OCC, FDIC warns banks of regulatory risks presented by certain overdraft protection practices. The overdraft guidance comes after the White House and members of Congress have urged banking regulators and banks to limit overdraft fees. Banks should prepare for scrutiny from supervisors by reviewing strategy, risk management, and oversight frameworks of overdraft protection products. Regulators […]
What’s Happening Federal Reserve (FRB) denies membership and master account application for state-chartered Custodia Bank with crypto-focused business model FRB presumptively prohibits banks it supervises from holding crypto as principal and certain other crypto-related activities Current and prospective Fed-member banks with crypto interest should review business models and internal controls in light of this new policy […]
Acting Comptroller of the Currency Michael Hsu presents a framework for scrutinizing banks viewed as “too big to manage.” Hsu describes a four-step escalation framework for supervisory issues, with a “credible threat of restrictions and divestitures.” Banks should take steps to ensure management and governance frameworks are sufficiently robust to prevent supervisory issues and avoid […]
Federal banking agencies encourage banks to monitor crypto risks, stress importance of keeping crypto sector risks isolated from broader financial system. Regulators view open, public or decentralized networks as highly likely to be inconsistent with safe and sound banking practices. Bank-crypto firm relationships likely to see increased regulatory scrutiny. Joint Statement Warns of Crypto Risks, […]
Rising interest rates are adversely affecting bank investment portfolios, leaving banks with a difficult set of choices. Regulators increasingly are expressing concern with the effect of interest rate risk. Banks must ensure their risk management, strategic, and operating plans adequately address interest rate risk and potential decrease in the quality of their credit portfolios. Office […]
A recent digital asset report (“Report”) issued by the Financial Stability Oversight Council (“FSOC”) criticized many digital asset market activities and market participants for lacking sufficient risk controls or amplifying financial instability. FSOC seems to be laying the groundwork to subject certain digital asset activities and/or firms to additional regulation at a later date. The […]
Ruling finds CFPB funding unconstitutional, seeks to distinguish CFPB funding from other self-funded agencies. Fifth Circuit vacates 2017 Payday Lending Rule on grounds that it was promulgated using funds obtained outside of the Congressional appropriations process, raising possibility of legal challenges to all agency actions. Uncertainty regarding litigation risk of agency activities raises questions of […]
Federal Reserve Board introduces three-tiered review system for access to its payments system. Federally insured banks will on average have less stringent reviews, while nonbanks will receive the most diligence and scrutiny. Despite standardization efforts, regional Federal Reserve Banks retain considerable discretion when reviewing requests. Questions remain regarding account eligibility for many nonbank entities. Background […]
Senators ask the Office of the Comptroller of the Currency (OCC) to rescind interpretive letters clarifying banks’ authority to engage in crypto-related activities. Despite efforts adding controls to crypto activities, senators still believe crypto-related activities pose too great a risk for national banks and federal savings associations. Senators ask OCC to coordinate with Federal Reserve […]
Updated statement signals concern from agencies about the impact of slowing economy on CRE lenders and borrowers. Proposed statement affirms that lenders will not be criticized for implementing certain CRE loan workouts and accommodations. Agencies will not adversely classify modified loans that meet certain terms on the grounds of the underlying collateral losing value to […]
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