On June 3, 2021, in Lacewell v. OCC, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) dismissed the New York State Department of Financial Services’ (“DFS”) lawsuit against the Office of the Comptroller of the Currency (“OCC”). DFS challenged the OCC’s decision to commence accepting applications for special-purpose national bank (“SPNB”) charters from financial technology companies (“fintechs”) that do not accept deposits. The Second Circuit ultimately decided the case on justiciability grounds, holding that DFS lacked standing and that its claims were constitutionally unripe without reaching the merits of DFS’s claims.
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Corey Hall
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Federal Agencies Jointly Release Responses to FAQs on SARs and Other AML Considerations
By Corey Hall on
Posted in Enforcement, Regulatory Compliance
On January 19, 2021, the Federal Reserve Board, FDIC, OCC, FinCEN, and NCUA (collectively, the “federal agencies”) issued answers to frequently asked questions (“FAQs”) regarding suspicious activity reports (“SARs”) and other anti-money laundering (“AML”) considerations for financial institutions subject to SAR requirements in response to recent recommendations from the Bank Secrecy Act Advisory Group. The FAQs state that they are intended to assist financial institutions with their AML compliance obligations, and do not have the force of law or create any new supervisory expectations. …
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FDIC Adopts Revised Guidelines for Appeals of Material Supervisory Determinations
By Corey Hall on
On January 19, 2021, the FDIC’s Board of Directors approved revised Guidelines for Appeals of Material Supervisory Determinations (the “Guidelines”), which are applicable to insured depository institutions (“IDIs”) the FDIC supervises as well as other IDIs for which the FDIC makes material supervisory determinations. The FDIC stated that the amendments are intended to: (1) improve the independence of appeals decisions via the implementation of an independent, standalone office—the Office of Supervisory Appeals (the “Office”)—that will replace the existing Supervision Appeals Review Committee (the “SARC”); and (2) clarify the procedures and timeframes applicable to appeals, including those relating to formal enforcement actions.
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