This second installment in a series of insights on bank charter considerations describes the consequences of operating through an insured depository institution charter, including capital requirements, supervision and...more
5/7/2025
/ Acquisitions ,
Bank Holding Company ,
Bank Holding Company Act ,
Banking Sector ,
Banks ,
Capital Requirements ,
Community Reinvestment Act ,
Controlling Stockholders ,
Depository Institutions ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Investors ,
National Bank Charters ,
Shareholders ,
Supervision
This is the first in a series of articles in our "So, You Want to Be a Bank?" series.
More than 1,000 new banks were formed in the eight years before the Great Recession began in 2008. In comparison, the past 15 years...more
5/1/2025
/ Acquisitions ,
Banks ,
Business Formation ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
FinTech ,
Lenders ,
Mortgages ,
National Bank Charters ,
Regulatory Reform
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) adopted a final rule (the Final Rule) on August 28 that will treat certain investment advisers and exempt reporting advisers as financial...more
9/19/2024
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Compliance ,
Compliance Dates ,
Data-Sharing ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
Investment Funds ,
Patriot Act ,
Suspicious Activity Reports (SARs)
Earlier this summer, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a Proposed Rule revising its regulations under the Bank Secrecy Act (BSA) requiring financial institutions to...more
9/19/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
Compliance ,
Customer Due Diligence (CDD) ,
Financial Institutions ,
FinCEN ,
Internal Controls ,
Patriot Act ,
Policies and Procedures ,
Popular ,
Proposed Amendments ,
Proposed Rules ,
Risk Assessment
On July 30, 2024, the Federal Deposit Insurance Corporation (FDIC) issued a proposed rule that would make significant revisions to the FDIC’s regulations implementing the provisions of Section 29 of the Federal Deposit...more
8/5/2024
/ Bank Deposits ,
Banking Sector ,
Broker-Dealer ,
Brokered Deposits ,
Brokers ,
Comment Period ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Proposed Rules
Supervision is a daily fact of life for bank boards and management. Below, we offer strategies for how both board members and members of management can ensure that the supervisory process goes as smoothly as possible....more
The Financial Crimes Enforcement Network (“FinCEN”), a bureau within the U.S. Treasury Department, has issued a proposed rule (the “Proposal”) that would subject certain investment advisers to anti-money laundering (“AML”)...more
2/19/2024
/ AML/CFT ,
Anti-Money Laundering ,
Bank Secrecy Act ,
Financial Institutions ,
Financial Transactions ,
FinCEN ,
Investment Adviser ,
Proposed Rules ,
Recordkeeping Requirements ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
Deposit Insurance -
Are the deposits at my bank FDIC-insured?
Deposits held at FDIC-insured depository institutions are insured up to $250,000 per depositor for deposits held in the same “right and capacity.”...more
1/10/2024
/ Banking Crisis ,
Banks ,
Contract Terms ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Investment Management ,
Loans ,
Money Market Funds ,
Mutual Funds ,
Portfolio Managers ,
Receivership ,
Silicon Valley ,
State Charters ,
Systemic Risk Buffer ,
Transfer Agents
On December 21, 2023, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule (Access Rule) regarding access to the beneficial ownership information (BOI) reported to FinCEN...more
1/4/2024
/ Banking Sector ,
Beneficial Owner ,
BSA/AML ,
Corporate Transparency Act ,
Customer Due Diligence (CDD) ,
Effective Date ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Joint Policy Statements ,
National Security ,
Penalties ,
Reporting Requirements ,
U.S. Treasury
On October 3, 2023, the Federal Deposit Insurance Corporation (FDIC) approved proposed guidelines establishing standards for corporate governance and risk management for covered institutions with total assets of $10 billion...more
On October 24, 2023, the Board of Governors of the Federal Reserve Board, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the Agencies) approved long-awaited final...more
On July 27, 2023, the Federal Reserve, FDIC, and OCC issued a notice of proposed rulemaking and request for comment on a proposal (the Proposal) to implement the final components of the Basel III Capital Accords, often...more
8/4/2023
/ Banking Crisis ,
Banking Regulators ,
Banking Sector ,
Basel III ,
Capital Requirements ,
Comment Period ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Large Financial Institutions (LFIs) ,
OCC ,
Proposed Regulation ,
Silicon Valley ,
Systemic Risk Buffer
What actions did the US government take on Sunday with respect to Silicon Valley Bank (SVB) and Signature Bank?
