The Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (the “GENIUS Act” and the “Act”) establishes a regulatory infrastructure for defining, managing, custodying and issuing a specific kind of...more
6/24/2025
/ Cryptocurrency ,
Digital Assets ,
Digital Currency ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
Investment ,
OCC ,
Payment Systems ,
Popular ,
Regulatory Agenda ,
Regulatory Requirements ,
Service Professionals ,
Stablecoins ,
U.S. Treasury
Last Friday, following her confirmation by the Senate as Federal Reserve Board Vice Chair of Supervision, Michelle Bowman laid out some of her priorities in a speech entitled “Taking a Fresh Look at Supervision and...more
On February 12th, the White House announced numerous nominations to be sent to the Senate. The large list of nominations included three nominations for financial regulators. President Trump is nominating, Jonathan Gould to be...more
On February 5, the Federal Deposit Insurance Corporation (“FDIC”) released 175 documents related to supervision of banks it oversees that either engaged in or sought to engage in crypto-related activities. Acting Chairman...more
As we mentioned last week, the Federal Reserve Board (“FRB”) announced proposed changes to Regulation II (Debit Card Interchange Fees and Routing), which is the implementing regulation of the Durbin Amendment to the...more
11/3/2023
/ Comment Period ,
Debit and Credit Card Transactions ,
Debit Cards ,
Durbin Amendment Rules ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FRB ,
Interchange Fees ,
Regulation II ,
Regulatory Agenda
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
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
On January 25, 2023, the Securities and Exchange Commission (“SEC” or “Commission”) issued a release (the “Re-Proposal”) proposing Rule 192 under the Securities Act of 1933, as amended (the “Securities Act”), a rule that is...more
The Securities and Exchange Commission (“SEC”) unanimously voted yesterday to re-propose a rule to prohibit conflicts of interest in certain securitization transactions. The SEC previously proposed, but never finalized, this...more
The Chair of the U.S. Federal Reserve Board (Fed), Jerome Powell, stated in a speech at the Swedish Central Bank’s symposium on January 10 that the Fed is not a “climate policymaker." He stated that it was critical for the...more
Recently, the Federal Reserve Board (“FRB”) proposed principles for climate-related financial risk management for large financial institutions. The proposed guidance is open for comment until 60 days after publication in the...more
12/12/2022
/ Banks ,
Climate Change ,
Comment Period ,
Federal Reserve ,
Financial Institutions ,
FRB ,
Proposed Guidance ,
Public Comment ,
Regulatory Agenda ,
Regulatory Requirements ,
Risk Management
The Federal Reserve Board (“FRB”) and Federal Deposit Insurance Corporation (“FDIC”) Board issued an Advanced Notice of Proposed Rulemaking (“ANPR”) titled “Resolution-Related Resource Requirements for Large Banking...more
10/20/2022
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Banks ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
FRB ,
Global Systemically Important Banks (G-SIBs) ,
Mergers ,
OCC ,
Regulatory Agenda
Federal Reserve Board (“FRB”) Governor Michelle Bowman gave an important speech last week on the future of supervision and regulation at the Institute of International Finance....more
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
As we previously wrote in June, the Federal Deposit Insurance Corporation (“FDIC”) proposed amendments to the Deposit Insurance Fund (“DIF”) restoration plan originally adopted in September 2020 to implement a universal...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
By the time the comment period closed on June 17, 2022, the SEC had received thousands of comment letters from the public in response to the SEC’s proposed climate disclosure rules (the “Proposal”), which is perhaps the most...more
6/27/2022
/ American Bankers Association ,
Climate Change ,
Corporate Governance ,
Corporate Social Responsibility ,
CREFC ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
Public Comment ,
Publicly-Traded Companies ,
Regulatory Agenda ,
Regulatory Reform ,
SEC Comment Letter Process ,
Securities and Exchange Commission (SEC)
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
In the last week, the Federal Reserve has announced two forthcoming dates when the Fed would be releasing two important announcements: (1) the results of its annual bank stress tests will be released on June 23 at 4:30 p.m....more
Federal Reserve Board Chair Jay Powell had a meeting at the White House earlier this week with President Biden and Secretary of the Treasury Yellen to discuss inflation. -
Prior to the meeting, President Biden issued a...more
As we mentioned briefly in our newsletter last week, the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board (“FRB”) and the Office of the Comptroller of the Currency (“OCC”) (together, “The Agencies”)...more
5/17/2022
/ Banking Regulators ,
Comment Period ,
Community Reinvestment Act ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
FRB ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Proposed Rules ,
Regulatory Agenda
On May 5, 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 rulemaking to...more
5/9/2022
/ Banks ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Products ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
FRB ,
NPRM ,
OCC ,
Regulatory Agenda ,
Regulatory Requirements
Last week the FDIC announced it will publish in the Federal Register a Request for Information and Comment (“RFI”) on the regulatory framework regarding mergers involving one or more insured depository institutions (i.e.,...more