Please join James M. Kane and James W. Morrissey, Co-Chairs of the Financial Institutions Group, and Mark C. Svalina, Associate, at Vedder Price, for a webinar presentation on regulatory, compliance and related issues banks can expect to encounter in 2022.
The 21st Century Banker
Reliable and trusted news, commentary and industry updates for financial institutions.
The 21st Century Banker, published by Vedder Price PC, focuses on legal developments and regulatory changes affecting the banking and financial services industries. The blog covers topics such as banking regulation, fair lending laws, financial compliance, debt collection practices, and the impact of federal agency policies on banks and financial institutions. It also addresses issues related to financial innovation, cryptocurrency regulation, and consumer protection rules relevant to banking. The blog provides updates on leadership changes in financial regulatory bodies and analyzes legislative and administrative actions influencing banking operations and risk management.
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Banking Update Webinar- What to Expect in 2022
Please join James W. Morrissey, Co-Chair of the Financial Institutions Group, and Mark C. Svalina, Associate, at Vedder Price, for a webinar presentation on regulatory, compliance and related issues banks can expect to encounter in 2022.…
Federal Bank Regulators Expand Duty to Notify after a Cybersecurity Event
On November 18, 2021, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve System (FRB) (each, an “Agency” and, collectively, the “Agencies”) finalized a uniform…
BSA/AML Update: Significant New Requirements Ahead
Effective January 1, 2021, the National Defense Authorization Act for Fiscal Year 2021 (the “Act”) became law. Among other provisions, the Act contains the most significant changes to the Bank Secrecy Act (the “BSA”) since 2001. Most significantly, the Act…
It’s Back: Paycheck Protection Program 2.0
On December 27, 2020, as part of a larger government funding bill, President Donald J. Trump signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “Act”). The Act, among other things, restarts the Paycheck…
PPP Update: SBA Issues Guidance on M&A Transactions
On October 2, 2020, the Small Business Administration (the “SBA”) issued a procedural notice (the “Notice”) detailing the requirements for an entity (a “PPP Borrower”) that received a Paycheck Protection Program (“PPP”) loan (“PPP Loan”) to enter into a change…
OCC Proposal Would Bring Certainty to the Identity of the “True Lender”
Markets like certainty. On July 20, 2020, the Office of the Comptroller of the Currency (the “OCC”) proposed a new rule for national banks and federal savings associations that would solve the “true lender” question and help bring certainty to financial…
UPDATE: U.S. House of Representatives Seeks to Amend the CARES Act to Provide Borrower’s Relief under the PPP
On May 28, 2020, the U.S. House of Representatives passed legislation that, if adopted by the Senate and signed into law by the President, would provide considerable relief to borrowers under the Paycheck Protection Program (PPP).
The bill, known as…
SBA Announces Procedure for PPP Lenders to Collect Loan Processing Fees
On May 21, 2020, the U.S. Small Business Administration (“SBA”) released a notice informing lenders of how they may collect loan processing fees for eligible loans issued under the Paycheck Protection Program (“PPP”).
Pursuant to the CARES Act and the…
Paycheck Protection Program Loans May Be Excluded from a Bank’s Regulatory Capital Ratios
On April 9, 2020, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), and the Office of the Comptroller of the Currency (collectively, the “federal banking agencies”) issued an interim rule that…