On November 23, 2021, the Office of the Comptroller of the Currency (the “OCC”), the Federal Deposit Insurance Corporation (the “FDIC”) and the Federal Reserve Board (the “Prudential Regulators”) exercised their collective...more
12/13/2021
/ Bank Service Company Act ,
Banking Sector ,
Banks ,
Compliance ,
Data Breach ,
FDIC ,
Federal Reserve ,
Final Rules ,
Notice Requirements ,
OCC ,
Prudential Regulation Authority (PRA)
On November 30, 2020, the ICE Benchmark Administration Limited (commonly referred to as “ICE”) announced its plan to extend the date that most U.S. LIBOR values would cease being computed and announced from December 31, 2021...more
Because of the devastating effect that the COVID-19 pandemic has had on the entire U.S. economy, the federal Bank Regulators have warned of the possibility that small, medium and large banks may soon be forced to recognize...more
11/11/2020
/ Bank Holding Company ,
Banking Sector ,
Business Closures ,
Business Interruption ,
Capital Losses ,
Capital Requirements ,
Commercial Loans ,
Coronavirus/COVID-19 ,
Default ,
Enforcement ,
Fiduciary Duty ,
Financial Institutions ,
Financial Regulatory Agencies ,
GAAP ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management ,
Strategic Planning
In this dystopian environment we find ourselves in, the downturn in the U.S. economy will soon begin to ripple through the banking industry. Although the Federal Reserve appears to have acted prudently by establishing credit...more
As of December 31, 2021 (the “Effective Date”), the use of LIBOR as an index for commercial and consumer loans will likely cease - which presents lenders and other industry participants with the challenges to address: (a) the...more
On Thursday, May 2, 2019, Judge Victor Marrero of the Southern District of New York issued an important decision in the closely watched Vullo v. Office of the Comptroller of the Currency et al., No. 1:18-cv-08377. Judge...more
On May 24, 2018, President Trump signed the Economic Growth, Regulatory Relief and Consumer Protection Act (the “Reform Act”).
The bulk of reform in the Reform Act consists of the elimination of many technical and...more
On May 11, 2016, FinCEN published in the Federal Register its long-awaited anti-money laundering (“AML”) rules (the “Final Rules”) governing corporate entities doing business with banks and other financial institutions that...more
6/8/2016
/ Anti-Money Laundering ,
Banking Sector ,
Beneficial Owner ,
Covered Financial Institutions ,
Customer Due Diligence (CDD) ,
Exceptions ,
Exemptions ,
Final Rules ,
FinCEN ,
Legal Entities ,
Lenders ,
Penalties ,
Recordkeeping Requirements ,
Suspicious Activity Reports (SARs)
This eUpdate addresses a concern regarding the impact on bank capital of the FASB’s “Proposed Accounting Standards Update, Financial Instruments—Credit Losses (Subtopic 825-15)” (the “Proposal”), should it be adopted. ...more