Insights |
Search OptionsFinancial ServicesFinancial Services Regulators Respond to COVID-19
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… NCUA Issues Proposed Rule Allowing Some Credit Unions to Issue Subordinated Debt
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… Community Reinvestment Act Proposed Rulemaking Update
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… Brokered Deposits Restrictions Proposed Rulemaking Update
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… New Wave of Overdraft Fee Class Action Suits Targets Indiana Financial Institutions
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… Agencies Adopt Final Rule Excluding Community Banks from Volcker Rule
On July 9, 2019, the FRB, FDIC, OCC, CFTC and SEC announced the adoption of a final rule to exclude certain community banks from the Volcker Rule's restrictions on proprietary trading, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule was… Is Your Organization in Compliance With IRS Rules on Employer Identification Numbers?
On March 27, 2019 the IRS announced that taxpayers can no longer request an employer identification number (“EIN”) unless the “responsible party” named on the application has a Social Security number (“SSN”) or Individual Taxpayer Identification Number (“ITIN”). This change goes into effect on May… Indiana Court Upholds Department of Financial Institutions Ruling on Auto Dealer Electronic Titling Fees
On October 10, 2018 the Marion County Superior Court ruled in Webb Ford, Inc. v. Indiana Dep’t of Fin. Insts., Cause No. 49D03-1801-PL-002762 (Marion Cnty. Sup. Ct. Jan. 22, 2018), denying the auto dealer’s petition for judicial review and affirming the Indiana Department of Financial Institutions… Banking Marijuana-Related Businesses
On March 21, 2018, Governor Holcomb signed a bill legalizing the sale and use of CBD oil in Indiana.[1] CBD oil is derived from industrial hemp, which like marijuana, is banned by federal law. This leaves Indiana’s financial institutions asking: can we bank these businesses? The Legal Landscape … Indiana DFI Issues Advisory Letter Reinforcing Position on Dealer Convenience Fees
The Indiana Department of Financial Institutions (the “IDFI” or the “Department”) recently issued Consumer Credit Advisory Letter 2018-02 (the “Advisory”) providing further guidance to financial institutions and auto dealers who assess an electronic auto title recording fee (“Convenience Fee” or… President Trump Signs Dodd-Frank Reform Into Law Providing Regulatory Relief to Community Banks
President Trump signed Senate Bill 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” (the “Reform Act” or the “Act”) into law on May 24, 2018. The Act represents the first meaningful rollback of certain provisions of the Dodd-Frank Wall Street Reform and Consumer… Indiana DFI Enforcement Action Against Auto Dealer Underscores the Importance of Ensuring Indirect Lending Partners Understand Consumer Credit Laws
A recent enforcement action by the Indiana Department of Financial Institutions (the “IDFI” or the “Department”) against an auto dealership is a reminder to all dealers engaged in “consumer credit sale” activities in Indiana of the importance of understanding the nuances of the Indiana Uniform… |
© 2025 Krieg DeVault LLP. All Rights Reserved.
