Amber Hay
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Articles by Amber Hay
Implementing the GENIUS Act: The Federal Reserve Proposes a Comprehensive Rulemaking Governing Payment Stablecoin Issuance
On September 24, 2026, the Board of Governors of the Federal Reserve System (Board) issued two companion notices of proposed rulemaking to implement its responsibilities under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act or Act).1 One proposal would establish the procedures an insured state member bank must follow to obtain Board approval for a subsidiary to become a Board-supervised permitted payment stablecoin issuer (PPSI) (the Application...
FDIC Proposes Substantial Overhaul of Confidential Information Regulations
The Federal Deposit Insurance Corporation (FDIC) has proposed its first major update to the rules governing Confidential Supervisory Information (CSI) in roughly three decades.
FDIC Proposes Substantial Overhaul Of Confidential Information Regulations
AP Arnold & Porter More Arnold & Porter is a firm of more than 1,000 lawyers, providing sophisticated litigation and transactional capabilities, renowned regulatory experience and market-leading multidisciplinary practices in the life sciences and financial services industries. Our global reach, experience and deep knowledge allow us to work across geographic, cultural, technological and ideological borders.
Four Things to Know About the CFPB’s Final Rule Revising Small Business Lending Data Collection Under Regulation B
On May 1, 2026, the Consumer Financial Protection Bureau (CFPB) published a final rule1 (the Final Rule) revising the CFPB’s small business lending data collection regime under section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Section 1071). Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require financial institutions to collect and report data on credit applications by small, women-owned, and minority-owned businesses.
Implementing the GENIUS Act: FinCEN and OFAC Propose AML and Sanctions Program Requirements
The U.S. Department of the Treasury’s (Treasury) Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC) recently issued a joint proposed rulemaking (Proposal) that would implement the anti-money laundering and sanctions program requirements of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).1 If adopted as proposed, the new program requirements would apply to “permitted payment stablecoin issuers” (PPSIs) as defined...
Implementing The GENIUS Act: The FDIC Proposes Comprehensive Rulemaking Governing Payment Stablecoins Issuance
Eun Young Choi’s articles from Arnold & Porter are most popular: within Finance and Banking topic(s) in United States with readers working within the Banking & Credit, Business & Consumer Services and Technology industries On April 7, 2026, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking (the Proposal) to implement key provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the GENIUS Act) applicable to FDIC-supervised...
Implementing the GENIUS Act: The FDIC Proposes Comprehensive Rulemaking Governing Payment Stablecoins Issuance
On April 7, 2026, the Federal Deposit Insurance Corporation (FDIC) issued a notice of proposed rulemaking (the Proposal) to implement key provisions of the Guiding and Establishing National Innovation for U.S. Stablecoins Act (the GENIUS Act) applicable to FDIC-supervised institutions, including permitted payment stablecoin issuers (PPSIs) and insured depository institutions (IDIs) engaged in related custodial or safekeeping services.1 The Proposal would amend Part 350 of the FDIC’s...
Implementing The GENIUS Act: The OCC Proposes Comprehensive Rulemaking Governing Payment Stablecoins Issuance
On February 25, 2026, the Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (Proposal) to implement a comprehensive federal payment stablecoin regulatory regime for OCC-supervised entities under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
Implementing the GENIUS Act: The OCC Proposes Comprehensive Rulemaking Governing Payment Stablecoins Issuance
On February 25, 2026, the Office of the Comptroller of the Currency (OCC) issued a Notice of Proposed Rulemaking (Proposal) to implement a comprehensive federal payment stablecoin regulatory regime for OCC-supervised entities under the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act).
OCC Proposals Confirm Federal Preemption Of State Interest-On-Escrow Laws
Arnold & Porter are most popular: with readers working within the Retail & Leisure industries In a significant move for national banks and federal savings associations, the Office of the Comptroller of the Currency (OCC) has proposed a new regulation (Proposed Rule)1 and a declaratory determination (Proposed Determination)2 (together, the Proposals) that would confirm that those federally chartered institutions are not bound by the interest-on-escrow laws currently imposed by 12 states.
OCC Proposals Confirm Federal Preemption of State Interest-On-Escrow Laws
In a significant move for national banks and federal savings associations, the Office of the Comptroller of the Currency (OCC) has proposed a new regulation (Proposed Rule)1 and a declaratory determination (Proposed Determination)2 (together, the Proposals) that would confirm that those federally chartered institutions are not bound by the interest-on-escrow laws currently imposed by 12 states.
How Bank M&A Prospects Brightened In 2025
By Robert Azarow and Amber Hay ( January 5, 2026, 3:24 PM EST) -- This may be the best regulatory environment for banks to engage in meaningful, strategic mergers and acquisitions activity in the past 20 years.... Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.
