Tag Archives: Treasury

Treasury Releases Report on Nonbank Institutions, Fintech, and Innovation

On July 31, 2018, the U.S. Department of the Treasury released a report identifying numerous recommendations intended to promote constructive activities by nonbank financial institutions, embrace financial technology (“fintech”), and encourage innovation. This is the fourth and final report issued by Treasury pursuant to Executive Order 13772, which established certain Core Principles designed to inform … Continue Reading

HUD to Reconsider Disparate Impact Rule

On June 20, 2018, the Department of Housing and Urban Development (“HUD”) published an advance notice of proposed rulemaking (“ANPR”) seeking comment on proposed changes to HUD’s 2013 regulations concerning the Fair Housing Act’s “Disparate Impact Rule” (the “Rule”).  The changes are primarily intended to ensure the Rule is consistent with the U.S. Supreme Court’s … Continue Reading

Regulators Propose Revisions to the Volcker Rule

On May 30, 2018, the Federal Reserve Board approved a notice of proposed rulemaking aimed at simplifying regulations implementing section 13 of the Bank Holding Company Act (12 U.S.C. 1851), also known as the “Volcker Rule” (or the “Rule”).  Enacted as part of the Dodd-Frank Act following the financial crisis of 2008, the Volcker Rule … Continue Reading

Treasury Releases Recommendations to Reform CRA Framework

On April 3, 2018, the Department of the Treasury (“Treasury”) released its much-anticipated recommendations to reform the Community Reinvestment Act (“CRA”). The report, which is addressed to the federal banking agencies, outlines a number of proposed regulatory and administrative changes to (i) the CRA’s performance evaluation criteria, and (ii) the federal banking agencies’ approach to … Continue Reading

FinCEN Extends Regulations to Initial Coin Offerings

On March 6, 2018, the Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) released its response to Senator Ron Wyden’s (D-OR) request for information relating to FinCEN’s oversight and enforcement of virtual currency activities.  In the letter, FinCEN outlined its intent to regulate certain operators of initial coin offerings (“ICOs”) as money transmitters subject … Continue Reading

Treasury Issues Regulatory Reform Recommendations for the Orderly Liquidation Authority

On Wednesday, February 21, the Treasury Department issued a report regarding the Orderly Liquidation Authority (“OLA”) established by Title II of the Dodd-Frank Act under which the FDIC may be appointed as receiver of a severely distressed and systemically important financial company. This report was prepared in response to the President’s April 21, 2017 memorandum … Continue Reading

Kenneth Blanco Named FinCEN Director

According to a press release issued by the U.S. Department of the Treasury earlier today, Kenneth A. Blanco has been named Director of the Financial Crimes Enforcement Network (FinCEN).  Mr. Blanco will join FinCEN after serving as the Acting Assistant Attorney General of the DOJ Criminal Division.  He has significant expertise in money laundering and terrorist … Continue Reading

OCC Issues Request for Information on the Volcker Rule

This morning, the Office of the Comptroller of the Currency (“OCC”) released a Request for Information (“RFI”) to determine how regulations implementing the Volcker Rule should be revised to better accomplish the purposes of the statute. The OCC’s release notes that the information the agency is soliciting could support revisions to the regulation that are consistent … Continue Reading

Treasury Issues Regulatory Reform Recommendations for Banking Industry

On June 12, 2017, the U.S. Department of the Treasury released the first of a series of reports recommending regulatory reforms to the financial system consistent with President Trump’s Core Principles for Regulating the United States Financial System.  Treasury’s first report focuses on the regulatory framework governing the depository system.  Notably, a substantial portion of … Continue Reading

Financial Regulators to Reassess Volcker Rule

Federal financial agencies are taking steps to reevaluate the Volcker Rule as part of the Trump Administration’s review of financial regulations.  In a May 8, 2017 meeting of the Financial Stability Oversight Council, Treasury Secretary Steve Mnuchin reportedly directed the five agencies responsible for the Volcker Rule – the Board of Governors of the Federal … Continue Reading

Treasury Secretary Mnuchin Highlights Concerns Regarding Cybersecurity

On March 24, 2017, Treasury Secretary Steven Mnuchin gave a speech in which he identified cybersecurity as his primary concern regarding the financial sector.  Secretary Mnuchin said in his remarks that ensuring a “safe and sound financial sector” requires cooperation and investment among the various financial regulators.  The Secretary emphasized that he wants regulatory agencies … Continue Reading
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