CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB, OCC, FDIC and NCUA have issued substantially similar final rules on the role of supervisory guidance. The final rules adopt the agencies’ proposals without substantive change.
In September 2018, the agencies issued an “Interagency Statement Clarifying the Role of Supervisory Guidance.” In response to the Statement, the agencies received a petition…
On January 15, 2021, just weeks after the FDIC issued its final rule (the Rule) establishing requirements the parent entity of an industrial bank or industrial loan company (collectively, ILC) must meet for the ILC to have FDIC deposit insurance, Rakuten, a Japanese e-commerce and financial technology company, filed its third application in less than …
The FDIC has issued a final rule setting forth the conditions it will impose and the commitments it will require to approve a deposit insurance application from an industrial bank or industrial loan company (collectively, ILC) whose parent company is not subject to consolidated supervision by the Federal Reserve Board (FRB). Along with the FDIC’s…
The FDIC has issued a final rule that establishes a new framework for analyzing whether deposits made through deposit arrangements qualify as “brokered deposits” and amends the methodology for calculating the interest rate restrictions that apply to less than well capitalized insured depository institutions (IDIs). The final rule, which includes material differences from the FDIC’s…
The Attorneys General of California, Illinois, and New York have filed a motion for summary judgment in their lawsuit filed against the Office of the Comptroller of the Currency (OCC) to enjoin the OCC’s final rule purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations. The OCC must…
Earlier this month, House Financial Services Committee Chairwoman Maxine Waters sent a letter to President-elect Joe Biden recommending various actions that the Biden Administration should take in the financial services arena. Chairman Waters and members of her staff are expected to have a strong voice in shaping the Biden Administration’s approach to financial services regulatory…
FDIC Chairman Jelena McWilliams recently stated that the FDIC is not contemplating a rulemaking “at this time” similar to the OCC’s proposed fair access rule issued last month.
Chairman McWilliams made this statement in response to a question asked during the FDIC’s presentation of third quarter 2020 results for FDIC-insured institutions. Ms. McWilliams was…
On Monday and Tuesday, PLI held its two-day 25th Annual Consumer Financial Services Institute, which I co-chaired. During the morning session of the first day, I co-moderated two consecutive panel discussions titled “Federal Regulators Speak,” with the first panel featuring CFPB and FTC representatives and the second panel featuring OCC and FDIC representatives. The FDIC…
On Monday, the FRB, FDIC, and OCC issued a “Statement on LIBOR Transition” that encourages banks to transition away from the London Inter-Bank Offered Rate (LIBOR) as soon as possible, and in any event by December 31, 2021.
The agencies indicate that the LIBOR administrator has announced it will consult on its intention…
The Biden transition has announced the members of its agency review teams.
The team leaders include the following individuals:
CFPB. The team will be led by Leandra English, who is currently with the New York Department of Financial Services. As our blog readers may recall, Ms. English was appointed CFPB Deputy Director by…
