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FDIC's Proposed Brokered Deposits Rule: Eight Things to Know
December 13, 2019
On December 12, 2019, the Federal Deposit Insurance Corporation ("FDIC") proposed significant changes to its regulatory framework for brokered deposits for insured depository institutions ("IDIs"). The Notice of Proposed Rulemaking (the "NPR"), which follows the FDIC's December 2018 Advanced Notice of Proposed Rulemaking, would modernize key aspects of the brokered deposit framework to reflect technological and industry changes that have occurred since the brokered framework was introduced by statute in 1989. Comments must be submitted to the FDIC within 60 days after the NPR is published in the Federal Register.
December 16, 2019, Covington Alert
On December 12, 2019, the Office of the Comptroller of the Currency (“OCC”) and Federal Deposit Insurance Corporation (“FDIC”) released a notice of proposed rulemaking to overhaul the agencies’ regulatory framework for evaluating banks’ Community Reinvestment Act (“CRA”) performance. The proposal follows a 2018 advance notice of proposed rulemaking by the OCC, ...
October 18, 2019, Covington Alert
On October 10, 2019, the Board of Governors of the Federal Reserve System (“Board”) released two final rules to tailor and modify the applicability of enhanced prudential standards for bank holding companies (“BHCs”), savings and loan holding companies that are not substantially engaged in insurance underwriting or commercial activities (“Covered SLHCs”), ...
October 17, 2019, Covington Alert
On September 10, 2019, the Consumer Financial Protection Bureau issued a No-Action Letter Policy, along with a Compliance Assistance Sandbox Policy and Trial Disclosure Program Policy, to promote innovation and facilitate compliance in consumer financial services. Covington & Burling LLP is pleased to provide this Model No-Action Letter Application as a ...