On October 16, the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC) and the Federal Reserve (Fed) jointly announced the rescission of guidance intended to mitigate climate-related financial risks at large financial institutions. The October 2023 interagency guidance, “Principles for Climate-Related Financial Risk Management for Large Financial Institutions,” had required financial institutions[1] with more than $100 billion in total assets to …
Fed Signals Fraud a Top Priority in Special Compliance Outlook Issue
The Federal Reserve focused its latest Consumer Compliance Outlook on fraud, shining a light on a significant issue impacting consumers and financial institutions alike. The issue details a surge in check fraud and mail-related scams, emphasizing that traditional payment methods remain highly vulnerable, and encourages banks to strengthen fraud prevention efforts and increase consumer education initiatives. As further exemplified by the banking agencies’ recent joint …
Executive Order Guarantees Efforts Against Debanking Will Continue
The White House recently issued an executive order (EO) aimed at combatting “politicized or unlawful” debanking. Among other requirements, the EO requires “Federal banking regulators” and the Small Business Administration (SBA) to eliminate from their guidance and other materials the use of reputation risk that could result in debanking and take remedial action against past instances of debanking. This EO is the latest in a …
FDIC Rules Rollback Foretells More Pro-Industry Changes
Cooley lawyers Obrea Poindexter, Jasmine Banks and Elyse Moyer co-authored an article for Law360 about the Federal Deposit Insurance Corporation (FDIC) withdrawing proposed rules that were intended to reshape regulatory obligations related to corporate governance practices. Read the article (subscription required) and see this related Cooley alert.
FDIC: Banks Can Engage in Crypto-Related Activities Without Prior Notice
On March 28, 2025, the Federal Deposit Insurance Corporation (FDIC) rescinded guidance issued under the Biden administration that required supervised institutions to notify and await feedback from the FDIC prior to engaging in crypto-related activities. The FDIC’s change of course follows a similar reversal by the Office of the Comptroller of the Currency and aligns with the Trump administration’s efforts to reform federal cryptocurrency regulation. …
FDIC Withdraws Four Biden-Era Proposed Rules
The Federal Deposit Insurance Corporation (FDIC) board of directors approved the withdrawal of proposed rules relating to brokered deposits, corporate governance, the Change in Bank Control Act and incentive-based compensation arrangements. The proposals would have, among other things, expanded the definition of “brokered deposits,” augmented corporate governance responsibilities and increased oversight of certain bank investors. The withdrawal of the proposed rules signals the FDIC’s reevaluation …