Last week, the Office of the Comptroller of the Currency (“OCC”), Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), and the Consumer Financial...more
6/16/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
Disparate Impact ,
FDIC ,
Financial Services Industry ,
FIRREA ,
FRB ,
Interagency Guidance ,
NCUA ,
OCC ,
Property Valuation ,
Real Estate Market ,
Real Estate Transactions
The Office of the Comptroller of the Currency (“OCC”) issued its Semiannual Risk Perspective for Spring 2023 (“SARP”) recently. The OCC highlighted liquidity, operational, credit, and compliance risks, among the key risk...more
On June 6, the three Federal bank regulatory agencies (the Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”) and Office of the Comptroller of the Currency (“OCC”)), issued final interagency...more
The Federal Deposit Insurance Corporation (“FDIC”) recently issued the latest Quarterly Banking Profile (“QBP”) for the first quarter of 2023.
The headline results of the QBP were...more
The Office of the Comptroller of the Currency (“OCC”) issued an updated Policies and Procedures Manual (PPM 5310-3) on Bank Enforcement Actions and Related Matters last week. The PPM is updated from the 2018 issuance. The...more
Last Friday, the Federal Reserve Board (“FRB”) and Federal Deposit Insurance Corporation (“FDIC”) released reports evaluating their supervision of the failed Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”),...more
5/5/2023
/ Bank Accounts ,
Federal Reserve ,
Financial Institutions ,
Financial Markets ,
Financial Services Industry ,
FRB ,
GAO ,
Receivership ,
Regulatory Oversight ,
Silicon Valley ,
Supervisory Highlights
The Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) (collectively, the “Agencies”) provided supervisory guidance this week on certain overdraft practices. Of particular...more
4/28/2023
/ Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Services Industry ,
FRB ,
New Guidance ,
OCC ,
Overdraft Rule ,
UDAAP ,
UDAP ,
Unfair or Deceptive Trade Practices
Federal Deposit Insurance Corporation (“FDIC”) Vice Chair Travis Hill gave a speech earlier this week, titled “Recent Bank Failures and the Path Ahead,” at the Bipartisan Policy Center. The speech appears to be Vice Chair...more
Both the Senate Banking Committee and House Financial Services Committee held hearings this week on the federal regulatory response to the failures of Silicon Valley Bank (“SVB”) and Signature Bank. Witnesses at both hearings...more
3/30/2023
/ Banking Crisis ,
Banks ,
Congressional Investigations & Hearings ,
Deposit Accounts ,
FDIC ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
FRB ,
Receivership ,
Regulatory Agenda ,
Senate Banking Committee ,
Silicon Valley
This week, Acting Comptroller of the Currency Michael Hsu delivered remarks, titled “Trust and Global Banking: Lessons for Crypto,” at the Institute of International Bankers’ (“IIB”) Annual Washington Conference in which he...more
Federal Reserve Board (“FRB”) Governor Michelle Bowman gave remarks last week to the American Bankers Association (“ABA”) Community Banking Conference. Governor Bowman discussed the role of FRB independence, predictability...more
The Federal Reserve Board (“FRB”) and Office of the Comptroller of the Currency (“OCC”) last week released their 2023 Dodd-Frank Act Stress Test (“DFAST”) scenarios. As noted in the FRB’s release, the “stress tests help...more
Acting Comptroller of the Currency Michael Hsu delivered remarks, titled “Detecting, Preventing, and Addressing Too Big To Manage,” at the Brookings Institution yesterday in which he addressed and offered a possible solution...more
On December 22, just before many of us may have started turning to our holiday breaks, the Federal Reserve Board (“FRB”), Federal Deposit Insurance Corporation (“FDIC”) and Office of the Comptroller of the Currency (“OCC”)...more
1/12/2023
/ Banking Sector ,
Depository Institutions ,
Enforcement Actions ,
Enforcement Guidance ,
FDIC ,
Financial Services Industry ,
FRB ,
Interagency Guidance ,
No-Action Relief ,
OCC ,
Regulation O ,
Shareholders
As we are coming to a close on 2022, we’re taking a look back at some of the important developments of 2022 and what lies ahead for 2023.
Looking Back at 2022 -
As past readers may have seen me say before, there’s a...more
Martin Gruenberg, Acting Chair of the Federal Deposit Insurance Corporation, gave remarks this week to the National Association of Affordable Housing Lenders (“NAAHL”).
In the speech, Acting Chair Gruenberg praised NAAHL’s...more
As we reported in May, the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board (“FRB”) and the Office of the Comptroller of the Currency (“OCC”) (together, the “Agencies”) issued a notice of proposed...more
9/19/2022
/ Community Development ,
Community Reinvestment Act ,
Environmental Justice ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lending ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Redlining ,
Rulemaking Process
Federal Reserve Vice Chair of Supervision Michael Barr gave remarks yesterday to the Brookings Institution in Washington, D.C. The speech was his first since being sworn in at the end of July and served as a good indicator of...more
Last week, the Federal Deposit Insurance Corporation (“FDIC”) was part of two releases clarifying that only insured banks and thrifts enjoy FDIC insurance, notwithstanding what some non-banks may say in their marketing...more
Recently, the full Senate confirmed Michael Barr to a four-year term as Vice Chair for Supervision and to Randal Quarles’ unexpired term as a member of the Board of Governors. That unexpired term as a member of the Board will...more
The last week has seen a number of announcements or statements from financial regulators calling for more oversight of crypto-assets, particularly stablecoins.
Federal Reserve Vice Chair Lael Brainard gave a speech,...more
7/15/2022
/ Cryptoassets ,
Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Federal Reserve ,
Financial Markets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FSB ,
IOSCO ,
Regulatory Agenda ,
Stablecoins
On July 6, five federal agencies − the Board of Governors of the Federal Reserve System (“FRB”), Federal Deposit Insurance Corporation (“FDIC”), Financial Crimes Enforcement Network (“FinCEN”), National Credit Union...more
The Office of the Comptroller of the Currency (“OCC”) issued its Semiannual Risk Perspective for Spring 2022 on June 23. This was the same day the Federal Reserve released the results of its stress test for large bank holding...more
On June 21, the Federal Deposit Insurance Corporation (“FDIC”) Board voted to amend the Deposit Insurance Fund (“DIF”) restoration plan originally adopted in September 2020. As part of that amended restoration plan, the FDIC...more
On June 15, the Basel Committee on Banking Supervision (“BCBS”) issued its Principles for the effective management and supervision of climate-related financial risks (the “Principles”). In its release, the BCBS stated that it...more