During the past 12-18 months, we have noted a significant increase in the number of brokers underwriting share certificates issued by credit unions. It is vital for brokers in the credit union share certificate market to...more
1/16/2025
/ Broker-Dealer ,
Compliance ,
Credit Unions ,
Deposit Insurance ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
NCUA ,
Regulatory Requirements ,
Risk Management ,
State and Local Government
1. Introduction and Summary -
On July 30, 2024 – a mere 32 months after adopting a new regulatory framework for brokered deposits in December 2020 (the “Current Rules”) – the Federal Deposit Insurance Corporation (“FDIC”)...more
On May 16, 2024, the SEC amended Regulation S-P to impose new data privacy and security requirements on broker-dealers, registered investment advisers, investment companies (whether or not they are registered with the SEC),...more
5/24/2024
/ Breach Notification Rule ,
Broker-Dealer ,
Data Breach ,
Documentation ,
Incident Response Plans ,
Investment Companies ,
ISOs ,
Notice Requirements ,
Policies and Procedures ,
Popular ,
Recordkeeping Requirements ,
Regulation S-P ,
Securities and Exchange Commission (SEC)
The Federal Deposit Insurance Corporation (FDIC) announced today a 45-Day extension to the public comment period for proposed changes to its regulations that may significantly affect banks, broker-dealers, and FinTechs. The...more
The Federal Deposit Insurance Corporation (“FDIC”) published for comment in December 2022 a notice of proposed rulemaking (12 CFR Part 328) (“Proposed Rule”) that would apply to all FDIC-insured institutions and impose new...more
1/19/2023
/ Banks ,
Broker-Dealer ,
Deposit Insurance ,
Disclosure Requirements ,
FDI Act ,
FDIC ,
Financial Institutions ,
FinTech ,
Non-Bank Lenders ,
Notice of Proposed Rulemaking (NOPR) ,
Pass-Through Entities ,
Proposed Rules ,
Regulatory Requirements
The Federal Deposit Insurance Corporation (“FDIC”) has recognized a new designated business relationship that confirms that an agent, such as a broker-dealer, placing deposits of a customer with an insured depository...more
On July 15, 2022, the Division of Risk Management Supervision (the “Staff”) of the Federal Deposit Insurance Corporation (“FDIC”) published a two-page statement (the “Statement”) “to remind” insured depository institutions...more
Introduction -
On May 17, 2022, the Board of Directors of the Federal Deposit Insurance Corporation (“FDIC”) adopted a final rule (“Rule”) setting forth its procedures for investigating and enforcing false advertising,...more
6/16/2022
/ Banking Sector ,
Banks ,
Broker-Dealer ,
Consumer Financial Products ,
Deposit Insurance ,
Digital Currency ,
Enforcement Guidance ,
False Advertising ,
FDIC ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Government Investigations ,
Misleading Statements ,
New Guidance ,
Stablecoins