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…
The Banking Group of Debevoise & Plimpton LLP would like to welcome you to its newest client tool, the Debevoise Fintech Blog. The goal of the blog is to help…
On November 21, 2021, the Office of the Comptroller of the Currency (“OCC”) published a letter “clarifying” that certain cryptocurrency, distributed ledger and stablecoin activities addressed in three prior interpretive…
On November 9, 2021, the Basel Committee on Banking Supervision (the “BCBS”) issued a press release that, among other things, reiterated its commitment to developing a “conservative risk-based global minimum…
On November 1, 2021, the President’s Working Group on Financial Markets,[1] the Federal Deposit Insurance Corporation (the “FDIC”) and the Office of the Comptroller of the Currency (collectively, the “Financial…