Home > Insights > Blogs > Bank Check

Bank Check


Bank Check

(By accessing, browsing or using the pages below, you agree to the Blog Conditions of Use/Disclaimer available under "Links.")


A follow-up summary of the Regulation ZZ final rule

Dollar sign on side of building

In March of 2022, the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”) was signed into law. The purpose of the LIBOR Act was to provide a uniform federal solution for transitioning existing contracts based on the London Interbank Offered Rate (“LIBOR”) to an alternative replacement rate before June 30, 2023, at which point LIBOR will cease to be published. READ MORE

Proposed Regulation ZZ’s LIBOR transition rules for tough legacy contracts

The London Interbank Offered Rate (“LIBOR”) has been the dominant interest rate benchmark around the globe for some time. Following the financial crisis of 2007-2009 and numerous LIBOR manipulation scandals, the U.K. Financial Conduct Authority (“FCA”), which regulates the administration of LIBOR, announced in 2017 that it would facilitate a transition away from LIBOR after 2021 and its publication would cease altogether after June 30, 2023. In response, the Office of the Comptroller of the Currency (the “OCC”), the Board of Governors of the Federal Reserve System (the “Board”), and the Federal Deposit Insurance Corporation (the “FDIC”) issued an interagency statement encouraging U.S. banking organizations to avoid entering into new LIBOR based contracts after December 31, 2021. READ MORE

Banks and financial institutions targeted in a wave of patent lawsuits for supporting Samsung Pay

Anthony Blum November 22, 2021

The assault on banks and financial institutions by non-practicing entities or “patent trolls” continues. Two weeks ago, we discussed a number of patent infringement suits being filed by Auth Token. Now many of the same banks and financial institutions are being targeted in a new patent campaign, this time filed by Ward Participations B.V., based on their support of the mobile payment and digital wallet service, Samsung Pay. READ MORE

Non-practicing entities increasingly are targeting banks and financial institutions in patent litigation

Anthony Blum November 9, 2021
Dollar sign on side of building

While banks and financial institutions have long been the subject of patent lawsuits, they have been increasingly targeted this year by a number of non-practicing entities. Non-practicing entities are those that acquire patents but do not actually practice the patented inventions. They are commonly referred to as “patent trolls.” In a recent spate of filings in early November, one such entity—Auth Token LLC—has continued its patent campaign against banks and financial institutions. READ MORE

CFPB provides additional guidance on “Unauthorized Electronic Fund Transfers”

Garrett Fischer Sarah Wade November 4, 2021

The Electronic Fund Transfer Act (the “EFTA”) was enacted for the purpose of protecting consumers and limiting their liability when transferring funds electronically. The EFTA, as implemented by Regulation E, is administered by the Consumer Financial Protection Bureau (the “CFPB”), a U.S. government agency aimed at protecting consumers in the financial industry. Due to continuous developments in electronic banking capabilities and the COVID-19 pandemic, electronic fund transfers (“EFT”) have become an increasingly important means of transferring consumer funds. READ MORE

Recent amendments to South Carolina’s low-income housing credit statute provides potential investment opportunities for financial institutions

Illustrating of  a hand distributing real estate to other hands

On May 14, 2020, South Carolina enacted the Workforce and Senior Affordable Housing Act (the “Act”), which created a state tax credit for owners of qualified low-income buildings (the “State Credit”). Significantly, the State Credit may be used to offset SC bank taxes, in addition to SC individual or corporate income taxes, corporate license fees, and insurance premium and retaliatory taxes. READ MORE

COVID-19: When a bank loan restructure may not be a troubled debt restructuring (revised)

Pile of hundred dollar bills

Since our March 2020 blog post, the Federal banking and credit union regulators have published revised guidance clarifying the relationship between the March 22, 2020 Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus and Section 4013 of the CARES Act. READ MORE

COVID-19: When a bank loan restructure may not be a troubled debt restructuring

Illustration of business tools

The Federal banking and credit union regulators and the Conference of State Bank Supervisors have published a statement discussing the appropriate accounting and reporting for COVID-19 related loan restructurings. It encourages banks to work with their customers to resolve pandemic-related issues, characterizing such workouts as “positive actions.” READ MORE

Blog Browse: What businesses need to know about the Attorney General’s proposed CCPA regulations

Luke Sosnicki October 30, 2019
Illustration of man using shield to protect computer

On October 10, 2019, California’s Attorney General released its long-awaited draft regulations explaining how the state intends to enforce the requirements of the California Consumer Privacy Act. The regulations leave much to the best judgment of businesses that will be doing their best to comply and are in response to questions raised during the comment-gathering process. READ MORE

Modernization of fintech regulation: Analyzing state regulatory solutions for banks and nonbanks

May 13, 2019
Stock price graph with world map background

The Office of the Comptroller of the Currency has proposed an initiative to allow certain types of non-bank entities to become national banks and gain the benefit of federal preemption to address a 50-state fintech regulatory burden, but faces challenges from state governments and court battles. READ MORE

New California commercial finance disclosure law adds lender compliance hurdles

A California state flag sticking out of a stack of coins

California has again upped the ante on commercial lending compliance duties. The new California Commercial Financing Disclosures law requires nonbank lenders and intermediaries to provide special disclosures to commercial loan customers in connection with certain types of commercial finance arrangements. READ MORE

FinCEN exempts certain rollovers, renewals, modifications and extensions from beneficial ownership rules

