Archives: Regulatory Compliance

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Federal Reserve Establishes Temporary FIMA Repo Facility

Yesterday, March 31, 2020, the Board of Governors of the Federal Reserve System (the “Board”) announced the creation of a temporary repurchase agreement facility for foreign and international monetary authorities (the “FIMA Repo Facility” or the “Facility”) to facilitate liquidity for central banks and other international monetary authorities.  The FIMA Repo Facility is the latest … Continue Reading

Federal Reserve and FFIEC Offer Regulatory Reporting Relief

Earlier this week, the Federal Reserve provided financial institutions with $5 billion or less in total assets a thirty-day extension to the deadline for filing certain first quarter bank holding company financial reports, and the Federal Financial Institutions Examination Council (FFIEC) provided a similar thirty-day extension of the deadline for all institutions (regardless of size) … Continue Reading

CFTC Announces Limited No-Action Relief in Response to COVID-19 Pandemic

This week, on March 17, 2020, the Commodity Futures Trading Commission (CFTC) released two announcements (see here and here) regarding a series of no-action letters in response to the ongoing global COVID-19 pandemic.  The CFTC’s announcements come in the wake of high-profile efforts by other financial regulators to quickly address the financial and regulatory effects … Continue Reading

FRB Governor Brainard Discusses Path Forward on Community Reinvestment Act Reform

On January 8, 2020, Federal Reserve Board (“FRB”) Governor Lael Brainard delivered remarks on the state of Community Reinvestment Act (“CRA”) reform before an audience at the Urban Institute.  As we summarized in a client alert, last month, the Office of the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Corporation (“FDIC”) released … Continue Reading

House Financial Services Committee to Consider Two Fintech Issues In January

The House Financial Services Committee (“HFSC”) announced that it will convene hearings this month to consider both the trend of financial technology firms partnering with chartered banks to provide financial services and the rise of mobile payments. More information about the hearing schedule is available on the HFSC’s website.… Continue Reading

OCC Appeals Fintech Charter Ruling to Second Circuit

On December 19, 2019, the Office of the Comptroller of the Currency (OCC) appealed a decision from the U.S. District Court for the Southern District of New York holding that the OCC cannot offer special purpose national bank charters to fintech companies. Lacewell v. Office of the Comptroller of the Currency, Case 1:18-cv-08377 (S.D.N.Y. Sept. … Continue Reading

FDIC and OCC Propose Major Overhaul of Community Reinvestment Act Regulations

On December 12, 2019, the Office of the Comptroller of the Currency (the “OCC”) and the Federal Deposit Insurance Corporation (the “FDIC”) released a notice of proposed rulemaking to overhaul the agencies’ regulatory framework for evaluating banks’ Community Reinvestment Act (“CRA”) performance.  The proposal follows a 2018 advance notice of proposed rulemaking by the OCC, … Continue Reading

FTC and CFPB Host Workshop on Accuracy in Consumer Reporting

On December 10, the Federal Trade Commission (“FTC”) and Consumer Financial Protection Bureau (“CFPB”) held a joint workshop on accuracy in consumer reporting. The workshop included remarks from FTC Commissioner Noah Joshua Phillips, CFPB Assistant Director for Supervision Policy Peggy Twohig, CFPB Deputy Director Brian Johnson, and FTC Deputy Director for the Bureau of Economics … Continue Reading

Agencies Propose CECL Policy Statement

On October 17, 2019, the Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and National Credit Union Administration released for public comment a proposed interagency policy statement on allowances for credit losses (“ACLs”).  The proposed policy statement reflects the Financial Accounting Standards Board’s adoption … Continue Reading

Federal Financial Supervisory Authority Publishes English Version of Guidance on Outsourcing to Cloud Service Providers

In November 2018 the Federal Financial Supervisory Authority (“Bundesanstalt für Finanzdienstleistungsaufsicht”, “BaFin”) and Deutsche Bundesbank published a guidance on outsourcing of services to cloud service providers (“Guidance on Cloud Services”). According to BaFin and Deutsche Bundesbank the Guidance on Cloud Services has not stipulated any new requirements, but has condensed the already existing general requirements … Continue Reading

CFTC Becomes Third Federal Financial Regulator to Approve Volcker Rule Reforms

On Monday, September 16, the Commodity Futures Trading Commission (the “CFTC” or the “Commission”) announced that it has approved final regulations (the “final rule”) that will streamline and clarify the Volcker Rule – a statutory provision that generally prohibits banking entities from engaging in proprietary trading, or from taking an ownership interest in, sponsoring, or … Continue Reading

