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19 Jan 2022, 11:05 am
In its press release announcing the withdrawal, the OCC stated that in December 2021, Figure Technologies amended its charter application for Figure Bank, National Association, to offer FDIC-insured deposit accounts. [read post]
17 Dec 2021, 11:17 am
That knowledge can embolden the customer to bilk the merchant by claiming a purchase was never received or delivered broken, and demand restitution. [read post]
17 Dec 2021, 11:17 am
That knowledge can embolden the customer to bilk the merchant by claiming a purchase was never received or delivered broken, and demand restitution. [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
Once a bank has received supervisory non-objection, the OCC will review these activities as part of its ordinary supervisor process. [read post]
21 Nov 2021, 9:03 pm
Interest rate caps have received newfound attention from legislators seeking to moderate predatory lending practices within the small-dollar loan market. [read post]
11 Nov 2021, 8:23 am
However, it is clear from the overall message delivered by the agencies that servicers who rely on this suggestion with the expectation that they will receive leniency for non-compliance do so at their peril. [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]
7 Oct 2021, 11:48 am
The OCC is also the primary consumer protection regulator of all national banks with less than $10 billion in net assets, and the Comptroller is a member of the FDIC board. [read post]
7 Oct 2021, 11:48 am
The OCC is also the primary consumer protection regulator of all national banks with less than $10 billion in net assets, and the Comptroller is a member of the FDIC board. [read post]
16 Sep 2021, 10:03 am
The order and press release do make clear that an initial whistleblower received an award of $110 million – the second largest award the SEC has ever made – and a second received an award of $4 million. [read post]
23 Jul 2021, 6:57 am
The FDIC makes the following primary arguments in its reply: In response to the AGs’ argument that the FDIC rule is not entitled to deference because Section 27 of the Federal Deposit Insurance Act (12 U.S.C. 1831d) is unambiguous, the FDIC argues: The rule satisfies Chevron step one because it addresses two statutory gaps: nothing in Section 27 addresses at what point in time the validity of a loan’s interest rate should be determined for purposes of assessing… [read post]
19 Jul 2021, 12:30 pm
Comments on the proposed guidance must be received within 60 days of its publication in the Federal Register. [read post]
19 Jul 2021, 12:30 pm
Comments on the proposed guidance must be received within 60 days of its publication in the Federal Register. [read post]
26 May 2021, 7:15 am
It is important that the FDIC receives meaningful comments from the industry so that it can properly adjust its supervisory and examination framework. [read post]
20 May 2021, 8:54 am
The letter explains that the current protections ““exclude employees at FDIC-insured institutions and credit unions, thereby denying protection to employees of most US banks. [read post]
5 May 2021, 9:05 pm
The FDIC has also run a long-form techsprint with a rapid prototyping project to modernize the Call Report. [read post]
4 May 2021, 11:01 am
” No provision in the Federal Deposit Insurance Act (FDIA) requires a depository national bank to obtain FDIC insurance. [read post]
22 Apr 2021, 1:34 pm
The agencies are the Comptroller of the Currency, Farm Credit Administration, FDIC, Federal Reserve Board, and National Credit Union Administration (Agencies). [read post]
19 Apr 2021, 11:42 am
H.R. 2547, the “Comprehensive Debt Collection Improvement Act,” includes the following provisions: Title I, the “Small Business Lending Fairness Act,” would amend the Truth in Lending Act to prohibit the use of a confession of judgment, warrant of attorney, “or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon,” in both consumer and business purpose credit transactions, “including any advance… [read post]
