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.
On June 5, 2019, Illinois Governor J.B. Pritzker signed a $40 billion state budget bill into law. Among the various provisions included in the over 300 page budget is a provision providing…
This below article was originally posted on Vedder Thinking on June 4, 2019.
On Saturday, June 1, 2019, The Illinois General Assembly passed a bill (the “Diversity Disclosure Bill”) requiring most publicly held companies organized or headquartered in Illinois to…
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On November 1, 2018, the Federal Deposit Insurance Corporation (the “FDIC”) issued modifications to its Statement of Policy (“SOP”) for applications made under Section 19 of the Federal Deposit Insurance Act (“FDIA”). The modifications are expected to reduce the number…
On October 31, 2018, the Board of Governors of the Federal Reserve System (the “Federal Reserve”), the Office of the Comptroller of the Currency (the “OCC”) and the Federal Deposit Insurance Corporation (the “FDIC”) issued a pair of proposals that…
On October 16, 2018, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Board of Governors of the Federal Reserve System (the “Agencies”) issued the Frequently Asked Questions on appraisal and evaluation functions (“FAQs”). …
On July 11, 2018, 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”) (the OCC, FRB and FDIC are collectively, the “Federal Banking…
On May 22, 2018, the House of Representatives passed the bipartisan Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155) (the “Consumer Protection Act”), which had been previously passed by the Senate. The Consumer Protection Act will now be…
On May 11, 2018, compliance with the beneficial ownership rule became mandatory. In accordance with the rule, a covered financial institution must verify, at the time a new account is opened, the beneficial owners opening the account on behalf of…
On May 11, 2018, the beneficial ownership rule became fully effective. While the rule was finalized on July 16, 2016, compliance was not mandatory until May 11, 2018. The delay in implementation was to permit covered financial institutions to ready…
