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22 Sep 2022, 11:24 am
The FDIC Board of Directors has five members, two of whom are the Comptroller of the Currency and the CFPB Director. [read post]
22 Sep 2022, 10:49 am
We discuss each of the three categories of risk identified in the guidance (consumer compliance, third-party, and litigation), plaintiffs’ legal theories in class actions challenging NSF fees, the role of arbitration clauses and contract language in defending class actions, the FDIC’s suggested risk mitigation practices, issues to consider in navigating FDIC expectations for remediation of self-identified NSF fee issues and plaintiffs’ demands in class action… [read post]
21 Sep 2022, 7:57 am
A class action waiver in a consumer arbitration agreement does not immunize the company from alleged wrongful conduct because (a) arbitration agreements typically provide that a prevailing plaintiff shall recover attorneys’ fees and costs if applicable law permits (as virtually all federal and state consumer protection statutes do) and thus provide an incentive for plaintiffs’ attorneys to handle small dollar consumer claims against the company on an individual basis and (b)… [read post]
12 Sep 2022, 7:07 am
Last month, the FDIC issued new supervisory guidance on multiple NSF fees arising from the re-presentment of the same unpaid transaction. [read post]
12 Sep 2022, 6:59 am
” Barr also intends to work with the FDIC to review the resolution plans of globally systemically important banks and other large banks to ensure appropriate steps are being taken to limit the costs to society of potential failure. [read post]
8 Sep 2022, 7:15 am
., FDIC insurance). [read post]
24 Aug 2022, 9:01 pm
Gruenberg of the Federal Deposit Insurance Corporation (“FDIC”) released the FDIC’s priorities for 2022, which included “[a]ddressing the financial risks that climate change poses to banking organizations and the financial system. [read post]
23 Aug 2022, 3:03 pm
The FDIC demanded immediate removal of any statements or representations stating or implying that FTX US brokerage accounts or products are FDIC-insured. [read post]
23 Aug 2022, 10:22 am
FDIC’s supervisory approach. [read post]
7 Aug 2022, 9:01 pm
Given the close alignment between the Basel Principles and the OCC Proposal and FDIC Proposal, and the Basel Committee’s guidance to supervisors on information-sharing and cross-jurisdictional harmonization, it is likely that any final guidance from the OCC and FDIC will closely align with the Basel Principles. [read post]
4 Aug 2022, 5:09 am
The FDIC has issued an “Advisory to FDIC-insured institutions Regarding Deposit Insurance and Dealings with Crypto Companies” to address the agency’s concerns regarding misrepresentations about FDIC deposit insurance by certain crypto companies. [read post]
4 Aug 2022, 5:01 am
The U.S. defense industrial base (DIB) has been a critical partner in ensuring that the United States has enjoyed unrivaled military and economic prowess since World War II. [read post]
3 Aug 2022, 8:04 am
The FDIC notes that use of these limited exceptions will be rare. [read post]
1 Aug 2022, 12:07 pm
For instance, scenario analyses are part of the CFTC RFI reported above, as well as recent proposed principles by both the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC). [read post]
29 Jul 2022, 3:30 am
After many years of debating whether cryptocurrency should be considered security or commodity and which federal agency should be the primary regulator, the more important question for the retail customers is whether they could recover in kind from a crypto brokerage like Voyager or a platform like Celsius whose model resembles bank operations – take deposits and use the deposit to make loans, but without the regulatory oversight that banks experience and without FDIC protection. [read post]
28 Jul 2022, 8:23 am
After many years of debating whether cryptocurrency should be considered security or commodity and which federal agency should be the primary regulator, the more important question for the retail customers is whether they could recover in kind from a crypto brokerage like Voyager or a platform like Celsius whose model resembles bank operations – take deposits and use the deposit to make loans, but without the regulatory oversight that banks experience and without FDIC protection. [read post]
26 Jul 2022, 9:01 pm
Good afternoon. [read post]
19 Jul 2022, 9:01 pm
In an email to the press, a FDIC spokesperson emphasized that, while Metropolitan is FDIC-insured, Voyager is not; deposit insurance therefore does not protect customers against a default or bankruptcy by Voyager.[14] The Consumer Financial Protection Bureau (“CFPB”), which exercises jurisdiction over certain financial institutions and larger participants in consumer financial markets (including some crypto-asset firms), had previously issued an enforcement… [read post]
14 Jul 2022, 8:48 am
OppFi’s complaint alleges that because the Bank and not OppFi is making the Program Loans and the Bank is a state-chartered FDIC-insured bank located in Utah, the Bank is authorized by Section 27(a) of the Federal Deposit Insurance Act to charge interest on its loans, including loans to California residents, at a rate allowed by Utah law regardless of any California law imposing a lower interest rate limit. [read post]
14 Jul 2022, 8:46 am
Also, in a recent report on significant consumer compliance issues identified by FDIC examiners during consumer compliance examinations, the FDIC raised concerns about charging multiple NSF fees for the re-presentment of unpaid transactions. [read post]
