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Articles by Jeremy Newell
4 Key Considerations on ‘Evolving Bank Supervision’
Last week, Acting Comptroller Michael Hsu gave a speech describing the OCC’s evolving views on bank supervision.[1] That supervision is the focus of any policymaker’s public remarks is a welcome development; as we have described at length elsewhere, bank examination has expanded significantly in scope in recent years and is now focused largely on immaterial matters as opposed to material financial risk, and frequently works in opposition to regulatory policies established by the banking...
Whistleblower Day 2023: The (R)evolution of Speaking Up | JD Supra
On July 30, 1778, the Second Continental Congress passed the Whistleblower Protection Act of 1778, which is considered to be the first whistleblower law in world history. Much has changed in two and a half centuries, but very recently, there has been a revolution of sorts in the whistleblower space: The regulatory landscape has been changing rapidly in the United States and abroad, as government institutions have taken decisive action to create, overhaul, and enhance whistleblower protections.
The Interagency Community Reinvestment Act Proposal: Ten Things To Know
Covington | Financial Services The Interagency Community Reinvestment Act Proposal Ten Things To Know On May 5, 2022, the Board of Governors of the Federal Reserve System ("Board"), the Federal Deposit Insurance Corporation ("FDIC"), and the Office of the Comptroller of the Currency ("OCC") released a notice of proposed rulemaking ("NPR") to overhaul the agencies' regulatory framework for evaluating banks' Community Reinvestment Act ("CRA") performance.
White House Issues Executive Order on Ensuring Responsible Development of Digital Assets- Four Things To Know
On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets ("Executive Order" or "Order"). The Executive Order is comprehensive in scope, and addresses both the development of a Central Bank Digital Currency in the United States ("U.S. CBDC") and the regulation of privately-created digital assets. 1.
Why CFPB's Disposal Of Supervisory Tool Is Problematic
Law360 (April 7, 2021, 4:48 PM EDT) -- During his confirmation hearing to serve as the first director of the Consumer Financial Protection Bureau, Richard Cordray explained that the bureau had a "bigger and more flexible toolkit" than he'd had as Ohio's attorney general, where he "had only two options to choose from": alleging a violation of law or doing nothing.[1] He emphasized in particular "[t]he supervisory tool," which "offers the prospect of resolving compliance issues more quickly and...
FinCEN Releases Advance Notice of Proposed Rulemaking on Beneficial Ownership Disclosure Requirements | Lexology
On Thursday, April 1, 2021, the Financial Crimes Enforcement Network (“FinCEN”) released an advance notice of proposed rulemaking ("ANPR"), presenting the public with its first opportunity to comment on the beneficial ownership disclosure requirements in the Corporate Transparency Act ("CTA"), a key component of the Anti-Money Laundering Act of 2020 ("AMLA").
Prepare To Meet New Fed Expectations On Effective Boards
Law360 (March 18, 2021, 4:44 PM EDT) -- On Feb. 26, the board of governors of the Federal Reserve System published supervisory guidance[1] regarding the effectiveness of boards of directors at large financial institutions.[2] The guidance, which finalizes proposed guidance from 2017,[3] sets forth five "principles-based" attributes of an effective board.
Federal Reserve Releases Capital Planning Proposal
On September 30, 2020, the Federal Reserve released a proposal to update its capital planning requirements in a number of respects, including to integrate the capital plan rule with the Federal Reserve’s October 2019 final rules tailoring its enhanced prudential standards. The proposal would make the following notable changes: Replacement of Company-Run Stress Testing for Category IV Institutions.
Temporary SLR Relief Extended to Banks, With Condition
On May 15, 2020, the federal banking agencies issued an interim final rule to permit depository institutions to exclude from their supplementary leverage ratio (“SLR”) denominators through March 31, 2021 the balance sheet value of U.S. Treasury securities and funds on deposit at a Federal Reserve Bank, subject to restrictions on capital distributions.
LCR Effects of PPPLF and MMLF Participation Neutralized | Lexology
Today, May 5, 2020, the federal banking agencies released an interim final rule to neutralize the effect of participating in the Paycheck Protection Program Liquidity Facility (“PPPLF”) and Money Market Liquidity Facility (“MMLF”) on a banking organization’s Liquidity Coverage Ratio (“LCR”).
LCR Effects of PPPLF and MMLF Participation Neutralized
Today, May 5, 2020, the federal banking agencies released an interim final rule to neutralize the effect of participating in the Paycheck Protection Program Liquidity Facility (“PPPLF”) and Money Market Liquidity Facility (“MMLF”) on a banking organization’s Liquidity Coverage Ratio (“LCR”).
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