News & Analysis as of September 26, 2024

COVID-19

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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 -

10 Considerations for Fintechs Partnering with Community Banks

Goodwin on 7/17/2024

As banking and technology become more integrated, banks are increasingly partnering with fintechs to expand their customer offerings. The rapid rise of these partnerships has generated questions for both banks and fintechs on...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

Daily Financial Regulation Update -- Tuesday, September 13, 2022

Paul Hastings LLP on 9/13/2022

September 12, 2022- The Federal Reserve Board published a paper entitled, "The impact of risk cycles on business cycles: a historical view."...more

Daily Financial Regulation Update -- Saturday, July 16, 2022

Paul Hastings LLP on 7/18/2022

July 15, 2022- U.S. Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin (D-Md.) and U.S. Senators John Cornyn (R-Texas), Chris Van Hollen (D-Md.), and Roger Wicker (R-Miss.), along with 44 senators, today...more

Daily Financial Regulation Update -- Friday, July 8, 2022

Paul Hastings LLP on 7/8/2022

July 7, 2022- The Secretary of the Treasury, in consultation with the Secretary of State, the Secretary of Commerce, the Administrator of the U.S. Agency for International Development, and the heads of other relevant...more

Daily Financial Regulation Update -- Friday, June 3, 2022

Paul Hastings LLP on 6/3/2022

Federal Agencies- U.S. Department of the Treasury- U.S. Treasury Severs More Networks Providing Support for Putin and Russia's Elites-...more

Agencies’ Joint Statement on Supervisory and Enforcement Practices Forecasts Increased Scrutiny and Regulatory Activity

Bradley Arant Boult Cummings LLP on 11/12/2021

On November 10, 2021, the Board of Governors of the Federal Reserve, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller...more

Nutter Bank Report: August 2021

Nutter McClennen & Fish LLP on 8/30/2021

Supreme Court Strikes Down Extension of CDC Moratorium on Evictions - The U.S. Supreme Court has issued a ruling that blocks the extension of the moratorium on evictions ordered by the Centers for Disease Control and...more

House Votes to Repeal OCC True Lender Rule

Goodwin on 7/28/2021

In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Financial Services Report - Summer 2021

Morrison & Foerster LLP on 6/9/2021

As spring turns to summer, climate change is on our minds. A new day, a new story about how financial institutions are addressing climate-related risks. In the past few months, six major banks—Bank of America, JPMorgan...more

President Biden Signs Executive Order Addressing Climate-Related Financial Risks

Goodwin on 5/27/2021

In This Issue. President Biden signed an executive order addressing climate-related financial risks; the Office of the Comptroller of the Currency (OCC) finalized a rule applicable to national banks and federal savings...more

Troutman Pepper Weekly Consumer Financial Services COVID-19 Newsletter - May 2021 #3

Troutman Pepper on 5/25/2021

Like most industries today, Consumer Finance Services businesses are being significantly impacted by the novel coronavirus (COVID-19). Troutman Pepper has developed a dedicated COVID-19 Resource Center to guide clients...more

Promissory Notes - Banking & Finance Insights, Issue 2

Spilman Thomas & Battle, PLLC on 4/13/2021

The Fed Plans to Unveil Digital Dollar Prototypes in July - "The Boston Fed and MIT hope to unveil some of their work in the third quarter, including at least two prototype software platforms that could move, store and...more

SBA Implemented Changes to PPP as a Part of American Rescue Plan Act

Goodwin on 3/25/2021

In this Issue. The federal bank regulatory agencies announced that the temporary change to the supplementary leverage ratio for depository institutions will expire as scheduled on March 31, 2021; the Small Business...more

Treasury Rolls Out Emergency Capital Investment Program

Goodwin on 3/12/2021

In this Issue. The U.S. Department of the Treasury announced that it was opening the application process for the Emergency Capital Investment Program, a new program designed to provide long-term, low-cost equity and...more

Financial Services Report - Spring 2021

Morrison & Foerster LLP on 3/2/2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

LIBOR Administrator Signals the Phase-Out of LIBOR to Begin in 2022

Womble Bond Dickinson on 12/1/2020

On November 30, 2020, the ICE Benchmark Administration Limited (IBA), the administrator of the London Interbank Offered Rate (LIBOR), announced that it would consult on its plan to cease the publication of one-week and...more

CFPB Grants No-Action Letter for Proposed Small-Dollar Credit Product

Goodwin on 11/12/2020

In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more

SEC Adopts Rule Providing New Regulatory Framework For Fund-Of-Funds

Goodwin on 10/22/2020

In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...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

Federal Banking Agencies Finalize and Clarify Appraisal Deferral Rule

Ballard Spahr LLP on 9/30/2020

As previously reported, the federal banking agencies announced an interim final rule in April 2020 due to COVID-19 that allows for appraisals and evaluations of homes and other real property to be obtained up to 120 days...more

SEC Stays Busy With Amendments And Extensions To Various Rules, Definitions And Disclosures

Goodwin on 9/17/2020

In the News. The Securities and Exchange Commission (SEC) adopted final rules to update and expand the statistical disclosures that bank and savings and loan registrants must provide to investors for the first time in 30...more

FFIEC Issues New Guidance on Loan Accommodations Related to COVID-19

Butler Snow LLP on 8/26/2020

At the onset of the pandemic, many financial institutions offered credit accommodations, such as short-term deferrals and other loan modifications, to borrowers in response to the significant adverse impact caused by...more

Financial Services Report, Summer 2020

Morrison & Foerster LLP on 7/15/2020

Is it just us or does March 4 — the date of our last issue — feel like a million years ago? Like you, and not necessarily in this order, we have been: doing our work; keeping up with COVID-19-related laws, guidance, and...more

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

Goodwin on 7/6/2020

In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

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