Deposit Account Litigation: Highlights From 2024 and What to Expect in 2025 — The Consumer Finance Podcast
Consumer Finance Monitor Podcast Episode: How a Former FDIC Chairman is Reacting to the Silicon Bank Valley Failure, A Discussion with Special Guest Bill Isaac, Chairman, Secura/Isaac Group, and FDIC
Making Cents of Your Cash Management Agreements
US Bank Unveils ‘Deposit Token’; Exchange Launches Multiple Crypto Products - According to recent reports, the largest bank in the U.S. has unveiled plans to pilot a so-called “deposit token,” JPMD, on the Ethereum...more
The Consumer Financial Protection Bureau voluntarily dismissed its lawsuit with prejudice against a major retailer and a fintech company in the District of Minnesota....more
Bermuda is enhancing its banking legislation to make it attractive to new banks – particularly those wishing to provide services to Fintech companies. The new 'restricted banking' license makes it easier to set up in...more
On September 17th, the Federal Deposit Insurance Corporation ("FDIC") issued a proposed rule entitled “Recordkeeping for Custodial Accounts” with comments due sixty days from the date of publication in the Federal Register...more
Our Financial Services Team studies the Federal Deposit Insurance Corporation’s plans to require insured depository institutions (IDIs) to keep specific records so that they know the actual owner of deposits placed by...more
On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) proposed extensive new recordkeeping requirements and other compliance obligations (the “Proposal” ) for certain types of deposit accounts frequently...more
The Federal Deposit Insurance Corporation (“FDIC”) proposed in its Notice of Proposed Rulemaking (“NPR”) that insured IDIs keep records of individual accounts that are typically held in pooled custodial accounts that support...more
The Federal Deposit Insurance Corporation (FDIC) issued a Notice of Proposed Rulemaking (the Proposal) on September 17, 2024, that seeks to strengthen recordkeeping for bank deposits held by nonbank companies on behalf of...more
On September 17, the Federal Deposit Insurance Corporation (FDIC) proposed a new rule that would significantly impact the risk management and oversight requirements for bank-fintech arrangements. This proposal comes in...more
The FDIC has issued a proposed rule that would apply to practically all bank-fintech arrangements that use custodial deposit accounts to provide customers with transactional features (also called "FBO" accounts for short)....more
In what should come as no surprise to FinTech sponsor banks, the FDIC is reemphasizing the need to maintain control over synthetic account ledgers in the wake of the Synapse collapse. On September 17, the FDIC's rulemaking...more
In this month's article, we share some of our top "bites" covered during the May 2024 webinar....more
The Financial Services and Markets Act 2023 (Digital Securities Sandbox) Regulations 2023 came into force on Jan. 8, creating the U.K.'s first digital securities sandbox within which firms would be able to test new...more
After an intense 2023 rulemaking, supervisory, and enforcement cycle for the federal banking agencies, the FDIC issued a final rule on FDIC official signs and advertising requirements right before the new year. The rule comes...more
Many lessons will be learned from the failure of Silicon Valley Bank last weekend. The full story is unlikely to emerge for some time, but commentators have quickly reached a consensus on the likely causes. The central...more
We previously reported on Social Finance, Inc.’s application for an industrial loan company (ILC) charter. That is now over, at least for the time being. On Friday, October 13, the online lender announced it is withdrawing...more