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

Greg Omer July 3, 2018
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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

Greg Omer Garrett Fischer June 11, 2018
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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

Greg Omer May 30, 2018
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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

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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

Greg Omer 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

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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?

Greg Omer January 17, 2018
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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

Greg Omer November 10, 2017
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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

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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?

Greg Omer May 12, 2017
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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

Greg Omer March 17, 2017
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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

Greg Omer 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

Greg Omer January 20, 2017
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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?

Greg Omer January 10, 2017
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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