-
Jul 16, 2024 | 
thefinancialbrand.com | Michele Alt
Analysis: The ink is barely dry on four Supreme Court decisions that intersect in a way that could clear the way for fintech applicants to obtain charters and deposit insurance as well as Federal Reserve master accounts. It's early days, but lawyers are already figuring how to use the change in the Court's stance.
-
Jan 19, 2024 | 
cuinsight.com | Michele Alt |Sydney Isabelle Mayer |Jenni Speth |Scott Butterfield
The most significant banking case of my legal career involves . . . fishery management. Allow me to explain. The Loper and aptly-named Relentless cases argued at the Supreme Court on Jan. 17 concern a federal law that authorizes the National Marine Fisheries Service to “implement a comprehensive fishery management program.” The implementing NMFS regulation requires fishermen to pay approximately $710 daily to carry onboard observers to collect conservation and management data.
-
Jan 18, 2024 | 
thefinancialbrand.com | Michele Alt
Viewpoint: How does a lawsuit involving commercial fisheries entangle banking in its net? The decades-old 'Chevron standard' dictated how congressional, judicial and regulatory agency actions interplayed. But now the U.S. Supreme Court appears poised to abandon that longtime standard after federal courts have applied it thousands of times. FacebookTwitterLinkedInEmailPrintThe most significant banking case of my legal career involves . . . fishery management. Allow me to explain.
-
Dec 19, 2023 | 
americanbanker.com | Michele Alt |Klaros Group
Why would a coalition of state attorneys general urge the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau to ensure that national banks cooperate with the AGs' investigations into violations of state laws? Because, notwithstanding their invocations of Supreme Court precedent and the Dodd-Frank Act, they don't have the authority to conduct such investigations themselves. The agencies should disregard the AGs' request.
-
Dec 19, 2023 | 
today.westlaw.com | Michele Alt
Why would a coalition of state attorneys general urge the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau to ensure that national banks cooperate with the AGs' investigations into violations of state laws? ...
-
Oct 9, 2023 | 
thefinancialbrand.com | Michele Alt
Obtaining approval to build a bank from scratch has become next to impossible in Washington under the current administration and regulators. Receiving approval to acquire a bank and obtain a bank charter in that way has grown tougher, but it is still a practical strategy. Veteran federal banking lawyer Michele Alt weighs issues that will impact banks as much as fintechs as banks compete with fintechs or seek to be acquired by them.
-
Aug 24, 2023 | 
fintechnexus.com | Michele Alt
On August 17, 2023, the Federal Reserve Board and Washington State Department of Financial Institutions (WSDFI) announced an enforcement action against Farmington State Bank and its holding company, FBH Corporation. The Fed and WSDFI found that the bank improperly changed its business plan without notifying the bank’s supervisors and obtaining prior approval for those changes as was explicitly required by the regulators in connection with the bank’s recent change in ownership and strategy.
-
Mar 28, 2023 | 
americanbanker.com | Michele Alt |Klaros Group
In the wake of the recent bank failures, and the accompanying news that executives at these institutions recently paid themselves hefty bonuses, the Biden administration is calling for legislation authorizing the Federal Deposit Insurance Corp. to claw back executive payouts when a bank fails. Not a bad idea, but fortunately many large banks already have strong clawback measures in place. What's missing are regulations making those measures mandatory and applicable to all banks.
-
Mar 28, 2023 | 
iqfin.net | Michele Alt
American BankerBy Michele AltIn the wake of the recent bank failures, and the accompanying news that executives at these institutions recently paid themselves hefty bonuses, the Biden administration is calling for legislation authorizing the Federal Deposit Insurance Corp. to claw back executive payouts when a bank fails. Not a bad idea, but fortunately many large banks already have strong clawback measures in place.
-
Mar 28, 2023 | 
today.westlaw.com | Michele Alt
In the wake of the recent bank failures, and the accompanying news that executives at these institutions recently paid themselves hefty bonuses, the Biden administration is calling for legislation authorizing the Federal Deposit Insurance Corp. to...
