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A recent US Court of Appeals decision out of the Seventh Circuit, Builders Bank v. Federal Deposit Insurance Corporation, is attracting attention because it appears to say that a bank that does not like its supervisory—or CAMELS, which stands for Capital, Assets, Management, Earnings, Liquidity, and Sensitivity to market risk—rating may sue the federal banking agency to challenge the rating.
Notwithstanding objections from both parties of the US Congress and state banking regulators, the Office of the Comptroller of the Currency (OCC) is moving forward with its proposal to accept applications from financial technology companies for a special purpose national bank charter (FinTech Charter) and has issued draft guidelines (FinTech Charter Guide) for its evaluation of FinTech Charter applications.
On February 16, 2017, the New York Department of Financial Services (DFS) released its final self-described ““first-in-the-nation”first-in-the-nation” cybersecurity regulations (the Rules). The Rules become effective March 1, 2017, but will be phased in on a staggered basis beginning 180 days after the effective date.
The Office of the Comptroller of the Currency’s (OCC’s) recent announcement that it will receive and process applications for financial technology (fintech) charters is attracting negative attention from diverse sectors of the public arena.
In a move that should take no one by surprise, on November 15, the Federal Deposit Insurance Corporation (FDIC) adopted a final rule—initially proposed in February 2016—that creates new recordkeeping requirements for large FDIC-insured banks, and which would govern the determination and payment of insured customer deposits in the event of a large bank failure.
In a wide-ranging speech on November 16 before the Exchequer Club of Washington, DC, US House of Representatives (House) Financial Services Committee (Committee) Chairman Jeb Hensarling outlined the Committee’s and House’s legislative and regulatory priorities for the next session of US Congress.
The federal bank and credit union regulatory agencies (including the Consumer Financial Protection Bureau (CFPB)), acting through the Federal Financial Institutions Examination Council (FFIEC), have substantially revised the Uniform Interagency Consumer Compliance Rating System (Rating System).
On October 7, attorneys general (all Democrats) from New York, Connecticut, the District of Columbia, Maryland, Massachusetts, New Hampshire, Pennsylvania, and Vermont filed a comment letter (Comment Letter) with the Consumer Financial Protection Bureau (CFPB) supporting proposed rules concerning Payday, Vehicle Title, and Certain High-Cost Installment Loans (Proposed Rule), to be codified at 12 C.F.R. §1041.
The New York Department of Financial Services (NYDFS) has just issued proposed cybersecurity rules (Proposal) applicable to NYDFS-regulated firms (Covered Entities).
In a post-holiday “back-to-school” development for the banking industry, the Federal Reserve Board (Board), Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) have issued an anticipated and long-overdue report ( Report ) under Section 620 of the Dodd-Frank Act that recommends that Congress repeal, or the agencies restrict, several types of bank and bank holding company activities that banking organizations have conducted in recent years.