News & Analysis as of

Risk Assessment Banking Sector Federal Reserve

Pillsbury - Global Sourcing Practice

U.S. Financial Regulators Continue Focus on Bank-Fintech Partnerships through Guidance and Request for Information

On July 25, 2024, the Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) issued a joint statement describing potential...more

Latham & Watkins LLP

FRB Issues Report on Climate Scenario Analysis Pilot

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With regulators keeping close watch, the results underscore the need for ongoing climate risk management investment and adaptation within the financial sector. On May 9, 2024, the Board of Governors of the Federal...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - February 2024 - 2

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

Latham & Watkins LLP

OCC, FRB, and FDIC Finalize Joint Principles for Climate-Related Financial Risk Management

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Guidance for the largest US financial institutions is intended to promote climate risk management consistent with general safety and soundness practices. On October 30, 2023, the three US federal bank regulatory agencies...more

Latham & Watkins LLP

FRB Vice Chair for Supervision Recommends Stronger Capital Standards for Large US Banks

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After a lengthy “holistic” review and a spring banking crisis, US bank capital requirements finally face overhaul. On July 10, 2023, US Federal Reserve Board (FRB) Vice Chair for Supervision Michael Barr delivered a...more

Goodwin

Bank Regulators Issue Guidance for Third-Party Risk Management

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On June 6, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, Agencies)...more

Baker Donelson

Strategic Considerations in the Rapidly Changing Banking Environment

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On March 10, 2023, the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) closed Silicon Valley Bank (SVB) after a deposit outflow created a severe liquidity...more

WilmerHale

Flurry of Announcements by the Federal Reserve on Crypto Activities

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A flurry of activity on January 27 signaled continued skepticism from the Federal Reserve of crypto-asset-related activities generally and open, public or decentralized networks in particular....more

Skadden, Arps, Slate, Meagher & Flom LLP

Recent Actions by the Fed Show Its Continued Cautious Approach to Cryptoasset Activities by Supervised Institutions

In the past year, the Board of Governors of the Federal Reserve System (the Board) Biden administration officials, and other U.S. banking regulators have repeatedly voiced growing concerns about certain cryptoasset...more

Latham & Watkins LLP

Banking Regulators Issue Joint Statement on Crypto Risks

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Banking organizations should ensure appropriate risk management, but regulators are skeptical of certain crypto activities as principal. On January 3, 2023, the Board of Governors of the Federal Reserve System (Federal...more

Holland & Knight LLP

The Impact of Cybersecurity Regulations on the Financial Services Industry in 2022

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Following the SolarWinds and the Colonial Pipeline cyberattacks, the Biden Administration emphasized a shift toward mandatory cybersecurity requirements. Throughout 2021, government agencies issued new cybersecurity guidance,...more

BCLP

Vetting FinTechs as Business Risk Partners: OCC Bulletin

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Innovation is a key to competitive advantage and keeping pace with consumer digital banking preferences. Increasingly, banks are engaging the services of fintech’s who can deliver certain information and services in a more...more

Holland & Knight LLP

Federal Reserve Vice Chair Addresses Climate-Related Financial Risks

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Federal Reserve Board (FRB) Vice Chair for Supervision Randal K. Quarles, who also is chair of the Financial Stability Board (FSB), gave a speech on July 11, 2021, to the Venice International Conference on Climate Change,...more

WilmerHale

Green Swan Conference Highlights Emerging Central Bank Consensus on Supervisory Approaches to Financial Risks Arising From Climate...

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From June 2 to June 4, leading central bankers, policymakers, regulators, private sector CEOs, civil society members and academics gathered for the Green Swan 2021 Global Virtual Conference. The conference was co-hosted...more

Latham & Watkins LLP

Federal Reserve Recognizes Significance of Climate Risks on Financial Stability

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The US prudential regulator is paying attention to climate risks, and will likely act to mitigate those risks if they threaten financial stability. In its November 2020 Financial Stability Report (the Report), the Board of...more

Sheppard Mullin Richter & Hampton LLP

Fed’s Vice Chair for Supervision Proposes a Deregulatory Approach to Limit the Scope of “Matters Requiring Attention” used in Bank...

A January proposal to give banks compliance slack floated by a high-ranking Federal Reserve Board (“FRB”) official has not yet gained the traction its supporters had hoped for. In remarks before the American Bar Association...more

Moore & Van Allen PLLC

Enhancing Transparency in the Agencies’ Approach to BSA/AML Examinations

Last month the Financial Crimes Enforcement Network (FinCEN) and the federal bank regulators issued a Joint Statement aimed at improving transparency into their risk-focused examination and supervision of banks’ compliance...more

Bilzin Sumberg

Derivative Suit Filed Against JPMorgan Alleges Culture of Risk

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Adding to JPMorgan Chase’s widely publicized recent legal woes, shareholder Bradley P. Miller filed a derivative suit against the bank and its directors in California federal court on January 23, 2014, as a result of the $20...more

Foley & Lardner LLP

Summary of the Volcker Rule

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On December 10, 2013, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity...more

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