On June 21, 2023, the Recovering Executive Compensation Obtained from Unaccountable Practices (RECOUP) Act passed 21-2 out of the Senate Banking Committee. Spearheaded by Sens. Sherrod Brown (D-OH) and Tim…
On June 20, 2023, Jonathan Kanter, the Assistant Attorney General for the Department of Justice’s Antitrust Division, gave a speech at the Brookings Institution outlining his thoughts on promoting competition…
At the end of April, the Financial Stability Oversight Council (“FSOC”) published for public comment two proposals that would make it easier for FSOC to designate nonbanks as systemically important…
The Banking Group of Debevoise & Plimpton LLP has revised the name and expanded the scope of its blog, now titled “The Debevoise FinReg and FinTech Blog.” The revamped client…
As previewed in our client update from April 26, 2023, three government agencies released reports reviewing the failures of SVB Financial Group (“SVBFG”) and Signature Bank (“SBNY”) on Friday. Specifically:…
The Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”) failures (together, the “March Failures”) were the second- and third-largest commercial bank failures in U.S. history. Six weeks after the March…
On September 28, 2022, several industry groups representing banks and other entities subject to regulation by the Consumer Financial Protection Bureau, including the United States Chamber of Commerce, filed suit…
The Federal Reserve Board (“FRB”) has approved final guidelines (“Final Guidelines”) for Federal Reserve Banks (“Reserve Banks”) to use in evaluating requests for master accounts and access to Reserve Bank…
On March 16, 2022, the Consumer Financial Protection Bureau (“CFPB”) announced that it would combat perceived discrimination in the consumer financial marketplace by expanding its authority to target unfair, deceptive…
On March 8, 2022, the Federal Reserve Board (“FRB”) issued for public comment proposed supplemental guidelines (“Supplemental Proposed Guidelines”) for Federal Reserve Banks (“Reserve Banks”) to use in evaluating requests…