Sarah Wade Garrett Fischer October 16, 2018
credit cards and cash

The Financial Crimes Enforcement Network (FinCEN) has issued a new ruling that exempts covered financial institutions from the requirement to collect beneficial ownership information on legal entity customers (such as corporations, limited liability companies and partnerships) in connection with specified rollovers, renewals, modifications and extensions of certain accounts. READ MORE

Blog browse: CFPB final rule cuts costs and headaches from annual privacy notices

August 21, 2018
Cybersecurity_default blog

The Consumer Financial Protection Bureau (CFPB) has released its long-awaited final rule affecting when financial institutions need to send out annual privacy notices. And it could save significant time and money for regulated institutions. READ MORE

Dodd Frank rollback law provides regulatory relief for community banks – Part 3: Miscellaneous regulatory relief provisions

July 3, 2018

Part 3 is the final post of Bank Check's Dodd Frank rollback series. This post covers remaining provisions that could impact community banks, including exam cycles, customer identification requirements, new federal savings association powers and "brokered deposit" exemptions. READ MORE

Dodd Frank rollback law provides regulatory relief for community banks – Part 2: Residential mortgage lending

Garrett Fischer June 11, 2018
signing house mortgage or deed

Part 2 of Bank Check's analysis of the recent Economic Growth, Regulatory Relief, and Consumer Protection Act explores the provisions that could impact community banks with regard to residential mortgage lending activity, such as the safe harbor provision, real estate appraisals, HMDA disclosures, escrow requirements and SAFE licensing. READ MORE

Dodd Frank rollback law provides regulatory relief for community banks – Part 1: Capital requirements, financial reporting, Volcker rule

May 30, 2018
bank front

In May 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act was signed into law. The law is being called a rollback of the Dodd Frank Wall Street Reform and Consumer Protection Act of 2010, and it will ease the regulatory burdens on community banks. Learn more in this, the first in a series of articles analyzing the impact of the Dodd Frank rollback. READ MORE

Bank regulators issue guidance on cyber insurance

Matt Darrough April 20, 2018

Federal bank regulators issued a statement on April 10 alerting banks of risk management issues regarding cyber insurance coverage. The statement acknowledges the increasing number and sophistication of cyber incidents, such as data breaches, that make consideration and evaluation of cyber insurance protections worthwhile for banks of all sizes. READ MORE

FinCEN guidance provides answers on new beneficial ownership rule

April 11, 2018
bank skyscraper

The Financial Crimes Enforcement Network (FinCEN) issued a set of “frequently asked questions” (FAQs) on April 3, 2018, to provide guidance and clarifications for the new FinCEN beneficial ownership regulations (the “New Rule”), which will become effective May 11, 2018. READ MORE

New FinCEN beneficial ownership requirements for legal entity customers to become effective in May 2018

Sarah Wade Garrett Fischer February 5, 2018

Effective May 11, 2018, new Financial Crimes Enforcement Network regulations require that covered financial institutions, including banks, enhance their due diligence practices when opening new accounts for legal entity customers and amend their anti-money laundering program requirements related to collecting, monitoring, and maintaining this information. READ MORE

A rule by any other name: What is a ‘rule’ subject to disapproval under the Congressional Review Act?

January 17, 2018
confusing arrows with one clear arrow

In addition to formal regulations, informal federal regulatory guidance has become commonplace in the world of banking law. However, the federal Government Accountability Office has recently issued two opinions that could impact this steady flow of informal bank regulatory guidance. READ MORE

OCC’s call for study of separation of banking and commerce: Revisited topic with a new twist

November 10, 2017

Whether out of apprehension over a Walmart bank or a Google or Amazon bank, many community banks share a strong concern that commercial firms owning banks would be able to compete for community bank business on unfair terms. READ MORE

Private family trust companies authorized under new Missouri law

Larry Katzenstein July 28, 2017

The new Missouri Family Trust Company Act allows families to establish their own family-owned and controlled private trust companies, which can hire banks and public trust companies to assist with investment and management functions. READ MORE

State-chartered fintech banking and financial services: What solutions will states pursue?

May 12, 2017

Certain states are now looking into solutions to address the heavy burden of this 50-state regulatory regime on state-chartered banks and state-licensed fintech companies. READ MORE

OCC won’t allow fintech national bank charters for commercial firms, addressing potential Walmart fintech bank concerns

March 17, 2017

The primary concern of many community bankers with allowing nonbank commercial companies to own banks is the potential for the “anti-competitive effects and undesirable concentrations of economic power” referred to by the OCC, which apparently shares that concern. READ MORE

President Trump’s call to ‘rationalize’ federal financial regulation could impact U.S. dual banking system

February 13, 2017
President Trump

One of President Trump’s executive orders included a directive to “rationalize the Federal financial regulatory framework,” which could impact the country’s dual banking system and regulatory options for state-charted banks. READ MORE

Fintech: Internet banking across state borders triggers compliance challenges for state banks

January 20, 2017

State-chartered banks offering financial products via the Internet to out-of-state customers, either directly or through a nonbank fintech arrangement, should be careful to consider the potential compliance pitfalls of the applicable laws of the customer’s home state. READ MORE

Dodd Frank under attack: Which parts will bankers push to keep?

January 10, 2017
illustration of a hand stopping a punch

The Trump Administration may be interested in the “repeal” of the Dodd Frank Act, but are there provisions the banking industry might want to retain - provisions that are actually considered to be beneficial to the banking industry? READ MORE