-
Jan 14, 2025 | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |Kevin Petrasic
On January 8, the United States District Court for the Southern District of New York dismissed the claims brought by Banco San Juan Internacional, Inc. (BSJI) against the Federal Reserve Bank of New York (FRBNY) and the Board of Governors of the Federal Reserve System (Board). BSJI alleged that the termination of its master account by the FRBNY violated various federal laws.
-
Jun 21, 2024 | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |Kevin Petrasic
On May 30, the U.S. Supreme Court unanimously decided Cantero, reaffirming and elaborating on the Barnett Bank preemption standard, and remanding the case to the Second Circuit for further proceedings. Cantero addressed whether a New York law requiring the payment of at least 2% per annum interest on mortgage escrow deposits was preempted by federal law as to national banks.
-
Jun 20, 2024 | 
lexology.com | Alexandra Steinberg Barrage |Matthew Bornfreund |Kevin Petrasic |Joseph Reilly |Jeremy T. Rosenblum |Amy Williams | +1 more
On May 30, the U.S. Supreme Court unanimously decided Cantero, reaffirming and elaborating on the Barnett Bank preemption standard, and remanding the case to the Second Circuit for further proceedings. Cantero addressed whether a New York law requiring the payment of at least 2% per annum interest on mortgage escrow deposits was preempted by federal law as to national banks.
-
Apr 3, 2024 | 
jdsupra.com | Matthew Bornfreund |Gregory Parisi |Kevin Petrasic
On March 29, a Texas federal court granted a preliminary injunction enjoining the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) from implementing their Final Rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).
-
Apr 2, 2024 | 
lexblog.com | Matthew Bornfreund |Gregory Parisi |Kevin Petrasic |Lori J. Sommerfield
On March 29, a Texas federal court granted a preliminary injunction enjoining the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) from implementing their Final Rule modernizing how they assess lenders’ compliance under the Community Reinvestment Act (CRA).
-
Mar 22, 2024 | 
jdsupra.com | Jason Langford |Gregory Parisi |Kevin Petrasic
Today, a divided Federal Deposit Insurance Corporation’s (FDIC) Board of Directors issued a proposed Statement of Policy (SOP) on bank merger transactions that would create a combined bank with more than $100 billion in assets. The proposed SOP would replace the FDIC’s current SOP on bank merger transactions and proposes a principles-based overview that describes the FDIC’s administration of its responsibilities under the Bank Merger Act (BMA).
-
Mar 22, 2024 | 
lexblog.com | Gregory Parisi |Kevin Petrasic |James Stevens |Zayne Ridenhour Tweed
Today, a divided Federal Deposit Insurance Corporation’s (FDIC) Board of Directors issued a proposed Statement of Policy (SOP) on bank merger transactions that would create a combined bank with more than $100 billion in assets. The proposed SOP would replace the FDIC’s current SOP on bank merger transactions and proposes a principles-based overview that describes the FDIC’s administration of its responsibilities under the Bank Merger Act (BMA).
-
Mar 13, 2024 | 
lexblog.com | Matthew Bornfreund |Ethan G. Ostroff |Gregory Parisi |Kevin Petrasic
On March 12, at the Institute of International Bankers Annual Washington Conference, Acting Comptroller of the Currency Michael J. Hsu discussed the importance of operational resilience in the banking sector and hinted that potential regulations aimed to promote the same may be forthcoming.
-
Aug 7, 2023 | 
jdsupra.com | Alexandra Steinberg Barrage |Matthew Bornfreund |Kevin Petrasic
DWT's interactive resource shows potential impacts of the proposal on U.S. firms in in Category I-IV and certain foreign banking organizations On July 27, 2023, the Board of Governors of the Federal Reserve System (FRB), the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, FBAs) issued their long-awaited proposal amending the regulatory capital rules (proposal) for large banking organizations and banking organizations with significant...
-
May 4, 2023 | 
jdsupra.com | Kevin Petrasic
[co-author: Michael Buckalew]*On April 21, 2023, the Financial Stability Oversight Council ("FSOC") issued two important proposals[1] regarding the designation of a nonbank financial firm as a systemically important financial institution ("nonbank SIFI") under Section 113 of the Dodd-Frank Act ("DFA").[2] The announcement signals a renewed effort by the FSOC in its approach to overseeing the safety and soundness of the U.S. financial system.
