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Proposed Rescheduling of Marijuana Under the Controlled Substances Act May Not Improve Industry Access to Financial Services

Despite the proliferation of state laws that legalize the cultivation and sale of marijuana, federal law has remained an obstacle to access to the U.S. financial system for marijuana sellers and producers. With penalties...more

First Republic Executives Fail in Attempt to Recover Nonqualified Deferred Compensation Plan Assets [Video]

A federal court has rejected an attempt by former First Republic Bank employees to recover assets held in a rabbi trust that funded deferred compensation benefits. In Harrington v. Federal Deposit Insurance Corporation, the...more

Federal Court Blocks Enforcement of Revised CRA Rules

A federal district judge in Texas has enjoined federal bank regulators from enforcing the recently overhauled Community Reinvestment Act (“CRA”) rules.  The injunction was issued on the eve of the first effective date under...more

Acting Comptroller Targets Operational Resiliency for Critical Banking Services

Operational resilience is the ability of a bank to prepare for, adapt to, and withstand or recover from disruptions. These disruptions flow from external events such as natural disasters, malicious actors, pandemics, or...more

NYDFS Overhauls Cybersecurity Rules for State-Regulated Financial Services Firms

The New York Department of Financial Services (“NYDFS”) has released a comprehensive revision of the cybersecurity requirements for state-regulated financial services firms, including banks and insurance companies. The new...more

Agency Inspector General Offers Critique of Fed Supervision of Silicon Valley Bank

The Federal Reserve Board (“FRB”) Inspector General (the “OIG”) has issued a highly critical report regarding FRB supervision of Silicon Valley Bank (“SVB”) in the years preceding the bank’s failure in March 2023.  The...more

FDIC Issues Warnings to Fintech Firm on False Deposit Insurance Claims

The FDIC recently sent a warning letter to a fintech firm that made misleading references to the availability of deposit insurance in promotional materials used for various crypto-related products. Unbanked, Inc, which...more

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