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Posted Date: Friday, May 17, 2024
The Federal Reserve and the Office of the Comptroller of the Currency will hold a joint public meeting to collect stakeholder feedback on a proposed merger between Capital One Financial Corp. and Discover Financial Services. The agencies also announced a second extension to the public comment period for the proposal through July 24. Read on »
Posted Date: Tuesday, May 14, 2024
Executive compensation at some of the country’s largest banks is the subject of a new proposal by federal banking regulators. The proposed rule would implement one of the last remaining provisions of the Dodd-Frank Act and requires approval from six regulatory agencies.
The Federal Deposit Insurance Corp. voted 3-2 in favor of putting the notice of proposed rulemaking out for comment despite having secured support from only four of the six required federal agencies. Read on »
Posted Date: Friday, May 10, 2024
To support third-party risk management efforts among community banks, the three federal banking agencies unveiled a comprehensive guide to help those institutions navigate the complexities associated with third-party relationships. The guide highlights a host of considerations institutions are encouraged to keep in mind during the third-party relationship lifecycle. Read on »
Posted Date: Tuesday, April 16, 2024
The Office of the Comptroller of the Currency has extended the comment period for its proposed rules and policy statement on bank mergers and acquisitions. The agency announced commenters will have until June 15 to weigh in. Read on »
Posted Date: Tuesday, April 9, 2024
The legal battle over modernized Community Reinvestment Act requirements has culminated in a preliminary injunction in federal court. Dodd Frank Update spoke with Garris Horn PLLC Co-Managing Partner Richard Horn about the development, which did not come as a shock to many industry insiders aware of the challenges presented by the cumbersome final rule. Read on »
Posted Date: Tuesday, April 2, 2024
Compliance and innovation are interconnected, Acting Comptroller of the Currency Michael Hsu told attendees at the Consumer Bankers Association’s 2024 conference in Washington, D.C. Dodd Frank Update was in attendance as Hsu said he believes artificial intelligence and machine learning can each be a source of strength for compliance risk management systems moving forward. Read on »
Posted Date: Tuesday, March 26, 2024
Federal banking agencies have extended the implementation period for certain provisions of their modernized Community Reinvestment Act (CRA) rules. Covered entities will have until Jan. 1, 2026, to align their CRA compliance policies and procedures with the revised rules, which had an original applicability date of April 1 of this year. Read on »
Posted Date: Friday, March 22, 2024
The Federal Deposit Insurance Corp. (FDIC) announced it is considering revising its policy statement on bank mergers to be stronger and clearer in response to ongoing consolidation within the financial system.
The FDIC noted that the revised statement of policy is principles-based and reflects legislative and other developments that have occurred since it was last amended in 2008. Read on »
Posted Date: Friday, March 15, 2024
House Republicans celebrated the passage of H.R. 2799, which aims to facilitate capital formation by strengthening public markets, helping small businesses and entrepreneurs and creating new investment opportunities. The bill passed via a 212-205 vote along party lines. Read on »
Posted Date: Tuesday, March 12, 2024
The American Bankers Association issued a white paper titled, “Effective agency guidance: Examining bank regulators guidance practices,” where it voiced its and other trade association’s concern over agency use of guidance “to advance regulatory policy agendas.” Industry experts shared their takeaways from the report.
ABA President Rob Nichols referenced the white paper, along with copies of recent comment letters, in a letter to the federal financial regulators requesting their consideration of the feedback. Richard Andreano of Ballard Spahr, Loretta Salzano of Franzén and Salzano, and Mike Silver of Husch Blackwell, LLP spoke about their takeaways from the report. Read on »
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