Treasury and HUD Propose Housing Finance Reforms

On September 5, 2019, the Treasury Department (“Treasury”) and the Department of Housing and Urban Development (“HUD”) released complementary proposals that, if implemented, would result in extensive changes to federal regulation of housing finance.  The plans respond to a Presidential Memorandum of March 27, 2019, directing Treasury and HUD to develop housing reform proposals consistent … Continue Reading

Federal Banking Agencies and FinCEN Release Statement on Risk-Focused BSA/AML Supervision

On July 22, 2019, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency (collectively, the “federal banking agencies”), and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a joint statement emphasizing their risk-focused … Continue Reading

First CFPB Symposium Focuses on “Abusive” Acts or Practices Standard

On Tuesday, June 25, the Consumer Financial Protection Bureau (the “CFPB”) convened the first in a new series of symposia on consumer protection topics. The symposium series was announced in Director Kathleen Kraninger’s first major speech as the Bureau’s Director on April 17, 2019. The intent of the series is to initiate dialogue with stakeholders … Continue Reading

Federal Reserve Issues Notice of Proposed Rulemaking Regarding Confidential Supervisory Information and FOIA Procedures

On June 14, 2019, the Federal Reserve Board (“Federal Reserve”) released a Notice of Proposed Rulemaking (“NPR”) requesting public comment on updates to its regulations governing the disclosure of confidential supervisory information (“CSI”) and its Freedom of Information Act (“FOIA”) procedures. Although the Federal Reserve classified many of the proposed revisions as “clarifications” or “technical … Continue Reading

FDIC Releases First Edition of Consumer Compliance Supervisory Highlights

On June 13, 2019, the FDIC released its first edition of Consumer Compliance Supervisory Highlights, the purpose of which is to increase transparency regarding the FDIC’s consumer compliance supervisory activities. The publication provides a high-level overview of the consumer compliance issues identified through approximately 1,200 consumer compliance examinations conducted in 2018 for non-member state-chartered banks … Continue Reading

SEC Issues Guidance on Changes to Stock Exchange Fees for Market Data and Connections

On May 21, 2019, the U.S. Securities and Exchange Commission (the “SEC”) issued guidance to national securities exchanges and the Financial Industry Regulatory Authority (“FINRA”) (referred to as “SROs”) clarifying the SEC’s expectations with respect to their market data fees. These guidelines clarify enhanced standards for SROs to increase their fees for products and services, … Continue Reading

FinCEN Issues Guidance to Synthesize Regulatory Framework for Virtual Currency

On May 9, 2019, the Financial Crimes Enforcement Network (“FinCEN”) published interpretive guidance to reiterate how FinCEN’s existing regulations relating to money services businesses (“MSBs”) apply to business models involving convertible virtual currencies (“CVCs”). The guidance is the most significant CVC-related guidance that FinCEN has released since its 2013 guidance on the application of money … Continue Reading

OCC Solicits Public Comments on Innovation Pilot Program

On April 30, 2019, the Office of the Comptroller of the Currency (“OCC”) opened a 45-day public comment period on its Innovation Pilot Program (the “Program”).  In accordance with the agency’s objective of providing constructive and proactive supervision, the OCC’s proposed Program is intended to encourage the testing of innovative activities – including products, services, … Continue Reading

CFPB Proposes Debt Collection Rule under FDCPA

On May 7, 2019, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released its long-anticipated proposed rule on debt collection. The proposed rule would amend Regulation F, which implements the Fair Debt Collection Practices Act (“FDCPA”), and would govern the activities of debt collectors, as defined in the FDCPA. Certain provisions also rely on … Continue Reading

FDIC Seeks Comment on Improvement of the IDI Rule

On April 16, 2019, the Federal Deposit Insurance Corporation (“FDIC”) announced its approval of an Advance Notice of Proposed Rulemaking (“ANPR”) inviting comment on ways to improve its rule requiring insured depository institutions with $50 billion or more in total assets (“Covered Insured Depository Institutions” or “CIDIs”) to submit periodic resolution plans to the FDIC … Continue Reading

FDIC to Rework Big Bank Recordkeeping Rule in Advance of Compliance Date

On March 29, 2019, the Federal Deposit Insurance Corporation (the “FDIC”) proposed changes to its Part 370 rule that would significantly reduce the compliance burdens on large insured depository institutions subject to that rule. The Part 370 rule, entitled Recordkeeping for Timely Deposit Insurance Determination, imposes new requirements on certain large insured depository institutions to … Continue Reading
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