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Financial Deregulation: Repeal or Adjust?
While a major overhaul of U.S. financial regulation may be unlikely during the early months of the Trump administration, changes should be expected as his nominees to lead the Treasury Department and financial regulatory agencies are confirmed. This will be …
Jones Day Discusses the OCC’s Latest Fintech Developments
The Comptroller of the Currency (the “OCC”) has been working for over a year to develop a comprehensive framework to improve the OCC’s ability to identify and understand trends and innovations in the financial services industry, as well …
Debevoise & Plimpton Discusses OCC and CFPB’s Approaches to FinTech
This is the fourth in a series examining the increased regulatory scrutiny on new and innovative financial technologies (“FinTech”).[1]
This update considers the initiatives of two federal regulatory agencies—the Office of the Comptroller of the Currency (the “OCC”) and …
PwC Discusses OCC’s Scrutiny of Bank Sales Practices
U.S. regulators, led by the Office of the Comptroller of the Currency (OCC), are starting to examine sales practices at large and mid-size banks. They will likely first focus on whether banks have opened accounts for customers without consent as …
The Legal Framework of Mobile Payments: Gaps, Ambiguities, and Overlap
In a September 22, 2016, post on this blog, available here, Professor Wulf Kaal asked in the title to his piece, “What Happens When Technology Is Faster Than the Law?” He noted that while “innovation driven by science and …
Debevoise & Plimpton Discusses Regulatory Developments in FinTech
In this update, we review a number of recent regulatory developments that may impact firms engaged in the industry of new and innovative financial technology (“FinTech”). First, we discuss the Federal Deposit Insurance Corporation’s (“FDIC”) new guidance on examining third-party …
Davis Polk discusses Federal Agencies’ Report on Banks and Nonbank Affiliates
On September 8, the Federal Reserve, OCC and FDIC issued the long-expected report to Congress and the FSOC, as required under section 620 of the Dodd-Frank Act, regarding activities and investments of banks and their nonbank affiliates, which were defined …