A Republican Congress and the incoming Trump administration may employ the CRA to quickly overturn recent rules that faced heavy criticism from the financial services industry....more
1/22/2025
/ Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Digital Assets ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
IRS ,
OCC ,
Open Banking ,
Trump Administration
In 2024, the U.S. federal bank regulators were extremely active, with initiatives ranging from antitrust and capital to proposals regarding controlling shareholders and incentive-based compensation. Climate issues and...more
12/23/2024
/ Banking Sector ,
Banks ,
Basel III ,
Climate Change ,
Community Reinvestment Act ,
Executive Compensation ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Incentive Compensation ,
Mergers ,
Regulatory Agenda ,
Strategic Planning ,
Trump Administration
The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge....more
10/30/2024
/ Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Open Banking ,
Personal Data ,
Sensitive Personal Information
Regulators seek to provide clarity and transparency on the bank merger review process, but changes may increase application complexity and unpredictability.
Consistent with ongoing initiatives to strengthen US antitrust...more
The proposal would make key changes to the definition of “deposit broker” with significant ramifications for banks, fintechs, bank-fintech partnerships, and other third parties in the financial services industry....more
The proposal seeks to make executive compensation arrangements more sensitive to risk and would require complex risk management programs to ensure compliance....more
5/30/2024
/ Dodd-Frank ,
Executive Compensation ,
FDIC ,
FHFA ,
Financial Services Industry ,
Incentive Compensation ,
NCUA ,
NPRM ,
OCC ,
Proposed Rules ,
Risk Management
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
The bipartisan bill seeks to foster innovation and promote US dollar dominance while protecting consumers and mitigating illicit finance risks.
On April 17, 2024, US Senators Cynthia Lummis from the Senate Banking...more
Banking agencies are alleged to have exceeded their congressional authorization, with potentially adverse consequences on banks and consumers.
On February 5, 2024, several banking trade groups[1] (the Plaintiffs) sued...more
The OCC outlines safety and soundness principles and appropriate risk management processes for its regulated institutions that engage in BNPL lending.
On December 6, 2023, the Office of the Comptroller of the Currency...more
Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting.
The New York State Department of Financial Services’ (DFS) amendments (the...more
A proposed rule would lower the maximum amount that large debit card issuers can charge merchants for each transaction.
On October 25, 2023, the Board of Governors of the Federal Reserve System (FRB) published a proposal...more
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
11/8/2023
/ Banking Sector ,
Biden Administration ,
Climate Change ,
Corporate Governance ,
Disclosure Requirements ,
Executive Orders ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
New Guidance ,
OCC ,
Policies and Procedures ,
Risk Assessment ,
Risk Management ,
Strategic Planning
The Proposed Guidance would require enhanced criteria for coin-listing and delisting procedures for New York-licensed virtual currency entities.
On September 18, 2023, the New York Department of Financial Services (DFS)...more
10/6/2023
/ Bitcoin ,
Corporate Governance ,
Cryptocurrency ,
Financial Services Industry ,
Guidance Update ,
Listing Rules ,
NYDFS ,
Popular ,
Stablecoins ,
Token Sales ,
Virtual Currency
A legislative initiative in Illinois would establish licensing and consumer protection requirements for digital asset businesses serving consumers in the state.
On February 21, 2023, the Illinois Department of Financial...more
3/29/2023
/ BitLicense ,
Compliance ,
Cryptocurrency ,
Digital Assets ,
Disclosure Requirements ,
Financial Services Industry ,
FinTech ,
Popular ,
Proposed Legislation ,
Regulatory Authority ,
Regulatory Oversight ,
Securities ,
Stablecoins
The Guidance clarifies the regulator’s expectations on safekeeping customer digital assets, and the disclosures that must accompany such arrangements.
On January 23, 2023, the New York Department of Financial Services...more
2/3/2023
/ Banks ,
BitLicense ,
Cryptoassets ,
Custodians ,
Digital Assets ,
Disclosure Requirements ,
Financial Services Industry ,
Insolvency ,
New Guidance ,
NYDFS ,
Virtual Currency
The comprehensive framework, which spans multiple reports, aims to spur risk mitigation efforts and potentially a US central bank digital currency.
On September 16, 2022, the White House published a fact sheet described...more
9/30/2022
/ Bank Secrecy Act ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Financial Stability Board ,
Financial Transactions ,
FSOC ,
OECD