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The 1978 landmark opinion in Marquette National Bank v. First of Omaha Service Corp held that under the National Bank Act, a national bank has the right to export the interest rate authorized by the state where the bank is located to borrowers located elsewhere. Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”) conferred equivalent rate exportation powers on state-chartered, FDIC-insured banks.… Continue Reading

The CFPB has issued a request for information (RFI) that seeks comments from the public “on what customer service obstacles consumers face in the banking market, and specifically what information would be helpful for consumers to obtain from depository institutions pursuant to section 1034(c) of the Consumer Financial Protection Act.“  Section 1034(c) requires depository institutions subject to CFPB supervision (i.e.… Continue Reading

This Wednesday April 24th, the Federal Deposit Insurance Corporation and Duke University’s Fuqua School of Business and Innovation and Entrepreneurship Initiative will host a conference titled “Fintech and the Future of Banking” in Arlington, Virginia. The FDIC describes the catalyst for the event as the belief that “at the intersection of research and experience lies good public policy.”… Continue Reading

In this week’s episode, Pennsylvania Secretary of Banking and Securities Robin Wiessmann discusses lessons learned from the 2009 financial crisis and concerns arising from today’s market conditions and regulatory environment, shares her views on the OCC’s fintech charter and provides an update on steps that States are taking to relieve regulatory burdens on fintech companies, and explains her agency’s approach to virtual currency.… Continue Reading

This afternoon, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) into law.  The Act was passed by the House on Tuesday by a vote of 258 to 159 and by the Senate on March 14 by a vote of 67 to 31.

Although the Act does not make the sweeping changes to the Dodd-Frank Act contemplated by other proposals, it nevertheless provides welcome regulatory relief to both smaller and larger financial institutions. … Continue Reading

The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31.  Although the Act would not make the sweeping changes to the Dodd-Frank Act found in the Financial CHOICE Act of 2017 (CHOICE Act), it, nevertheless, would provide financial institutions welcome relief from a number of specific Dodd-Frank provisions.… Continue Reading