FSOC Releases Digital Asset Report, Signaling Increased Future Scrutiny
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...
Fifth Circuit Issues Decision on CFPB Funding, Vacates 2017 Payday Lending Rule
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,...
Mortgage Risk Redux in This (or the Next) Recession
While a recession is a mere technicality, inflation and other adverse economic factors are already working to make the risks in the mortgage industry that have accumulated over a 13-year expansion more likely to become reality. How nearly $12 trillion in outstanding...
Brian Johnson Joins Patomak Global Partners
Patomak Global Partners today announced former Consumer Financial Protection Bureau (CFPB) Deputy Director and Alston & Bird Partner Brian Johnson joined the firm as a Managing Director in its Banking Supervision and Regulation Group. “Brian adds deep experience...
Paul Atkins at The SEC Speaks 2022
From September 8 - 9, the Practicising Law Institute (PLI), in cooperation with the U.S. Securities and Exchange Commission (SEC), will host The SEC Speaks program. This two-day event provides essential updates on the current initiatives and priorities of the SEC....
Our Op-Ed in the American Banker: An Unworkable Compromise on Stablecoins
The crypto industry yearns for legislative clarity on stablecoins, but the industry and consumers may be better off under the status quo than a flawed compromise. A one-size-fits-all approach could squash innovation. Expanding Federal Reserve oversight to nonbank...
Federal Reserve Board Provides Additional Information for Banks Interested in Crypto-Related Activities
Federal Reserve outlines step-by-step process for banks considering crypto-related activities. Despite efforts to add controls to crypto activities, several senators still believe crypto-related activities pose too great a risk for national banks and federal savings...
What You Should be Thinking About Intellectual Property Risk and Innovation
Innovation is driven by ideas and intellectual property worth billions of dollars. Financial institutions should assess their risk and protect their intellectual property in the same way they maintain cyber security—proactively. Conversely, as financial institutions...
Robert Greene Featured in Article for Carnegie Endowment for International Peace
Robert Greene, Patomak's Vice President & Chief of Staff, was featured this week in an article for the Carnegie Endowment for International Peace where he discussed Southeast Asia's interest in non-dollar financial channels. Mr. Greene points out that,...
Federal Reserve Board Announces Updated Guidelines for Account Access, But Questions Remain
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...