Today, we released our deck “The Road Ahead for Financial Regulatory Reform in a Time of Democrats in Control.” This deck describes our view of the road ahead for financial regulatory reform under a Biden Presidency, and updates the deck we published shortly after the 2020 election to reflect the
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Bank Regulation
The Anti-Money Laundering Act of 2020 – Key Takeaways
The Anti-Money Laundering Act of 2020 implements the most extensive revisions to anti-money laundering law since the USA PATRIOT Act of 2001. The changes will affect both traditional financial institutions and FinTechs, including a new beneficial ownership provision that requires shell companies to submit ownership information to a non-public FinCEN…
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FDIC Issues Final Rule on Supervision of ILC Holding Companies
The FDIC has issued a final rule to formalize longstanding expectations it has had for the parent company of a new industrial loan company (ILC). The FDIC adopted the proposed rule issued in March 2020 with few changes. The final rule requires a new ILC to enter into a written…
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Banking Agencies Propose Cyber Reporting Rule: Implications for Cybersecurity Compliance
On December 15, 2020, the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation issued a notice of proposed rulemaking that would require substantially faster notification of cybersecurity incidents involving banking organizations, expand the list of triggering events, and impose first-of-its kind…
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Financial Services Regulatory Reform in the Biden Administration: Key Areas of Focus
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…
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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…
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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…
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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…
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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…
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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…
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