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Inflation Reduction Act
What Labor Nominee Walsh Means for the Fiduciary Rule’s Future
On January 7, 2021, President-elect Joe Biden named Boston Mayor Martin Walsh as his nominee for Secretary of Labor. Walsh’s nomination raises questions for the future of the Labor Department’s (DOL’s) fiduciary rule , which regulates “investment advice fiduciaries” under...
Signing of the Economic Growth, Regulatory Relief and Consumer Protection Act
On May 24, 2018, President Trump signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act (the “Regulatory Relief Act”), the financial services regulatory reform bill that previously passed both the U.S. Senate and House of Representatives. Some...
Federal Reserve Proposes to Clarify and Reduce Supervisory Expectations on Boards of Directors
On August 9, 2017, the Board of Governors of the Federal Reserve (the "Federal Reserve") published proposed guidance on certain supervisory expectations for Boards of Directors of banks and holding companies. The proposal consists of three parts, and arose out...
CFPB Rules Permitting Consumer Class Actions Against Financial Institutions Set to Take Effect Absent Action by Congress
In 2016, the Consumer Financial Protection Bureau (CFPB) announced that it was seeking public comment on proposed rules that would limit the effect of mandatory arbitration clauses for consumer finance transactions and allow consumers to initiate or participate in class...
Webinar: Anatomy of an IPO: What Every Bank Thinking of Going Public Needs to Know
Get a jump start on a successful planning process for you IPO. The “Anatomy of an IPO” will guide you along the path of preparing for, and living through, an IPO, as well as navigating the sometimes treacherous waters of...
Does Your Bank's Website Violate The ADA?
There has been a recent surge in claims brought by people with visual and hearing impairments alleging that company websites violate the accessibility standards of the Americans with Disabilities Act (ADA). Until now, these claims have typically been made against...
New CFPB Rules Threaten More Consumer Class Actions Against Financial Institutions
Recently, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking public comment on proposed rules that would significantly change two aspects of consumer finance dispute resolution. First, the proposed rules limit the effect of mandatory arbitration clauses for...
FDIC Action Encourages De Novo Bank Charter Applications
On April 6, 2016, the FDIC rescinded its 2009 Financial Institutions Letter concerning enhanced scrutiny for newly insured FDIC-supervised depository institutions. The 2009 Financial Institution Letter, among other things, extended the de novo period for newly organized, state non-member institutions...
Opt-Out Election for AOCI Under Basel III Approaches
The beginning of 2015 marked the implementation of Basel III for community banks including the changes to required capital ratios. Although community banks have been preparing for the implementation for months, one of the first official mile markers relates to...
Assets in Foreign Branches Off Limits to Domestic Judgment Creditors
New York’s high court announced last week that banking institutions with branches in New York are shielded from judgment creditors attempting to collect on customer assets held at foreign branches of the same bank. Specifically, the New York Court of...
.bank and Other Domain Names to Open for Financial Institutions... And Others
The governing body that administers the domain name space, the Internet Corporation for Assigned Names and Numbers (ICANN), is in the process of vastly expanding the number of top level domain names (like .com and .net) from less than thirty...