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Christopher M. Paridon

All Things FinReg

LATEST REGULATORY DEVELOPMENTS IMPACTING
THE FINANCIAL SERVICES INDUSTRY

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

By Allen Denson , Daniel C. Fishbein , Nicholas M. Gess , Molly Moriarty Lane , Joshua B. Moses , and Ari M. Selman
// May 20, 2024
The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of the Appropriations Clause of the US Constitution. The Court’s decision reversed the Fifth Circuit’s ruling that the CFPB’s funding structure was unconstitutional and put a definitive end to the last pending wholesale challenge to the CFPB’s constitutionality.
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Topics: CFPB, Consumer Financial Protection Bureau, Consumer Financial Services, Dodd-Frank Act, Enforcement, Federal Reserve, Payday Lending, Regulatory

Federal Reserve Announces Supervisory Developments for Dollar Tokens and ‘Novel Activities’ – But What’s New?

By Christopher M. Paridon
// August 11, 2023
The Board of Governors of the Federal Reserve System (Federal Reserve) took another tepid step into the digital asset space on August 8, announcing that it has established a program to “enhance the supervision of novel activities conducted by banking organizations supervised” by the Federal Reserve. In addition, the Federal Reserve issued guidance explaining the supervisory nonobjection process for state member banks “seeking to engage in certain activities involving tokens denominated in national currencies and issued using distributed ledger technology or similar technologies to facilitate payments.”
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Topics: Banking, Compliance, Cryptocurrency, Digital Assets, Federal Deposit Insurance Corporation, Federal Reserve, FinTech, Office of the Comptroller of the Currency, Regulation, Regulatory

Increased Scrutiny of Uninsured Deposits Continues: FDIC Reminds IDIs of Uninsured Deposit Reporting Obligations

By Christopher M. Paridon
// July 28, 2023
The Federal Deposit Insurance Corporation (FDIC) continued the focus shown over the last several months, and especially since the March 2023 failure of Silicon Valley Bank (SVB) and associated events, by the federal banking agencies on uninsured deposits when it issued a Financial Institution Letter (FIL), Estimated Uninsured Deposits Reporting Expectations, on July 24, 2023.
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Topics: Banking, Compliance, Federal Deposit Insurance Corporation, Federal Reserve, Federal Reserve Board, Office of the Comptroller of the Currency, Regulation, Regulatory, Regulatory Reporting, Uninsured Deposits

FinCEN Expands AML, Customer Identification Programs, and Beneficial Ownership Requirements to Banks Lacking a Federal Functional Regulator

By Martin Hirschprung
// September 24, 2020
The Financial Crimes Enforcement Network (FinCEN) issued a final rule that requires minimum standards for anti-money laundering (AML) programs for banks lacking a federal functional regulator (the Federal Reserve Board, OCC, FDIC, OTS, NCAU, and SEC), i.e., banks and similar financial institutions that are subject only to state regulation and supervision, and certain international banking entities (collectively, “covered banking entities”).
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Topics: Anti-Money Laundering, Banking, BSA, FDIC, Federal Reserve, FinCEN, OCC, Regulation, Regulatory, Supervision and Examination

OCC Plans to Introduce Special Purpose National Bank Charter for Payments Companies

By Andrew M. Ray and Nicholas M. Gess
// July 13, 2020
In a series of recent interviews (including with the American Bankers Association and a podcast with the ABA Banking Journal), Acting Comptroller of the Currency Brian Brooks discussed the Office of the Comptroller’s (OCC’s) plans to soon roll out another special purpose national bank (SPNB) charter specifically geared toward payments companies.
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Topics: Banking, Cryptocurrency, Federal Reserve, Federal Reserve Board, FinTech, Innovation, OCC, Office of the Comptroller of the Currency, Payment Processing, Payments, Regulation, Regulatory, States, Supervision and Examination, Technology
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