News & Analysis as of September 26, 2024

Risk Management

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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 -

Where the F(BO) Is the Money? Part 1 – Synapse’s Clarion Call for Standards

Troutman Pepper on 9/11/2024

This is the first of three articles focused on a key question: as bank-fintech partnerships continue to play a vital role in driving financial services, how does the industry make this system safer and better?...more

Nutter Bank Report: July 2024

Nutter McClennen & Fish LLP on 7/31/2024

The federal banking agencies have published joint guidance for banks about risks posed by fintech companies and other third parties to deliver bank deposit products and services. The joint guidance issued on July 30...more

Treasury Calls for Enhanced Supervision of Fintech Partnerships

Morrison & Foerster LLP on 12/7/2022

On November 16, 2022, the Department of Treasury (“Treasury”) issued a report titled “Assessing the Impact of New Entrant Non-bank Firms on Competition in Consumer Finance Markets” (“Treasury Report”), which, among other...more

Financial Regulators Issue New Cyber Incident Reporting Rule for U.S. Banks and Service Providers

Balch & Bingham LLP on 11/23/2021

On November 18, 2021, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) approved a new final rule regarding reporting of cyber incidents for U.S. banks...more

Federal Banking Regulators Shine Light Again on Third-Party Risk Management

Eversheds Sutherland (US) LLP on 10/25/2021

Federal banking regulators have again demonstrated their focus on bank oversight and management of risk from third party relationships through a series of guidance and proposed guidance published in the third quarter of 2021....more

FDIC Seeks Comment on Supervisory Approach to Examinations During Pandemic

Goodwin on 8/20/2021

In This Issue. The Federal Deposit Insurance Corporation (FDIC) is seeking information and comment regarding the FDIC’s supervisory approach to examinations during the pandemic; the FDIC’s tech lab, FIDTECH, announced a “tech...more

Fintech in Brief: FDIC Solicits Information on Digital Assets

Nutter McClennen & Fish LLP on 5/19/2021

On May 17, 2021, the Federal Deposit Insurance Corporation (the “FDIC”) issued a Request for Information and Comment (the “RFI”) on Digital Assets. The FDIC is interested in getting input from all interested parties on the...more

Continued Support for AI from the Financial Services Regulators

Nelson Mullins Riley & Scarborough LLP on 4/2/2021

On March 29, 2021, the primary federal bank regulators (the Federal Reserve, CFPB, the FDIC, the NCUA, and the OCC) issued a request for information to gain input on the growing use of Artificial Intelligence (“AI”) by...more

Financial Services Weekly Roundup: Gone Phishing – The SEC’s OCIE Addresses Ransomware Attacks

Goodwin on 7/16/2020

In This Issue. The Securities and Exchange Commission (SEC) adopted amendments to its exemptive applications procedures under the Investment Company Act of 1940, as amended (the 1940 Act) and proposed to amend Form 13F to...more

Coronavirus Update: Strategies and Considerations for Financial Institutions

Vedder Price on 3/22/2020

Over the past two weeks, we have received numerous inquiries from financial institutions on what actions should be taken or considered to address the COVID-19/Coronavirus pandemic. While every bank is different and the...more

Financial Services Weekly News: FDIC Releases Guide To Connect Fintechs With Banks

Goodwin on 2/27/2020

In This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more

Nutter Bank Report: January 2020

Nutter McClennen & Fish LLP on 1/30/2020

The FDIC and OCC have issued new guidance for banks on heightened cybersecurity risks facing the financial services industry because of increased geopolitical tensions and threats of aggression. The guidance published on...more

The Fed May Increase Cybersecurity Standards for Large Financial Institutions and their Service Providers

Pillsbury - Global Sourcing Practice on 6/12/2019

The Board of Governors of the Federal Reserve System has recently indicated it may move forward with enhanced cybersecurity standards that had previously been floated by the Board, the Office of the Comptroller of the...more

Federal Regulatory Agencies Issue Joint Guidance to Financial Institutions on Cyber Insurance

Balch & Bingham LLP on 4/18/2018

The Federal Financial Institutions Examination Council (FFIEC) has issued a joint statement providing guidance for financial institutions about the role of cyber insurance in risk management of informational technology...more

2017 Resolutions for Community Banks: A Focus on Cybersecurity

Hogan Lovells on 1/13/2017

In December 2016, Thomas Curry, the Comptroller of the Currency, stated that cybersecurity was the single greatest systemic threat to our financial system. He was not being hyperbolic. Cybersecurity should be on...more

Federal Banking Agencies Seek Comment on Enhanced Cyber Risk Management Standards for Large Banks

Davis Wright Tremaine LLP on 12/15/2016

To address the increasing risk of technology failures and cyber-attacks affecting the largest banking organizations, an advance notice of proposed rulemaking titled Enhanced Cyber Risk Management Standards (the ANPR) was...more

Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards

Orrick - Finance 20/20 on 10/25/2016

On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency announced proposed rules relating to cybersecurity and risk management concerns that...more

FDIC on Marketplace Lending, Supervisory Appeals and Communication

Manatt, Phelps & Phillips, LLP on 9/7/2016

The latest regulator attempting to rein in controls on the marketplace lending industry is the Federal Deposit Insurance Corp. (FDIC). Marketplace lending to consumer borrowers generally runs through state-chartered banks....more

FSOC on Fintech Risks, Cybersecurity Vigilance

Manatt, Phelps & Phillips, LLP on 7/18/2016

An annual report from the Financial Stability Oversight Council (FSOC) recently focused on the risks presented by the burgeoning fintech industry as well as the continuing "pressing concern" of cyber threats and...more

Federal Regulators Focus on Minimum Cyber Standards For Banks

Patterson Belknap Webb & Tyler LLP on 7/13/2016

A new set of federal banking regulations are on the horizon aimed at helping financial institutions put in place minimum compliance standards to prevent future cyber-attacks. Bloomberg Law has reported that the Federal...more

FDIC Highlights Marketplace Lending Risks for Bank Partners

Ballard Spahr LLP on 2/10/2016

The Federal Deposit Insurance Corporation's (FDIC) publication of an article highlighting the risks for banks that partner with marketplace lenders further underscores the focus of federal regulators on marketplace lending....more

FDIC Puts Up More Road Blocks for Marketplace Lenders

Troutman Pepper on 2/4/2016

The FDIC continues to be the one regulator with the most cautious outlook regarding marketplace lending. The Federal Deposit Insurance Corporation’s (FDIC’s) February 1 issue of Supervisory Insights continues the...more

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