News & Analysis as of September 13, 2024

Banking Sector

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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 -

FDIC’s Gruenberg speaks on FDIC’s plans for economic inclusion

Orrick, Herrington & Sutcliffe LLP on 4/15/2024

On April 4, Federal Deposit Insurance Corp. Chairman, Martin J. Gruenberg, delivered a speech on the FDIC’s economic inclusion strategy. The speech highlighted the FDIC’s commitment to economic inclusion, efforts to...more

FDIC releases bank report on its past discriminatory lending practices

Orrick, Herrington & Sutcliffe LLP on 4/15/2024

On April 3, the FDIC made public for the first time its Community Reinvestment Act Performance Evaluation for a bank from September 2022. The bank focused on residential and commercial lending and had $1.15 billion in assets...more

OCC Issues Policy Guidance on Venture Loans

Latham & Watkins LLP on 11/29/2023

The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in venture lending. On November 1, 2023, the Office of the Comptroller of the Currency...more

Nutter Bank Report: October 2023

Nutter McClennen & Fish LLP on 10/31/2023

The federal banking agencies have jointly issued a final rule that will modify how examiners assess compliance with the Community Reinvestment Act (CRA). Among other changes to the CRA regulations announced on October 24, the...more

Federal and state financial regulatory agencies issue joint statement on the effects of Hurricane Idalia on supervisory practices

Orrick, Herrington & Sutcliffe LLP on 9/11/2023

On September 1, the FDIC, Fed, NCUA, OCC and CSBS issued a joint statement recognizing the serious impact of Hurricane Idalia on the customers and operations of many financial institutions in the effected area. The guidance...more

Crisis Averted? Close Calls and Lessons for CRE Lenders After the Shutdown of Signature Bank

Dechert LLP on 3/17/2023

Breaking up is hard to do... …or so they say. And with a bank in receivership, it’s even harder. In the immediate wake of the Signature Bank takeover, commercial real estate lenders undertook swift inventory of their loan...more

Silicon Valley Bank Closure: Updated Considerations Following the Creation of Silicon Valley Bridge Bank, N.A.

Fenwick & West LLP on 3/15/2023

Considerations relating to Silicon Valley Bank (SVB)’s closure have continued to evolve as a result of the recent announcement by the Federal Deposit Insurance Corporation (FDIC) that it has transferred all deposits—both...more

Bank Contagion Spreads, Celsius Still Sending the Wulf? Voyager Nearing End of Journey, and Info (Salary) Wars

Seward & Kissel LLP on 3/13/2023

Crypto-friendly lender Silvergate collapses | CNBC - Silvergate, a Crypto focused lender, announced it will wind down its operations and voluntarily liquidate the bank. This announcement comes a week after Silvergate...more

Promissory Notes - Banking & Finance Insights: V 3, Issue 2, February 2023

Spilman Thomas & Battle, PLLC on 2/22/2023

Community Banks Renew Fight Against ILCs - “ICBA reiterates opposition to non-bank-owned lenders’ applications to the FDIC, naming GM, Ford, Rakuten.” Why this is important: The Independent Community Bankers of...more

SEC Proposes Changes to Private Fund Regulation

Goodwin on 2/11/2022

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...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

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

SEC Announces Annual Regulatory Agenda

Goodwin on 7/27/2021

In This Issue. Several federal financial regulatory agencies updated their Spring 2021 regulatory agendas; the Consumer Financial Protection Bureau (CFPB) announced its intention to restart Military Lending Act examinations;...more

OCC Reconsiders Controversial Revisions to CRA Rules

Goodwin on 5/21/2021

In This Issue. The Office of the Comptroller of the Currency (OCC) announced that it will reconsider its controversial June 2020 final rule revising its Community Reinvestment Act (CRA) rules, and published its Semiannual...more

Fed Invites Public Comment on Proposed Changes to Durbin Amendment

Goodwin on 5/14/2021

In this Issue. The Board of Governors of the Federal Reserve System (Federal Reserve) invited public comment on proposed changes to Regulation II, better known as the Durbin Amendment, regarding network availability for...more

Another Maryland threat to bank partner model lending

Ballard Spahr LLP on 5/6/2021

A Maryland administrative action recently removed to the state’s federal district court illustrates how Maryland law continues to present challenges for the bank partner structure used by many lenders....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

Biden Administration Issues Regulatory Freeze On New Agency Rules

Goodwin on 1/29/2021

In this Issue. In one of its first acts after being installed on January 20, the Biden Administration issued a regulatory freeze on new agency rules that have been adopted but are not yet effective; in one of its final acts...more

Partnering-up: Structuring a Successful Bank Partnership Lending Model with FinTechs

Bradley Arant Boult Cummings LLP on 1/25/2021

Over the last sever..al years, banks of all sizes have successfully partnered with emerging fintech companies to offer innovative loan products to a broader range of customers. Under a typical form of this partnership, a...more

FDIC Adopts Final Rule Regarding ILC Applications

Holland & Knight LLP on 1/22/2021

The Federal Deposit Insurance Corporation (FDIC) approved on Dec. 15, 2020, a final rule that clarifies how it intends to treat applications to insure an industrial bank or industrial loan company (each, an ILC) or to merge...more

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on 1/7/2021

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Fintech Year in Review—2020

Manatt, Phelps & Phillips, LLP on 1/7/2021

As we prepare to put 2020 in the rearview mirror, many of us will not have fond memories of the year. Quarantines, masks, social distancing, unspeakable tragedy, economic ruin for some industries. But the fintech world proved...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

SEC Adopts Broad Exempt Offering Reforms

Goodwin on 11/5/2020

In the News. The Securities and Exchange Commission (SEC) adopted broad exempt offering reforms; the Department of Labor (DOL) finalized a rule, with significant revisions from the original proposal, on ESG investments; the...more

OCC Issues Final Rule On True Lender

McGlinchey Stafford on 11/5/2020

The Office of the Comptroller of the Currency (OCC) issued a final rule last week to establish a “simple, bright-line test” to determine when a national bank or federal savings association is the true lender. Under the rule,...more

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