On Oct. 2, 2024, the Federal Deposit Insurance Corporation (FDIC) published a notice of proposed rulemaking (Proposed Rule) designed to strengthen recordkeeping requirements for custodial deposit accounts with transactional features
Continue Reading FDIC Proposes New Requirements for Custodial AccountsFDIC Issues Cease and Desist Letters to 5 Entities for Making False or Misleading Representations Regarding Deposit Insurance
On Jan. 19, 2024, the Federal Deposit Insurance Corporation (FDIC) issued letters demanding five entities and certain associated parties cease and desist from making false and misleading statements about FDIC…
Continue Reading FDIC Issues Cease and Desist Letters to 5 Entities for Making False or Misleading Representations Regarding Deposit InsuranceThe 2023 Banking Crisis: Guidance for Private Investors Seeking to Acquire or Invest in Assets of Failed Insured Depository Institutions
This GT Alert provides a general overview for investors interested in acquiring or investing in the assets of failed depository institutions and requirements and restrictions applicable to private investors’ participation…
Continue Reading The 2023 Banking Crisis: Guidance for Private Investors Seeking to Acquire or Invest in Assets of Failed Insured Depository InstitutionsThe 2023 Banking Contagion: Questions & Answers for Insured and Uninsured Depositors, Other Affected Parties
On March 10, 2023, the California Department of Financial Protection and Innovation closed Silicon Valley Bank, Santa Clara, California (SVB) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver…
Continue Reading The 2023 Banking Contagion: Questions & Answers for Insured and Uninsured Depositors, Other Affected PartiesCFPB Issues Report on Unlawful ‘Junk Fees’ Uncovered in Deposit Accounts, Multiple Loan Servicing Markets
On March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released the Supervisory Highlights Junk Fees Special Edition (Report) detailing unlawful fees the agency found in deposit accounts and in…
Continue Reading CFPB Issues Report on Unlawful ‘Junk Fees’ Uncovered in Deposit Accounts, Multiple Loan Servicing MarketsFederal Reserve, FDIC, and OCC Issue 2nd Joint Statement Highlighting Liquidity Risks to Banks Engaged in Crypto-Asset-Related Activities
On Feb. 23, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) (collectively…
Continue Reading Federal Reserve, FDIC, and OCC Issue 2nd Joint Statement Highlighting Liquidity Risks to Banks Engaged in Crypto-Asset-Related ActivitiesFederal Reserve, FDIC, and OCC Issue the First Joint Statement on Crypto-Asset Risks to Banking Organizations
On Jan. 3, 2023, the Board of Governors of the Federal Reserve System (Federal Reserve), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) (collectively…
Continue Reading Federal Reserve, FDIC, and OCC Issue the First Joint Statement on Crypto-Asset Risks to Banking OrganizationsRegulatory Scrutiny on the Rise of Bank and Crypto Company Dealings
Federal regulatory agencies are closely monitoring crypto-asset developments and banking organizations’ participation in the crypto-asset industry. This GT Alert covers the guidance issued by the FDIC, CFPB, and the Federal…
Continue Reading Regulatory Scrutiny on the Rise of Bank and Crypto Company Dealings
CFPB to Issue Consumer Financial Protection Circulars to Increase Transparency and Align Enforcement
The Consumer Financial Protection Bureau (CFPB or the Bureau) announced it would begin issuing Consumer Financial Protection Circulars (Circulars) to a “broad set of government agencies responsible for enforcing federal…
Continue Reading CFPB to Issue Consumer Financial Protection Circulars to Increase Transparency and Align Enforcement
US Federal Banking Regulators Release Joint Statement on ‘Crypto-Asset Policy Sprint Initiative’
On Nov. 23, 2021, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency issued a joint …
Continue Reading US Federal Banking Regulators Release Joint Statement on ‘Crypto-Asset Policy Sprint Initiative’