News & Analysis as of November 19, 2024

Freddie Mac

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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 and Consumer Regulatory Digest - April 2024 - 2

Davis Wright Tremaine LLP on 5/6/2024

Federal Reserve Board. Extended comment period. On April 24, 2024, FRB and the Office of the Comptroller of the Currency said they would continue to accept comments on Capital One's proposed acquisition of Discover Financial...more

Daily Financial Regulation Update -- Friday, December 8, 2023

Paul Hastings LLP on 12/8/2023

December 7, 2023- U.S. Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-S.C.) and Banking Committee Republicans are calling on Federal Deposit Insurance Corporation Chairman Martin...more

Daily Financial Regulation Update -- Wednesday, November 22, 2023

Paul Hastings LLP on 11/22/2023

November 21, 2023- The U.S. Department of the Treasury, through the Financial Crimes Enforcement Network (FinCEN), the Office of Foreign Assets Control (OFAC), and IRS Criminal Investigation (CI), has settled with Binance...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

Daily Financial Regulation Update -- Tuesday, October 17, 2023

Paul Hastings LLP on 10/17/2023

October 16, 2023- The U.S. Department of the Treasury and the Cyber Security Council of the United Arab Emirates announced the finalization of a bilateral Memorandum of Understanding on Cybersecurity Cooperation during a...more

What Does the Nation's Second Largest Bank Failure Mean for Business?

Holland & Hart LLP on 5/2/2023

In what is now the second largest bank failure in United States history, the California Department of Financial Protection and Innovation closed embattled San Francisco-based First Republic Bank shortly after midnight...more

Daily Financial Regulation Update -- Friday, December 23, 2022

Paul Hastings LLP on 12/23/2022

December 22, 2022- The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation today issued a revised interagency statement to extend the...more

Daily Financial Regulation Update -- Tuesday, October 18, 2022

Paul Hastings LLP on 10/18/2022

October 17, 2022- U.S. Department of the Treasury Office of Foreign Assets Control Director Andrea Gacki and HM Treasury Office of Financial Sanctions Implementation Director Giles Thomson published a joint article...more

Daily Financial Regulation Update -- Thursday, July 21, 2022

Paul Hastings LLP on 7/22/2022

July 20, 2022- The U.S. House Committee on Financial Services held a hearing entitled, "Housing in America: Oversight of the Federal Housing Finance Agency."...more

Daily Financial Regulation Update -- Thursday, June 9, 2022

Paul Hastings LLP on 6/9/2022

Major Developments- DFS Announces New Regulatory Guidance on the Issuance of U.S. Dollar-Backed Stablecoins- New York State Department of Financial Services (DFS) Superintendent Adrienne A. Harris today issued new DFS...more

Nutter Bank Report: April 2022

Nutter McClennen & Fish LLP on 4/29/2022

FDIC Directs Banks to Provide Notice Before Engaging in Crypto-related Activities According to guidance recently issued by the FDIC, banks that it supervises and that intend to engage in, or are already engaged in, activities...more

FHFA Eliminates Adverse Market Refinance Fee

Goodwin on 7/30/2021

In This Issue. The Federal Housing Finance Agency (FHFA) announced that Fannie Mae and Freddie Mac will no longer charge lenders the Adverse Market Refinance Fee; the Federal Deposit Insurance Corporation (FDIC) is seeking...more

SEC Raises Concerns About Misleading ESG Practices, Highlights Potential Violations

Goodwin on 4/20/2021

In This Issue. The U.S. Securities and Exchange Commission (SEC) Division of Examinations issued a Risk Alert raising concerns about misleading Environmental, Social, and Governance (ESG) disclosures by investment firms; the...more

OCC Proposes Rules for CRA Benchmarks and Fair Access

Goodwin on 11/30/2020

In the News. The Office of the Comptroller of the Currency (OCC) issued a long-awaited rule seeking comment on its proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail...more

CFPB, FTC And 50 States Show Power In Numbers With Operation Corrupt Collector

Goodwin on 10/2/2020

In the News. The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced Operation Corrupt Collector, a nationwide law...more

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

Goodwin on 8/28/2020

In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Nutter Bank Report: February 2020

Nutter McClennen & Fish LLP on 2/27/2020

Federal Reserve Revises Framework for Determining Control of a Banking Organization The Federal Reserve has adopted a final rule to simplify and clarify its regulations for determining control of a banking organization for...more

Financial Daily Dose 1.9.2020 | Top Story: “Highlights” from Carlos Ghosn’s Accusatory Press Conference

Robins Kaplan LLP on 1/9/2020

A recap of Carlos Ghosn’s big media moment on Wednesday, which was short on the escape details everyone wanted to hear and long on accusations against other execs at Nissan and Japan’s justice system....more

Orrick's Financial Industry Week In Review

Orrick, Herrington & Sutcliffe LLP on 1/27/2017

Financial Industry Developments - Federal Reserve Board Announces Finalized Rule Adjusting the Board's Maximum Civil Money Penalties - On January 18, 2017, the Federal Reserve Board announced that it was adjusting...more

Financial Services Weekly News - August 2016 #4

Goodwin on 8/25/2016

Editor's Note - Friend the Fed! As is the case every August, our federal government and regulators are hard at work, laser focused on the important issues of the day. In this regard, on August 18, the Federal Reserve...more

Regulators Demand “Good Faith Efforts” for TRID Implementation

Manatt, Phelps & Phillips, LLP on 10/20/2015

Why it matters - Federal regulators said they don’t expect perfection from banks trying to comply with the new mortgage disclosure requirements but will not turn a blind eye with regard to enforcement. In letters to...more

Dodd-Frank News: June 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

Burr & Forman on 6/26/2015

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 7/15/2014

New York's Highest Court Will Review First Department Decision on RMBS Putback Statute of Limitations - On June 27, the Court of Appeals for the State of New York agreed to review the First Department's December 2013...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

Ballard Spahr LLP on 6/20/2014

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

Orrick's Financial Industry Week in Review

Orrick, Herrington & Sutcliffe LLP on 6/10/2014

FMLC Publishes Response on Bail-in Powers - In response to a consultation by HM Treasury, the UK's Financial Markets Law Committee (FMLC) published a letter on June 4 relating to the bail-in powers introduced by the...more

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