Arnold & Porter Discusses Banking Issues in President’s Working-Group Report on Digital Assets
On July 30, 2025, the White House released a report titled “Strengthening American Leadership in Digital Financial Technology,” which outlines the Trump administration’s proposed policy roadmap on digital assets (Report).
Capital One Deal Approval Lights Up Path For Bank M&A
By Amber Hay, Robert Azarow and Paul Lim ( July 10, 2025, 4:39 PM EDT) -- On May 18, Capital One Financial Corp. closed its acquisition of Discover Financial Services, and the merger of Discover Bank with and into Capital One's bank subsidiary, Capital One, National Association. CONA is the resulting bank.... Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
Bank Regulator's Approval Of Capital One And Discover Deal Shows Path Forward For Bank M&A Deals
On May 18, 2025, Capital One Financial Corporation, McLean, Virginia (Capital One) closed on its acquisition of Discover Financial Services, Riverwoods, Illinois (Discover) and the merger of Discover Bank with and into Capital One's bank subsidiary, Capital One, National Association (CONA), with CONA as the resulting bank (the transactions collectively referred to herein as the Merger).
Bank Regulator’s Approval of Capital One and Discover Deal Shows Path Forward for Bank M&A Deals
On May 18, 2025, Capital One Financial Corporation, McLean, Virginia (Capital One) closed on its acquisition of Discover Financial Services, Riverwoods, Illinois (Discover) and the merger of Discover Bank with and into Capital One’s bank subsidiary, Capital One, National Association (CONA), with CONA as the resulting bank (the transactions collectively referred to herein as the Merger).
Federal Banking Agencies Clarify Approach To Bank-Permissible Crypto-Asset Activities
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) each recently took action to clarify prior interpretive guidance regarding the authority of banking organizations to engage in certain crypto-asset activities.16 These represent the first of potentially several actions by the federal banking agencies to advance the objective of promoting innovation and technology adoption1 through the establishment of a clear supervisory framework for...
Federal Banking Agencies Clarify Approach to Bank-Permissible Crypto-Asset Activities
The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) each recently took action to clarify prior interpretive guidance regarding the authority of banking organizations to engage in certain crypto-asset activities.
CFPB Finalizes Personal Financial Data Rights Rule
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB or the Bureau) issued a final rule to implement Section 1033 of the Consumer Financial Protection Act (CFPA), 12 U.S.C. § 5533, which requires covered financial institutions, known as “data providers” in the final rule, to provide consumers and their authorized third parties, upon request, access to their personal financial information in electronic form and in a standardized format.
FDIC Proposes To Expand the Scope of Its Regulation for Parent Companies of Industrial Banks
On July 30, 2024, the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) approved a proposal to amend its existing regulations governing parent companies of industrial banks and industrial loan companies (collectively, industrial banks). In December 2020, the FDIC formalized its framework for supervising industrial banks in part 354 of the FDIC Rules and Regulations (Part 354).
Bank M&A Continues To Lag Amid Regulatory Ambiguity
By Robert Azarow and Amber Hay (August 13, 2024, 5:00 PM EDT) -- Greater regulatory expectations and heightened scrutiny along with macroeconomic conditions have not supported robust bank mergers and acquisitions activity in the first half of 2024.... Law360 is on it, so you are, too. A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
Bank M&A Continues To Lag Amid Regulatory Ambiguity
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FDIC Will Prioritize Board Review Of Merger And Deposit Insurance Applications Pending 270 Days Or More
During the meeting of the Board of Directors (Board) of the Federal Deposit Insurance Corporation (FDIC) in June, the Board unanimously adopted a resolution that requires FDIC staff to provide full Board briefings for merger and deposit insurance applications (each, a Covered Application) that have been outstanding for more than 270 days.
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CONTRIBUTING SINCE FEBRUARY 2015 Arnold & Porter is a firm of more than 1,000 lawyers, providing sophisticated litigation and transactional capabilities, renowned regulatory experience and market-leading multidisciplinary practices in the life sciences and financial services industries. Our global reach, experience and deep knowledge allow us to work across geographic, cultural, technological and ideological borders.
FDIC Will Prioritize Board Review of Merger and Deposit Insurance Applications Pending 270 Days or More
During the meeting of the Board of Directors (Board) of the Federal Deposit Insurance Corporation (FDIC) in June, the Board unanimously adopted a resolution that requires FDIC staff to provide full Board briefings for merger and deposit insurance applications (each, a Covered Application) that have been outstanding for more than 270 days.
Policing Bot Bankers: US Regulation Of AI In Financial Services
Like companies everywhere, US banks increasingly are deploying artificial intelligence (AI) systems to increase operational efficiency, enhance their products and services, and improve overall customer experience. And, like regulators around the globe, US banking agencies are grappling with the implications of these new technologies for their mandates to protect individual consumers and society at large.
