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Orrick, Buckley combine to form financial services and fintech law powerhouse
FDIC, Fed issue new rules and guidance aimed to strengthen resolution planning at large banks
On August 29, the FDIC and the Federal Reserve Board issued a joint press release inviting public comment on proposed guidance that serves to toughen requirements for non-G-SIB large bank holding companies’ resolution plans, or “living wills” that set forth strategies for rapid and orderly...
InfoBytesOCC allows institutions in Florida affected by Hurricane Idalia to temporarily close
On August 29, the OCC issued a proclamation permitting OCC-regulated institutions, at their discretion, to close offices in areas of Florida affected by Hurricane Idalia “for as long as deemed necessary for bank operation or public safety.” In issuing the proclamation, the OCC noted that only bank...
InfoBytesFDIC releases July enforcement actions, including breaches of fiduciary duty and FDPA violations
On August 25, the FDIC announced a list of administrative enforcement actions taken against banks and individuals in July. The 10 orders include “two orders that combined a prohibition order and order to pay CMP; one combined personal consent order and order to pay CMP; four prohibition orders; one...
InfoBytesWarren urges Fed to finalize capital requirements for large banks
On August 29, Senator Elizabeth Warren (D-MA) sent a letter to the Fed regarding its recent notice of proposed rulemaking, urging them to “finalize the rules as quickly as possible.” In July, the Fed announced amendments to the regulatory capital requirements for large banking organizations that...
InfoBytesDOJ, Oklahoma bank agree to consent order over redlining
On August 28, the DOJ announced a settlement agreement to resolve allegations of redlining by an Oklahoma-based bank. According to the complaint , defendant allegedly engaged in redlining by refraining from providing home loans and other mortgage-related services, and also engaged in biased...
InfoBytesFed issues enforcement action against state bank and its holding company
On August 17, the Fed announced an enforcement action against a state bank and its holding company for failing to comply with conditions imposed during the approval process for the bank to become a member of the Federal Reserve System and subsequent application for acquisition. Namely, the order...
InfoBytesSEC charges fintech investment adviser for misleading advertising
On August 21, the SEC announced charges against a New York-based fintech investment adviser for using hypothetical performance metrics in misleading advertisements, compliance failures that led to misleading disclosures, and failure to adopt policies concerning crypto asset trading by employees,...
InfoBytesNIST updates its Cybersecurity Framework
The National Institute of Standards and Technology (NIST) recently unveiled a proposed update to its Cybersecurity Framework , which was originally developed to provide information security guidelines for “critical infrastructure” like banking and energy industries. (Covered by InfoBytes here )...
InfoBytesDFPI finalizes small business UDAAP and data reporting rule
DFPI recently approved the final regulation for implementing and interpreting certain sections of the California Consumer Financial Protection Law (CCFPL) related to commercial financial products and services. After considering comments and releasing three rounds of modifications to Sections 1060,...
InfoBytesDistrict Court denied motion to dismiss CFPA and FDCPA claims against debt buyers
On August 22, the U.S. District Court for the Western District of New York refused to dismiss CFPA and FDCPA claims brought by the CFPB that alleged violations related to misrepresentations made to debtors by debt collectors. The CFPB’s complaint alleged that defendants purchased defaulted consumer...
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