On April 6, 2020, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (collectively, the “federal banking agencies”) announced the issuance of two interim final rules
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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Federal Reserve Suspends Regulatory Examination Activity for Banks with Total Consolidated Assets Under $100 Billion
On March 24, 2020, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a statement on its supervisory activities (“Statement”) during the unprecedented COVID-19 pandemic. As part of that Statement, the Federal Reserve indicated that “to…
Coronavirus Update: Strategies and Considerations for Financial Institutions
Over the past two weeks, we have received numerous inquiries from financial institutions on what actions should be taken or considered to address the COVID-19/Coronavirus pandemic. While every bank is different and the current situation is evolving each day, we…
Congress Acts to Protect Employees Affected by COVID-19
On March 14, 2020, the U.S. House of Representatives, with the support of the President, overwhelmingly approved a bill known as the Families First Coronavirus Response Act (H.R. 6201). The legislation is scheduled to be taken up by the U.S.…
Coronavirus: Considerations for Financial Institutions
Over the past two weeks, the international markets have been roiling under news that the COVID-19 virus, commonly referred to as the coronavirus, may be spreading. The Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Federal…
Federal Banking Agencies Issue Community Bank Leverage Ratio Compliance Guide
On October 29, 2019, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the “Federal Banking Agencies”) issued a joint press release announcing a final rule…
CECL Implementation Delayed for Qualifying Entities
On October 16, 2019, the Financial Accounting Standards Board (“FASB”) extended the implementation deadline for the current expected credit loss standard (“CECL”) for qualifying entities. The new implementation deadlines are as follows:…
FDIC Finalizes Rule to Simplify Capital Calculations for Community Banks
On September 17, 2019, the Federal Deposit Insurance Corporation (the “FDIC”) passed a final rule providing qualifying community banking organizations the ability to opt-in to a new community bank leverage ratio (“CBLR”) framework, which will greatly simplify regulatory determinations regarding…
SEC Proposes Rules to Update Guide 3 Statistical Disclosures for Public Banking Organizations
On September 17, 2019, the Securities and Exchange Commission (the “SEC”) proposed rules that would update the statistical disclosures currently required by Industry Guide 3, Statistical Disclosure by Bank Holding Companies (“Guide 3”) applicable to public bank holding companies, banks,…
Repost: Illinois’ Legalization of Marijuana May Change the Drug-Free Workplace Landscape
This below article was originally posted on Vedder Thinking on June 20, 2019
Recreational cannabis is poised to become legal in Illinois in 2020, and Illinois employers should consider the impact now. In late May 2019, the Illinois House and…