by Keith Noreika, Brian Johnson, Robert Greene and Chris Beckmann | Nov 2, 2022 | Patomak Post
A recent digital asset report (“Report”) issued by the Financial Stability Oversight Council (“FSOC”) criticized many digital asset market activities and market participants for lacking sufficient risk controls or amplifying financial instability. FSOC seems to be...
by Keith Noreika, Brian Johnson and Chris Beckmann | Oct 21, 2022 | Patomak Post
Ruling finds CFPB funding unconstitutional, seeks to distinguish CFPB funding from other self-funded agencies. Fifth Circuit vacates 2017 Payday Lending Rule on grounds that it was promulgated using funds obtained outside of the Congressional appropriations process,...
by Keith Noreika and Chris Beckmann | Aug 22, 2022 | Patomak Post
Federal Reserve Board introduces three-tiered review system for access to its payments system. Federally insured banks will on average have less stringent reviews, while nonbanks will receive the most diligence and scrutiny. Despite standardization efforts, regional...
by Keith Noreika and Chris Beckmann | Aug 15, 2022 | Patomak Post
Senators ask the Office of the Comptroller of the Currency (OCC) to rescind interpretive letters clarifying banks’ authority to engage in crypto-related activities. Despite efforts adding controls to crypto activities, senators still believe crypto-related activities...
by Keith Noreika, Chris Beckmann and Cana Cossin | Aug 5, 2022 | Patomak Post
Updated statement signals concern from agencies about the impact of slowing economy on CRE lenders and borrowers. Proposed statement affirms that lenders will not be criticized for implementing certain CRE loan workouts and accommodations. Agencies will not adversely...
