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 Organizations
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
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
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’
On Nov. 1, 2021, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (FDIC) joined with the president’s Working Group on Financial Markets (PWG) to
Continue Reading President’s Working Group on Financial Markets Releases Report and Recommendations on Stablecoins
Recently, the OCC has begun to lay the groundwork for future national fintech charters, relying on an existing federal law which grants the OCC receivership powers over non-depositary financial institutions,
Continue Reading OCC Lays Groundwork for National Fintech Charters
After the Nevada Supreme Court issued a 5-2 decision in Sandpointe Apartments v. Eighth Judicial Dist. Ct., which found that 2011 amendments modifying Nevada’s anti-deficiency protections created limitations on the
Continue Reading Nevada Supreme Court Clarifies That ‘Consideration Paid’ by Successor Note-Holders Can Limit Recovery in Deficiency Actions
On Jan. 28, 2015, the Federal Deposit Insurance Corporation (FDIC) in a Financial Institutions Letter (FIL) announced that it would, in effect, do an about-face on its supervisory expectation that
Continue Reading AML Developments – FDIC Announces That It Will End Its Supervisory Trend of Expecting Regulated Institutions to ‘De-Risk’ Entire Categories of Customers