FDIC, Enforcement Actions

Suit against FDIC argues the agency is “unconstitutional” and violates Jarkesy

Orrick, Herrington & Sutcliffe LLP on 9/10/2024

Recently, the U.S. District Court for the District of Columbia received a complaint from an individual plaintiff suing the FDIC, its heads, board members and an administrative law judge (ALJ) for allegedly subjecting the...more

Blockchain and Digital Assets News and Trends - August 2024

DLA Piper on 9/3/2024

This monthly bulletin is designed to help companies identify important legal developments governing the use and acceptance of blockchain technology, smart contracts, and digital assets....more

FDIC issues May 2024 enforcement actions

Orrick, Herrington & Sutcliffe LLP on 7/17/2024

Recently, the FDIC released a list of administrative enforcement actions taken against banks and individuals in May 2024. During that month, the FDIC made public 15 orders consisting of: a combined personal consent order and...more

Oklahoma Bank Faces FDIC Consent Order

Sheppard Mullin Richter & Hampton LLP on 7/8/2024

An Oklahoma-based bank has been hit with a consent order from the FDIC after posting significant losses in its first year of operation. On June 28, the FDIC announced that it took an enforcement action against the bank...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

Banking and Consumer Regulatory Digest - March 2024 - 2

Davis Wright Tremaine LLP on 4/17/2024

Editor's Note - 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,...more

Recent FDIC Consent Orders Reflect Ongoing Scrutiny of Bank Relationships with Fintechs

Ballard Spahr LLP on 4/12/2024

In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness concerns relating...more

FDIC issues February enforcement action against New York bank for lack of effective third-party oversight

Orrick, Herrington & Sutcliffe LLP on 4/8/2024

On March 29, the FDIC released its list of February 2024 enforcement actions, which included a consent order against a New York digital bank in which the FDIC alleged a lack of sufficient oversight of the bank’s third-party...more

FDIC Announces Two More Consent Orders Containing Third-Party Risk Management and Fintech Partnership Orders

Troutman Pepper on 4/8/2024

On March 29, the Federal Deposit Insurance Corporation (FDIC) announced two more consent orders containing provisions relating to banks’ third-party risk management programs with respect to banking as a service (BaaS)...more

Banking and Consumer Regulatory Digest - February 2024

Davis Wright Tremaine LLP on 2/19/2024

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

FDIC issues December 2023 enforcement actions

Orrick, Herrington & Sutcliffe LLP on 2/5/2024

On January 26, the FDIC released a list of administrative enforcement actions taken against banks and individuals in December 2023. During that month, the FDIC made public 12 orders consisting of “four orders of termination...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

CFPB Bites of the Month - January 2024 - A Hazy Shade of Winter With the CFPB

Hudson Cook, LLP on 1/19/2024

In this month's article, we share some of our top "bites" for the prior and current month covered during the January 2024 webinar....more

Client Alert: How Regulatory Events of 2023 Should Guide Financial Institutions' New Year's Resolutions for 2024

Jenner & Block on 1/12/2024

As consumer-facing financial institutions of all types—from well-established banks to newly-launched fintechs—set their 2024 regulatory compliance goals, they may wonder if their New Year’s resolutions align with those that...more

FDIC Sends Clear Message in Recent Enforcement Action: BaaS/Fintech Partnerships are a High-Risk Compliance Area

Adams and Reese LLP on 12/14/2023

Last month, the Federal Deposit Insurance Corporation (“FDIC”) took action against a bank for alleged unsafe or unsound banking practices. This, in and of itself, is not usual or newsworthy. What is unusual and newsworthy,...more

FDIC Issues Order Against Bank Over Fintech Partnership

Sheppard Mullin Richter & Hampton LLP on 12/11/2023

On November 21, a Washington-based bank confirmed through a public filing that it entered into a consent order with the FDIC alleging that the bank engaged in unsafe or unsound banking practices, primarily related to products...more

Nutter Bank Report: November 2023

Nutter McClennen & Fish LLP on 11/30/2023

Headlines 1. Recent Bank Failures The FDIC has issued a final rule that will impose special assessments to recover the loss to the Deposit Insurance Fund (Fund) arising from the systemic risk determination announced on March...more

Opportunity Financial Scores Big Win in CA DFPI’s “True Lender” Lawsuit

Troutman Pepper on 11/14/2023

A California state court recently denied a preliminary injunction sought by the California Department of Financial Protection and Innovation (the DFPI) in its long-running litigation against Opportunity Financial (OppFi)...more

Banking and Consumer Regulatory Digest - November 2023

Davis Wright Tremaine LLP on 10/30/2023

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

Client Alert: New multi-front Enforcement Action Emphasizes Key AML Compliance Requirements

Jenner & Block on 10/12/2023

Shinhan Bank America (“Shinhan”), a New York-based subsidiary of a Korean bank, faced coordinated enforcement actions on September 29 from the Financial Crimes Enforcement Network (“FinCEN”), Federal Deposit Insurance...more

FinCEN Issues $15 Million Dollar Civil Penalty Against Shinhan Bank America for Alleged Failure to Implement and Maintain...

Ballard Spahr LLP on 10/10/2023

On September 29, the Financial Crimes Enforcement Network (“FinCEN”) entered into a consent order with Shinhan Bank America (“SHBA”), which imposed a $15 million dollar civil penalty against SHBA for allegedly willfully...more

Federal Deposit Insurance Corporation › Enforcement Actions