Tag Archives: banking

Interagency Guidance for Financial Institutions on Coronavirus Disease-Related Loan Modifications

On Sunday night, March 22, 2020, the federal banking agencies (OCC, FDIC, NCUA, Federal Reserve), the Consumer Financial Protection Bureau and the State Conference of Bank Supervisors issued an Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus. The Guidance does two key things: 1. Short-term loan … Continue Reading

All Systems Go? LIBOR Transition Efforts During the COVID-19 Pandemic

As the COVID-19 situation continues to evolve, market volatility, workplace disruptions and a shuttering of everyday life are becoming increasingly commonplace. While the 2021 LIBOR phase-out may not seem top of mind during the current crisis, speculation is mounting about whether the pandemic will delay or otherwise alter the phasing out of the “world’s most … Continue Reading

Amendments to ‘Volcker Rule’ to Exclude Certain ‘Small’ Banks From Key Prohibitions

In connection with the U.S. financial crisis 10 years ago, legislation was adopted to enhance the safety and soundness of the commercial banking system in the United States. Amendments to the Bank Holding Company Act of 1956 required five federal financial agencies to adopt joint regulations to (i) limit the authority of commercial banking institutions to … Continue Reading

When Can Futures Commission Merchants and Broker-Dealers Be Deemed Banks?

On March 21, 2019, in Whitaker v. Wedbush Securities, an Illinois appellate court for the first time addressed the liability of a futures commission merchant (FCM) or broker-dealer (BD) under Section 4A-105 of the Uniform Commercial Code (UCC). By way of background, a customer of an FCM dually registered as a BD ostensibly requested a … Continue Reading

OCC Consideration of Special Purpose Fintech Charters Draws Rapid Reaction for State Banking Regulators

On Dec. 2, 2016, the Office of the Comptroller of the Currency (OCC) published a preliminary proposal to create a national bank charter for financial technology companies (fintech). The OCC’s rationale in support of the proposal was that such a charter could promote the safety and soundness of fintech institutions, bring greater legal and regulatory … Continue Reading

Greenberg Traurig Hosts the Program ‘Emerging Issues in Banking, Consumer Finance, and FinTech Litigation’

On Oct. 25, please join Greenberg Traurig’s Class Action Litigation and Consumer Financial Services Litigation Practice Groups in the presentation titled “Emerging Issues in Banking, Consumer Finance, and FinTech Litigation” in our Silicon Valley Office or via Webinar. While the finance capitals of the world have traditionally been in places like New York, London, and … Continue Reading

OCC Issues New Guidance and Policies on Enforcement Actions and Civil Monetary Penalties Against Institutions and Individuals

The Office of the Comptroller of the Currency (“OCC”) recently released new guidance on the process it uses when considering enforcement actions against banking institutions and individuals for potential non-compliance with Bank Secrecy Act (“BSA”) compliance program requirements and anti-money laundering (“AML”) rules.  At the same time, the OCC also issued a revised policy for … Continue Reading

First Circuit Offers Rebuke to SEC in Vacating Sanctions Order

The U.S. Court of Appeals for the First Circuit recently overturned an order by the U.S. Securities and Exchange Commission (Commission) in which the Commission had imposed sanctions against two former banking executives for violations of the federal securities laws.  In so doing, the First Circuit offered a stern rebuke to the Commission and its … Continue Reading
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