FDIC Amends Resolution Planning Requirements For Large FDIC-Insured Depository Institutions
On June 20, 2024, the Federal Deposit Insurance Corporation (FDIC) adopted final amendments to its resolution planning requirements for FDIC-insured depository institutions (IDIs) with US$50 billion or more in total assets under the FDIC's regulations at 12 CFR 360.10 (IDI Resolution Plan Rule).
Vice Chair Barr Discusses Targeted Adjustments To Liquidity Framework
On May 20, 2024, Federal Reserve Vice Chair for Supervision Michael S. Barr discussed three proposed targeted adjustments to bank liquidity risk management and the Federal Reserve's discount window at the 28th Annual Financial Markets Conference of the Federal Reserve Bank of Atlanta.
Vice Chair Barr Discusses Targeted Adjustments to Liquidity Framework
On May 20, 2024, Federal Reserve Vice Chair for Supervision Michael S. Barr discussed three proposed targeted adjustments to bank liquidity risk management and the Federal Reserve’s discount window at the 28th Annual Financial Markets Conference of the Federal Reserve Bank of Atlanta.
Congressional Review Act Timeline Threatens Key Elements Of Biden Administration Regulatory Agenda
AP Arnold & Porter More Arnold & Porter is a firm of more than 1,000 lawyers, providing sophisticated litigation and transactional capabilities, renowned regulatory experience and market-leading multidisciplinary practices in the life sciences and financial services industries. Our global reach, experience and deep knowledge allow us to work across geographic, cultural, technological and ideological borders.
Congressional Review Act Timeline Threatens Key Elements of Biden Administration Regulatory Agenda
As the 2024 elections approach, federal agencies are working to finalize rules and regulations ahead of the Congressional Review Act (CRA)1 “lookback” window, which opens as early as today if Congress adjusts its schedule to allow more in-district work for members. In fact, as the George Washington University reports, federal agencies published 66 significant final rules in April, higher than any month since the Reagan administration.
Hay Discusses FDIC's Bank Merger Proposal In Bloomberg Law
Financial Services partner Amber Hay was quoted in the Bloomberg Law article, "FDIC's Bank Merger Overhaul Leaves Midsize Lender Deals in Limbo," which discusses the Federal Deposit Insurance Corporation (FDIC)'s recent proposal to instate greater hurdles for mergers resulting in a combined bank with more than $100 billion in assets. The FDIC's larger aim is to assess the potential effects a bank merger could have on financial stability, local communities, and competition.
OCC And FDIC Each Propose Policy Statements Focused On Greater Scrutiny Of Bank Merger Transactions
In recent months, the U.S. banking regulators have proposed policy statements focused on providing greater insight on the agencies' review of bank mergers and acquisitions under the Bank Merger Act (BMA).1 On January 29, 2024, the Office of the Comptroller of the Currency (OCC) published a notice of proposed rulemaking (OCC NPRM) to (1) amend its procedures to eliminate expedited processing and the use of streamlined application forms for bank mergers and (2) adopt a policy statement that...
OCC and FDIC Each Propose Policy Statements Focused on Greater Scrutiny of Bank Merger Transactions
In recent months, the U.S. banking regulators have proposed policy statements focused on providing greater insight on the agencies’ review of bank mergers and acquisitions under the Bank Merger Act (BMA).1 On January 29, 2024, the Office of the Comptroller of the Currency (OCC) published a notice of proposed rulemaking (OCC NPRM) to (1) amend its procedures to eliminate expedited processing and the use of streamlined application forms for bank mergers and (2) adopt a policy statement that...
CFPB Proposes Two Rulemakings On Overdraft And NSF Fees
In the last several weeks, the Consumer Financial Protection Bureau (CFPB) issued two new rulemakings aimed at further restricting the imposition by financial institutions of fees on consumer accounts: On January 17, the CFPB issued a notice of proposed rulemaking (NPRM) to update certain exceptions in Regulations E and Z regarding the extension of overdraft credit by "very large financial institutions" (Overdraft Lending Proposed Rule).
CFPB Issues Two New Proposed Rulemakings To Stop Overdraft and NSF Fees
In the last several weeks, the Bureau of Consumer Financial Protection (CFPB) issued two new rulemakings aimed at further restricting the imposition by financial institutions of fees on consumer accounts: On January 17, the CFPB issued a notice of proposed rulemaking (NPRM) to update certain exceptions in Regulations E and Z regarding the extension of overdraft credit by “very large financial institutions” (Overdraft Lending Proposed Rule).
CFPB Issues Guidance On Fair Credit Reporting Act Disclosure And Reporting Requirements
On January 11, the Bureau of Consumer Financial Protection (CFPB) published two pieces of guidance related to disclosure and reporting requirements by consumer reporting agencies under the Fair Credit Reporting Act (FCRA). First, the CFPB issued an advisory opinion clarifying a consumer reporting agency's disclosure requirements under Section 609(a) of FCRA.
