News & Analysis as of

Lenders Depository Institutions

Goodwin

Benefits of Operating Through a Bank Charter and Charter Choice Considerations

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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

Sheppard Mullin Richter & Hampton LLP

FDIC Withdraws Support for Colorado’s Opt-Out Law Before Tenth Circuit

On February 26, the FDIC withdrew its amicus brief in the 10th Circuit Court of Appeals challenging Colorado’s 2023 opt-out law which aimed to restricting higher-cost online lending. The FDIC’s decision follows a shift in the...more

McGlinchey Stafford

Podcast: Deep Dive into Depository Services in Bank Partnerships [More with McGlinchey, Ep. 75]

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The next installment in McGlinchey’s Deep Dive into Bank Partnerships Series features an overview of depository services, featuring insights from our attorneys Rachael Aspery, Brian Fink, and Aaron Kouhoupt. They explore key...more

McGlinchey Stafford

Podcast: Deep Dive into Bank Partnerships: Lending, Litigation, Legislative Trends, and True Lender [More with McGlinchey, Ep. 66]

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The next installment in McGlinchey’s Deep Dive into Bank Partnerships Series features a podcast on lending, presented by attorneys Joe Apatov, Aaron Kouhoupt, and Robert Savoie. Their discussion centers on the evolving...more

Womble Bond Dickinson

Legal Issues, Problems, and Unanswered Questions Regarding a State’s Ability and Potential Departure from the Depository...

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In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more

Orrick, Herrington & Sutcliffe LLP

Nevada amends licensing and regulation provisions

On June 15, the Nevada governor signed SB 355 (the “Act”) to amend several provisions relating to existing state law, which provides for the licensure and regulation of various financial institutions by the Commissioner of...more

Sheppard Mullin Richter & Hampton LLP

Lawsuit Challenges CFPB Reporting Rule for Small Business Lending

On April 26, an association of Texas state banking organizations and a Texas minority depository institution filed a joint complaint against the CFPB in Texas federal court seeking to invalidate a recently finalized agency...more

Fenwick & West LLP

Silicon Valley Bank Closure: Updated Considerations Following the Creation of Silicon Valley Bridge Bank, N.A.

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Considerations relating to Silicon Valley Bank (SVB)’s closure have continued to evolve as a result of the recent announcement by the Federal Deposit Insurance Corporation (FDIC) that it has transferred all deposits—both...more

Paul Hastings LLP

Credit Funds: Riding the Sea of Change

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We are delighted to bring this edition of Spotlight Magazine to you after the disruption of the past two years and the COVID-19 pandemic. There has been a sea of regulatory change that has evolved during this time, masked by...more

Goodwin

SEC Announces Annual Regulatory Agenda

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In This Issue. Several federal financial regulatory agencies updated their Spring 2021 regulatory agendas; the Consumer Financial Protection Bureau (CFPB) announced its intention to restart Military Lending Act examinations;...more

Goodwin

OCC Reconsiders Controversial Revisions to CRA Rules

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In This Issue. The Office of the Comptroller of the Currency (OCC) announced that it will reconsider its controversial June 2020 final rule revising its Community Reinvestment Act (CRA) rules, and published its Semiannual...more

Goodwin

Fed Proposes Guidelines for Access to Master Accounts and Payment Services

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In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), in response to an increased number of inquiries and access requests from companies with fintech and other narrow purpose charters, invited...more

Goodwin

Treasury Rolls Out Emergency Capital Investment Program

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In this Issue. The U.S. Department of the Treasury announced that it was opening the application process for the Emergency Capital Investment Program, a new program designed to provide long-term, low-cost equity and...more

Holland & Knight LLP

FDIC Adopts Final Rule Regarding ILC Applications

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The Federal Deposit Insurance Corporation (FDIC) approved on Dec. 15, 2020, a final rule that clarifies how it intends to treat applications to insure an industrial bank or industrial loan company (each, an ILC) or to merge...more

Miles & Stockbridge P.C.

Certain Exemptions of the New California Consumer Financial Protection Law Need To Be Clarified

In our Legislative Alert of October 13, 2020, we reported on the California legislation enacted in late September, Assembly Bill 1864, that created the new California Consumer Financial Protection Law (“CCFPL”), and we set...more

Goodwin

CFPB, FTC And 50 States Show Power In Numbers With Operation Corrupt Collector

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In the News. The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced Operation Corrupt Collector, a nationwide law...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

Goodwin on

In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

McGlinchey Stafford

FDIC Issues Final Rule Codifying Valid When Made Doctrine

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At long last, the FDIC has issued its final rule codifying the “valid when made” doctrine. The rule was finalized on June 25, 2020, and clarifies that the interest rate lawfully assessed by an originating depository...more

White & Case LLP

NYDFS Requires LIBOR Transition Plans by Early February

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On December 23, 2019, the New York Department of Financial Services (NYDFS) issued an Industry Letter instructing each institution it regulates, including banks and licensed Fintechs, to make submissions describing the...more

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