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14 Dec 2021, 6:46 am
The Bureau is participating in interagency rulemaking with the Federal Reserve, OCC, FDIC, NCUA and FHFA to develop regulations to implement the amendments made by the Dodd-Frank Act to the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) concerning appraisals. [read post]
10 Dec 2021, 9:04 am
So who is calling the shots at the FDIC? [read post]
6 Dec 2021, 10:17 am
The report also identifies a list of SEC, MSRB, FDIC, Fed, FINRA, and exchange rules that establish the current T+2 cycle and should be amended to conform to T+1. [read post]
6 Dec 2021, 8:07 am
Years ago, the FDIC and OCC made it impracticable for banks to offer deposit advances, a development we roundly criticized, but the OCC, at least, subsequently realized that deposit advances can actually serve consumer needs. [read post]
2 Dec 2021, 10:18 am
As anticipated, the OCC, Federal Reserve Board, and FDIC recently approved and released the Final Rule Requiring Computer-Security Incident Notification (“Final Rule”). [read post]
29 Nov 2021, 7:22 am
The Federal Reserve Board, FDIC, and OCC (collectively, the “Agencies”) issued on November 23 a short Joint Statement on Crypto-Asset Policy Sprint Initiative and Next Steps (“Joint Statement”), which announced – without further concrete detail – that they had assembled a “crypto asset roadmap” in order to provide greater clarity in 2022 to banks on the permissibility of certain crypto-asset activities. [read post]
21 Nov 2021, 9:03 pm
Anecdotal evidence from an FDIC-sponsored pilot program into small-dollar consumer lending found that extending loan terms to 90 days would enable borrowers to bolster savings and acquire new financial management skills. [read post]
14 Nov 2021, 9:09 pm
These prohibitions include the revocation of the following regulatory powers: the ability to (1) terminate a bank’s FDIC deposit insurance because it does business with the cannabis industry, (2) penalize banks for providing financial services to a marijuana related business, and (3) encourage banks not to provide services within the cannabis industry. [read post]
11 Nov 2021, 8:23 am
In the latest demonstration that there’s a “new CFPB” as well as other new regulatory sheriffs in town, the CFPB, the federal banking agencies (OCC, FDIC, Federal Reserve Board, and NCUA), and state financial regulators issued a joint statement yesterday to announce that they will no longer provide “supervisory and enforcement flexibility” to mortgage servicers in meeting compliance requirements. [read post]
4 Nov 2021, 10:00 pm
US President Joe Biden’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a report on the risks and legislative recommendations for stablecoins, recommending that issuers be limited to insured depository institutions. [read post]
4 Nov 2021, 10:00 pm
US President Joe Biden’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a report on the risks and legislative recommendations for stablecoins, recommending that issuers be limited to insured depository institutions. [read post]
4 Nov 2021, 10:00 pm
US President Joe Biden’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a report on the risks and legislative recommendations for stablecoins, recommending that issuers be limited to insured depository institutions. [read post]
4 Nov 2021, 10:00 pm
US President Joe Biden’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a report on the risks and legislative recommendations for stablecoins, recommending that issuers be limited to insured depository institutions. [read post]
4 Nov 2021, 10:00 pm
US President Joe Biden’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a report on the risks and legislative recommendations for stablecoins, recommending that issuers be limited to insured depository institutions. [read post]
4 Nov 2021, 10:00 pm
US President Joe Biden’s Working Group on Financial Markets (PWG), along with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), released a report on the risks and legislative recommendations for stablecoins, recommending that issuers be limited to insured depository institutions. [read post]
3 Nov 2021, 7:05 am
Interestingly, as part of the overview of stablecoins, the Report highlights in a footnote that stablecoins should be eligible for deposit insurance at the holder level if the stablecoin issuer deposits fiat currency reserves at an FDIC-insured bank and in a manner that meets statutory requirements for “pass-through” deposit insurance coverage. [read post]
2 Nov 2021, 10:20 am
Although a minor change, it’s a good reminder of the special service rules that apply to FDIC insured depository institutions. [read post]
1 Nov 2021, 6:09 am
It costs $7,500 and covers: the statutes and cases providing the legal framework for the nationwide “exportation” of interest charges under bank-model lending programs; cases supporting and rejecting “true lender” attacks on bank-model programs; Madden and subsequent developments, including OCC and FDIC rules rejecting its conclusion that a nonbank loan purchaser loses the usury authority of the bank selling it loans; potential Maryland and other licensing… [read post]
29 Oct 2021, 9:01 am
Regulators Exploring How Banks Could Hold Crypto Assets – FDIC ChairmanReuters – October 26, 2021 A top U.S. bank regulator said U.S. officials are looking to provide a clearer path for banks and their clients that are looking to hold cryptocurrencies, in order to keep control over the fast-developing asset. [read post]
29 Oct 2021, 9:01 am
Regulators Exploring How Banks Could Hold Crypto Assets – FDIC ChairmanReuters – October 26, 2021 A top U.S. bank regulator said U.S. officials are looking to provide a clearer path for banks and their clients that are looking to hold cryptocurrencies, in order to keep control over the fast-developing asset. [read post]
