NYLIB Banking Industry Update Vol. I

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Banking Industry Updates

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OCC Initiative to Create a Flexible Framework for Fintech Companies Met With Resistance

By Eduardo Diaz, Deputy General Counsel, Uniteller - Banorte

In December 2016, the Office of the Comptroller of Currency ("OCC") announced that it would offer a special purpose national bank charter (the "Charter") to non-depository companies, aimed at specifically benefitting fintech companies. According to the OCC... [READ MORE]

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Agencies Propose Simplifying Regulatory Capital Rules

On September 27, 2017, the Board of Governors of the Federal Reserve System ("Board"), the Federal Deposit Insurance Corporation ("FDIC"), and the Office of the Comptroller of the Currency ("OCC") announced a proposal "intended to reduce regulatory burden" on Banks by "simplifying" the agencies' capital rule...[READ MORE]

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FDIC Releases Revised Supervisory Appeals Guidelines

On July 18, 2017, the FDIC adopted a revised version of its Guidelines for Appeals of Material Supervisory Determinations ("MSDs") ("the Revised Guidelines"). Notably, the Revised Guidelines amend the definition of MSD -- and, therefore, which determinations may be appealed through the FDIC's intra-agency process...[READ MORE]

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House Committee Report Finds That the CFPB Settled With Wells Fargo for Less Than 1% of the Statutory Penalty

On September 19, 2017, the House Committee on Financial Services (the "Committee") released a second interim report concerning its investigation into the Consumer Financial Protection Bureau's ("CFPB") handling of the investigation into Wells Fargo (the "Bank")...[READ MORE]

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Scandal-Plagued LIBOR Set to End in 2021

On July 27, 2017, Andrew Bailey, Chief Executive of the U.K. Financial Conduct Authority (the "FCA"), announced plans to phase out the London Interbank Offered Rate ("LIBOR") by 2021. Bailey explained that the rate has now become untenable as "the underlying market that LIBOR seeks to measure -- the market for unsecured wholesale term lending to banks" -- is no longer active enough to provide the basis for a benchmark rate...[READ MORE]

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CFPB Issues First No-Action Letter to an Online Lending Program

On September 14, 2017, the Consumer Financial Protection Bureau ("CFPB") issued the first "No-Action" letter to Upstart Network Inc. ("Upstart") under its "Project Catalyst," a program aimed at encouraging marketplace innovation to allow for greater access to fair and transparent consumer financial markets...[READ MORE]

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