Overview On Friday, March 7, 2025, the new leadership of the Office of the Comptroller of the Currency (the “OCC”) took initial steps in what we believe to be a broader effort to liberalize the OCC’s approach to regulating crypto-asset activities of national banks and federal saving associations (“FSAs”). Most significantly, in Interpretive Letter #1183, it rescinded OCC Interpretive Letter…

Debevoise & Plimpton LLP has published a guide on the Trump administration’s approach to the crypto-asset industry, including potential regulatory implications and outlook. The key takeaways from the guide, which was authored by lawyers from the firm’s Banking, Capital Markets, National Security and White Collar Groups, are: President Trump has positioned himself as an ally of the crypto-asset industry. Signaling a…

The Department of Justice (“DOJ”) has moved ahead with its effort to protect Americans’ sensitive personal data and U.S. government data from exploitation by countries of concern or related covered persons, issuing a Notice of Proposed Rulemaking (the “Proposal”) that closely tracks its earlier Advance Notice of Proposed Rulemaking (the “Advance Notice”). The Advance Notice had been released in February concurrently…

Debevoise & Plimpton LLP has published a guide to the potential impact of the U.S. election on the financial services industry, including possible regulatory implications. The key takeaways from the guide, which was authored by 18 lawyers from the firm’s Antitrust, Banking, Data Strategy and Security, M&A and White Collar Groups, are: Although neither candidate has focused on financial services,…

On June 24, 2024, the Office of the Comptroller of the Currency (the “OCC”) issued a notice of proposed rulemaking (the “Proposal”) that would amend its recovery planning guidelines for large insured banks under OCC oversight (i.e., national banks, federal savings banks and federal branches). Comments are due on the Proposal 30 days after the date of publication in the…

On June 20, 2024, the Federal Deposit Insurance Corporation (“FDIC”) issued a final rule comprehensively restating and expanding its resolution planning rule (the “IDI Rule”) applicable to large insured depository institutions (“IDIs”).[1]  The release finalizes the rule proposal from August 29, 2023 (the “Proposal”). The Proposal was released alongside (i) proposed guidance on resolution planning for section 165(d) holding company…

In a speech on May 27, 2024, Acting Comptroller of the Currency, Michael J. Hsu, stated that expanding the application of the Office of the Comptroller of the Currency’s (“OCC”) recovery guidelines (the “Recovery Guidelines”) to all large banks under OCC oversight (i.e., national banks, federal savings banks and federal branches) with at least $100 billion in assets “warrants serious…

As detailed in our recent Debevoise in Depth articles,[1] both the Office for the Comptroller of the Currency (“OCC”) and the Federal Deposit Insurance Cooperation (“FDIC”) have proposed changes to their Bank Merger Act (“BMA”) review policies, with the FDIC also proposing updates to its supplemental BMA application form.[2]  As to the Federal Reserve Board (“FRB”), at an April 10,…

Introduction On April 10, 2024, the Federal Deposit Insurance Corporation (the “FDIC”) released a report regarding Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act“),[1] titled Overview of Resolution Under Title II of the Dodd-Frank Act (the “Report”).[2] Enacted in 2010, in response to the 2008 financial crisis, Title II of the Dodd-Frank Act…

Hundreds of hours’ worth of changes and additions proposed for applicants On March 21, 2024, the Federal Deposit Insurance Corporation (“FDIC”) published a proposed update to its Statement of Policy on Bank Merger Transactions, detailed in our March 27, 2024 Debevoise In Depth.[1]  As previewed in that proposal, on April 19, 2024, the FDIC proposed an update to its Supplement…