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On February 26, the Office of the Comptroller of the Currency (OCC) released its revised Policies and Procedures Manual policy for assessing civil money penalties ( CMP Policies ). The CMP Policies are used as a reference tool for examiners in assessing the severity of any identified unsafe and unsound banking practices, violations of laws, regulations, orders, conditions imposed in writing, and formal agreements (“violations”) by institutions and persons subject to OCC’s supervision (national banks, federal savings associations, federal branches and agencies, and bank service companies and service providers).
On February 17, the Federal Deposit Insurance Corporation (FDIC) and the Securities and Exchange Commission (SEC) proposed a joint rule that would govern the resolution of large broker-dealers that are designated as “covered financial companies” under the Orderly Liquidation Authority (OLA) provisions (Title II) of the Dodd-Frank Act.
The Federal Deposit Insurance Corporation (FDIC) today proposed a rule that would create new recordkeeping requirements for large FDIC-insured banks and govern the determination and payment of insured customer deposits in the event of a large bank failure.
In conjunction with the first anniversary of the launch of its faster payments system initiative, the Federal Reserve Board (Board) released its progress report on improvements to the payments system in the United States (Progress Report).
A recent decision from the US District Court for the Eastern District of Pennsylvania, Kane v. Think Finance, Inc, Civ. No. 14-cv-7139, 2016 WL 183289 (E.D. Pa. 2016), has received a good deal of attention.
In the spirit of the new year, we decided to take our Ouija board out of the attic and venture a few predictions for 2016 in financial services regulation.
As the Consumer Financial Protection Bureau (CFPB) completes its fifth year as a fully operating entity in 2016, distinct enforcement patterns have emerged that can assist businesses and individuals that have or may become targets of the agency in assessing penalties and their impact should they elect to settle with the CFPB.
The Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued today an interagency statement ( Statement on Prudent Risk Management for Commercial Real Estate Lending ) cautioning the banking industry on the need for prudent risk management practices with respect to commercial real estate (CRE) lending activities.
The California Department of Business Oversight (DBO) has launched an inquiry into the increasingly popular marketplace lending industry.