On Sunday, March 12, the FDIC, the Federal Reserve, and the US Treasury Department announced that the US...more
3/15/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Insolvency ,
Loans ,
Receivership ,
Relief Measures ,
Silicon Valley ,
U.S. Treasury
On September 29, 2022, FinCEN issued a final rule (published in the Federal Register the next day) under the CTA requiring each “reporting company” (which includes both domestic and foreign entities that are formed or...more
In This Issue. The Consumer Financial Protection Bureau (CFPB) reminded institutions of a new threshold for reporting Home Mortgage Disclosure Act data about open-end lines of credit; the Financial Crimes Enforcement Network...more
11/22/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
HMDA ,
Investment Adviser ,
Mortgage Lenders ,
Mortgages ,
Open-Ended Lines of Credit ,
Ransomware ,
Reporting Requirements ,
Risk Alert ,
Robo-Advisors ,
Securities and Exchange Commission (SEC) ,
Threshold Requirements
In this Issue. The U.S. Securities and Exchange Commission’s (SEC) Division of Examinations recently published a risk alert spotlighting observations from its “RIC Initiatives”; the Federal Financial Institutions Examination...more
11/8/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Examination Procedures ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Guidance Documents ,
Lenders ,
OCC ,
OTCBB ,
Registered Investment Companies (RICs) ,
Regulation Z ,
Risk Alert ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Truth in Lending Act (TILA)
In This Issue. The U.S. Securities and Exchange Commission (SEC) adopted amendments to modernize filing fee disclosure and payment methods; the Financial Industry Regulatory Authority (FINRA) announced an examination of...more
10/15/2021
/ Anti-Money Laundering ,
Automated Clearing House (ACH) ,
Bank Secrecy Act ,
Broker-Dealer ,
BSA/AML ,
Disclosure Requirements ,
Filing Fees ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Investment Companies ,
Investors ,
Payment Methods ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs) ,
Terrorism Funding
In This Issue. The Federal Deposit Insurance Corporation (FDIC) is seeking information and comment regarding the FDIC’s supervisory approach to examinations during the pandemic; the FDIC’s tech lab, FIDTECH, announced a “tech...more
8/20/2021
/ Banking Examinations ,
Banking Sector ,
Centers for Disease Control and Prevention (CDC) ,
Comptroller ,
Coronavirus/COVID-19 ,
Cyber Attacks ,
Cyber Threats ,
Cybersecurity ,
Depository Institutions ,
Due Process ,
Eviction ,
Examination Procedures ,
FDIC ,
Federal Deposit Insurance Act ,
FFIEC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Services Industry ,
Information Technology ,
Landlords ,
Liquidity ,
Moratorium ,
New Guidance ,
OCC ,
Outsourcing ,
Phishing Scams ,
Popular ,
Public Comment ,
Rental Property ,
Risk Assessment ,
Risk Management ,
Tenants ,
Vendors
The New York State Department of Financial Services (the DFS) has issued a proposed regulation that would impose cybersecurity-related requirements on entities it supervises. In some cases, these requirements would go beyond...more
FinCEN has proposed extending its anti-money laundering (AML) program requirement for banks to banks that are not subject to regulation by a federal functional regulator, including state chartered limited purpose trust...more
9/1/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
BSA/AML ,
CIP ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Patriot Act ,
Proposed Regulation ,
Public Comment ,
Reporting Requirements ,
Suspicious Activity Reports (SARs)
The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has expanded the due diligence obligations of certain financial institutions that are subject to a customer identification program requirement under...more
5/20/2016
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banks ,
Beneficial Owner ,
Customer Identification Program (CIP) ,
Due Diligence ,
Final Rules ,
Financial Institutions ,
FinCEN ,
Legal Entities ,
Recordkeeping Requirements ,
Verification Requirements
The Financial Crimes Enforcement Network (FinCEN) has issued a proposed rule that would subject certain investment advisers to AML requirements under the Bank Secrecy Act (the BSA). In proposing the rule, FinCEN cited...more
8/31/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Banking Sector ,
Broker-Dealer ,
BSA/AML ,
CIP ,
Comment Period ,
Cross-Border Transactions ,
Currency Transaction Reports (CTR) ,
Financial Institutions ,
FinCEN ,
Information Sharing ,
Investment Adviser ,
Investment Advisers Act of 1940 ,
Money Laundering ,
Patriot Act ,
Proposed Regulation ,
Recordkeeping Requirements ,
Reporting Requirements ,
Securities and Exchange Commission (SEC) ,
Suspicious Activity Reports (SARs) ,
Training Requirements
Regulatory Developments -
CFTC Provides No-Action Relief from Introducing Broker and Commodity Trading Advisor Registration to Non-U.S. Persons Who Advise on or Facilitate Swaps Transactions for Certain International...more
6/18/2015
/ Anti-Money Laundering ,
Bank Secrecy Act ,
Brokers ,
CFTC ,
Civil Monetary Penalty ,
Community Banks ,
Enforcement ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
FinCEN ,
Investment Adviser ,
No-Action Letters ,
No-Action Relief ,
Reporting Requirements ,
Swap Dealers ,
Swaps
Regulatory Developments:
SEC Chair Highlights Recent Accomplishments -
In a June 4, 2015 speech, SEC Chair Mary Jo White highlighted recent activities of the SEC and identified work to be done in the near future....more
6/11/2015
/ Avon ,
Banks ,
Broker-Dealer ,
Comptroller ,
Dodd-Frank ,
EDGAR ,
FDIC ,
Federal Reserve ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Investment Adviser ,
JOBS Act ,
Market Manipulation ,
National Bank Act ,
Securities and Exchange Commission (SEC)