Sutcliffe LLP on 8/4/2023

On July 28, the OCC, FDIC, NCUA and Fed issued an addendum to the Interagency Policy Statement on Funding and Liquidity Risk Management, issued in 2010. The update on liquidity risks and contingency planning emphasizes that...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

FDIC Issues Reminder to Banks on Reporting of Uninsured Deposits

Cadwalader, Wickersham & Taft LLP on 7/31/2023

The Federal Deposit Insurance Corporation (“FDIC”) issued a Financial Institution Letter (“FIL”) earlier this week regarding banks’ errors in reporting estimated uninsured deposits....more

TL;DR: The Feds on SVB and Deposit Insurance Reform

Miller Nash LLP on 5/9/2023

The Federal Reserve recently published a whopping 118-page review of the failure of Silicon Valley Bank (SVB), and three days later the FDIC published a 75-page report outlining several ideas to reform our deposit insurance...more

Common Cash Management Practices and Associated Protections and Risks

Morgan Lewis on 4/17/2023

In the wake of the Silicon Valley Bank and Signature Bank defaults, it is important for bank customers to understand the common cash management options and accounts available in financial institutions as well as their...more

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

Spilman Thomas & Battle, PLLC on 4/3/2023

Now is the Time to Guard Against Reckless Banking Legislation - “Only a structural change to the way Congress acts on financial regulation will prevent future losses.” Why this is important: An old adage is that...more

SVB Financial Group Chapter 11 Case – Issues with the FDIC May Be Front and Center

Cadwalader, Wickersham & Taft LLP on 3/22/2023

As many parties expected, on March 17, 2023 SVB Financial Group (“SVB Financial” or the “Debtor”) the holding company for Silicon Valley Bank, commenced a case under chapter 11 of the United States Bankruptcy Code (the...more

Special Alert: SVB/Signature Receiverships: Key Impacts of SVB/Signature Receiverships on Fund Finance Transactions

Cadwalader, Wickersham & Taft LLP on 3/14/2023

It has been a chaotic 72 hours, with changing facts, breaking news and unexpected developments. The market turmoil has kept us scrambling to figure out how best to get deals closed, to keep money moving and to meet our...more

Banking Agencies Extend Reg. O Relief

Cadwalader, Wickersham & Taft LLP on 1/12/2023

On December 22, just before many of us may have started turning to our holiday breaks, the Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”) and Office of the Comptroller of the Currency (“OCC”)...more

FDIC Continues Cease and Desist Sweep Regarding Deposit Insurance and Crypto

Cadwalader, Wickersham & Taft LLP on 8/29/2022

A couple of weeks ago, we reported on the FDIC and the Federal Reserve Board sending a cease and desist (“C&D”) letter to Voyager Capital to stop representing that customer funds were protected by deposit insurance. This past...more

FDIC Issues Cease and Desist Letter to Voyager Digital, LLC; Fact Sheet on Deposit Insurance and Cryptocurrency

Dechert LLP on 8/5/2022

The Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (Board of Governors) issued a joint letter (Joint Letter) on July 28, 2022, to Voyager Digital, LLC and its related entities...more

Deposit Insurance Limits and Trusts and Mortgage Servicing

Cadwalader, Wickersham & Taft LLP on 6/2/2022

The FDIC released a “Small Entity Compliance Guide” that provides a summary of its final rule allowing for the “simplification of deposit insurance,” which takes effect on April 1, 2024....more

42 Results

View per page

Page: of 2

Federal Deposit Insurance Corporation › Depository Institutions › Financial Services Industry

"My best business intelligence, in one easy email…"