CFPB Issues Guidance on Fair Credit Reporting Act Disclosure and Reporting Requirements
On January 11, the Bureau of Consumer Financial Protection (CFPB) published two pieces of guidance related to disclosure and reporting requirements by consumer reporting agencies under the Fair Credit Reporting Act (FCRA). First, the CFPB issued an advisory opinion clarifying a consumer reporting agency’s disclosure requirements under Section 609(a) of FCRA.
Bank M&A Considerations Amid 2024's Regulatory Uncertainty
ADVERTISEMENT Don't want ads? Subscribe or login now. By Robert Azarow and Amber Hay (January 22, 2024, 6:36 PM EST) -- Over the past decade, bank mergers and acquisitions have gone through peaks and valleys being driven by swings in macroeconomic conditions, alternative periods of enhanced regulatory supervision and regulatory relief, the COVID-19 pandemic, and, most recently, significant bank failures....
Bank M&A Considerations Amid 2024's Regulatory Uncertainty
ADVERTISEMENT Don't want ads? Subscribe or login now. By Robert Azarow and Amber Hay (January 22, 2024, 6:36 PM EST) -- Over the past decade, bank mergers and acquisitions have gone through peaks and valleys being driven by swings in macroeconomic conditions, alternative periods of enhanced regulatory supervision and regulatory relief, the COVID-19 pandemic, and, most recently, significant bank failures....
New York State Department Of Financial Services Issues Final Guidance On Climate-Related Risk Management
On December 21, 2023, the New York State Department of Financial Services (DFS) published final guidance regarding financial institutions' assessment and management of material climate-related financial and operational risks (Guidance).
New York State Department of Financial Services Issues Final Guidance on Climate-Related Risk Management
On December 21, 2023, the New York State Department of Financial Services (DFS) published final guidance regarding financial institutions’ assessment and management of material climate-related financial and operational risks (Guidance).
OCC Issues Guidance On Risk Management Of
On December 6, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2023-37 (the Bulletin), providing guidance to national banks and federal savings associations on how to effectively manage risks associated with "buy now, pay later" (BNPL) lending. Specifically, the Bulletin addresses BNPL loans that are payable in four or fewer installments and carry no finance charges.
OCC Issues Guidance on Risk Management of “Buy Now, Pay Later” Lending
On December 6, the Office of the Comptroller of the Currency (OCC) issued Bulletin 2023-37 (the Bulletin), providing guidance to national banks and federal savings associations on how to effectively manage risks associated with “buy now, pay later” (BNPL) lending. Specifically, the Bulletin addresses BNPL loans that are payable in four or fewer installments and carry no finance charges.
CFPB Takes Action Aimed At Promoting Open Banking and Enhancing Oversight of Consumer Finance Markets
The Bureau of Consumer Financial Protection (CFPB) in the last month made three significant announcements aimed at shifting the financial services industry towards a more “open” system for consumers and strengthening the CFPB’s oversight of certain consumer finance markets: On October 11, the CFPB issued first-of-its-kind guidance on section 1034(c) of the Dodd-Frank Act advising that financial institutions with over US$10 billion in assets cannot charge hidden fees to consumers for...
Executive Order Strengthens Oversight of AI in Financial Services and Housing to Combat Discrimination and Safeguard Privacy
In response to the increased use and purchase of artificial intelligence (AI) and AI-enabled products, President Biden’s AI executive order (EO) instructs federal agencies to enact safeguards and protections in critical fields such as financial services and housing.
Federal Banking Agencies Issue Final Principles For Climate-Related Financial Risk Management
On October 24, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the FBAs) issued final interagency "Principles for Climate-Related Financial Risk Management for Large Financial Institutions" (the Principles).
Federal Banking Agencies Issue Final Principles for Climate-Related Financial Risk Management
On October 24, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, the FBAs) issued final interagency “Principles for Climate-Related Financial Risk Management for Large Financial Institutions” (the Principles).
Biden-Harris Administration, CFPB, And FTC Take New Steps To Eliminate
On October 11, the Biden-Harris administration, through the Bureau of Consumer Financial Protection (CFPB) and Federal Trade Commission (FTC), new actions aimed at cracking down on so-called "junk fees" across all industries. The CFPB issued an Advisory Opinion with first-of-its-kind guidance on section 1034(c) of the Dodd-Frank Act.
Biden-Harris Administration, CFPB, and FTC Take New Steps to Eliminate “Junk Fees”
On October 11, the Biden-Harris administration, through the Bureau of Consumer Financial Protection (CFPB) and Federal Trade Commission (FTC), new actions aimed at cracking down on so-called “junk fees” across all industries. The CFPB issued an Advisory Opinion with first-of-its-kind guidance on section 1034(c) of the Dodd-Frank Act.
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