On November 9, 2020, we released our deck “Financial Services Regulatory Reform in the Biden Administration: Key Areas of Focus.” This deck describes our view of the road ahead for financial regulatory reform under a Biden Presidency and a Republican Senate. We see most of the action coming from the
Continue Reading Financial Services Regulatory Reform in the Biden Administration: Key Areas of Focus
Bank Regulation
The OCC Finalizes a Rule to Answer the True Lender Question
The Office of the Comptroller of the Currency (OCC) has finalized a rule (Final Rule) establishing a bright-line test for determining the true lender of a loan. The Final Rule is intended to address the now-common lending arrangements involving a partnership between a national bank or…
Continue Reading The OCC Finalizes a Rule to Answer the True Lender Question
Federal Financial Regulatory Agencies Propose New Rule Clarifying the Role of Supervisory Guidance
The banking sector is both regulated and supervised, a key difference between banking and the rest of the regulated sectors in the economy. Supervision happens behind the veil of confidential supervisory information in ways that are both appropriate and concerning.[1] The scope of what is appropriate and what is…
Continue Reading Federal Financial Regulatory Agencies Propose New Rule Clarifying the Role of Supervisory Guidance
Davis Polk Comments on the FDIC’s Proposed Amendments to its Guidelines for Appeals of Material Supervisory Determinations
By Margaret E. Tahyar & Ryan Johansen on
Posted in Bank Regulation, FDIC
The Federal Deposit Insurance Corporation (FDIC) has taken another important step to increase transparency and accountability in the supervisory process by proposing amendments to its existing Guidelines for Appeals of Material Supervisory Determinations (the Proposal).
In a comment letter submitted this week, Davis Polk & Wardwell LLP…
Continue Reading Davis Polk Comments on the FDIC’s Proposed Amendments to its Guidelines for Appeals of Material Supervisory Determinations
OCC Confirms that National Banks May Take Deposits that Serve as Reserves for Fiat-Pegged Stablecoins
The OCC has issued an interpretive letter confirming that national banks may take deposits that serve as reserves for fiat currency-pegged stablecoins. The letter continues the series of actions taken or announced by Acting Comptroller Brian Brooks to clarify how traditional banking regulations apply to fintech activities—particularly when those activities…
Continue Reading OCC Confirms that National Banks May Take Deposits that Serve as Reserves for Fiat-Pegged Stablecoins
10 Key Takeaways from the Federal Reserve’s Final Rule on CSI and FOIA
The Federal Reserve’s recent updates to its regulations on confidential supervisory information and availability of information under the Freedom of Information Act include several meaningful modifications to adapt these rules for the digital age of emails, data rooms and slide decks and the modern organizational structure and operations of banking…
Continue Reading 10 Key Takeaways from the Federal Reserve’s Final Rule on CSI and FOIA
The OCC Proposes Two Standards for the True Lender Question
As Acting Comptroller Brian Brooks promised in his Statement on Becoming Acting Comptroller, the OCC proposed a rule on July 20, 2020, setting forth standards for determining the true lender of a loan made in the context of a partnership between a national bank or federal savings association (…
Continue Reading The OCC Proposes Two Standards for the True Lender Question
Introducing Davis Polk’s Government Support for Business Resource
The business and financial fallout of the coronavirus pandemic is hitting companies in all areas of the U.S. economy, and weighing on those from industry giants to small local businesses. For many businesses, survival will depend on accessing one or more of the numerous support programs announced by the Federal…
Continue Reading Introducing Davis Polk’s Government Support for Business Resource
Fed Establishes a Term Asset-Backed Securities Loan Facility
The Federal Reserve has created a new secured liquidity facility, called the Term Asset-Backed Securities Loan Facility (TALF), designed to restore liquidity to the asset-backed securities (ABS) market. TALF represents a continuation of the Federal Reserve’s use of its “unusual and exigent” powers to help provide…
Continue Reading Fed Establishes a Term Asset-Backed Securities Loan Facility
UK Regulatory Supervision During the Coronavirus (COVID-19) Crisis
By Dan Hirschovits & Mark Chalmers on
The UK’s main financial regulators announced a series of measures last week intended to alleviate some of the regulatory burdens facing firms and financial market infrastructures in the wake of the coronavirus (COVID-19) outbreak. These are in addition to initiatives announced by the Bank of England (BoE) and HM Treasury…
Continue Reading UK Regulatory Supervision During the Coronavirus (COVID-19) Crisis