Financial Services
Posted by:
Brett J. Ashton and Kyle P. Chambers
on June 8, 2020
On June 3, 2020 the Office of the Comptroller of the Currency (the “Agency”) issued an Advance Notice of Proposed Rulemaking (“ANPR”) soliciting public comments regarding 12 CFR 7, subpart E and 12 CFR 155 (the “Regulatory Framework”) which govern digital banking activities carried out by national…
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Posted by:
Brett J. Ashton and Kyle P. Chambers
on May 17, 2020
On May 13, 2020 the Consumer Financial Protection Bureau (the “Bureau”) released a Statement on Supervisory Practices Regarding Regulation Z (the “Statement”) and two FAQs regarding the Bureau’s Payment and Deposits Rule (the “Payments and Deposits FAQs”) and Open-End (not Home-Secured) Rule (the…
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Posted by:
Corben A. Lee and Brett J. Ashton
on April 21, 2020
On April 22, 2020, the Senate passed the Paycheck Protection Program and Health Care Enhancement Act (the “Act”), which expands relief offered to small businesses due to COVID-19. As one of the major anticipated changes, the Act appropriates an additional $310 billion for the Paycheck Protection…
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Posted by:
Brett J. Ashton and Kyle P. Chambers
on April 14, 2020
INTRODUCTION
On April 7, 2020, the Board of Governors of the Federal Reserve System (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the National Credit Union Administration (“NCUA”), the Office of the Comptroller of the Currency (“OCC”), and the Consumer Financial Protection Bureau…
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Posted by:
Brett J. Ashton and
on March 26, 2020
INTRODUCTION
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) will provide emergency assistance to healthcare providers, individuals, families, and businesses affected by the novel Coronavirus (“COVID-19”). Included in the CARES Act are provisions directly affecting financial…
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March 26, 2020
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) will provide emergency assistance to healthcare providers, individuals, families, and businesses affected by the novel Coronavirus (“COVID-19”). Included in the CARES Act are provisions directly affecting lenders across the United…
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March 23, 2020
We are living through extraordinary times. As experienced veterans of the workout and insolvency arena, the members of Krieg DeVault’s Creditors’ Rights and Bankruptcy Practice Group wish to remind you of our ability to help with any distressed debt or workout issues you may face as a result of…
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Posted by:
Michael J. Messaglia and Brett J. Ashton
on March 22, 2020
In response to the impact of the coronavirus outbreak (“COVID-19”) on our economy and our financial institutions, the FDIC, the Federal Reserve Board and the Office of the Comptroller of the Currency (the “Banking Regulators”) have taken a series of steps in the past two weeks to provide financial…
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Posted by:
Brett J. Ashton
on January 26, 2020
On January 23, 2020 the National Credit Union Administration (the “NCUA”) board issued its proposed rule (the “Proposed Rule” or the “Rule”) to modernize existing secondary capital regulations applicable to low income credit unions (“LICUs”),1 and to expand access to additional capital for non…
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Posted by:
Maria Vladimirova Geltz and
on December 23, 2019
On December 12, 2019, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) (together, the “Agencies”) issued a joint notice on proposed rulemaking and a request for comment (collectively, the “Proposed Rule”) on proposed updates to their…
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December 23, 2019
On December 12, 2019, the Federal Deposit Insurance Corporation (“FDIC”) issued a notice of proposed rulemaking and a request for comment (collectively, the “Proposed Rule”) with proposed updates to their brokered deposit regulations.1 While the Proposed Rule doesn’t alter the scope of those…
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Posted by:
Brett J. Ashton, Mark J.R. Merkle, Scott S. Morrisson, and Kay Dee Baird
on September 22, 2019
Overdraft practices have been the subject of both regulatory scrutiny and civil litigation for over a decade. Prior to 2010, the allegations in overdraft cases typically focused on allegations of failure to notify consumers of their participation in overdraft programs and deceptive practices tied…
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