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Entries in Federal Reserve Board (5)

Tuesday
Sep262017

Financial Institutions...In the News

  • Equifax troubles continue as customers were lead to fictitious site.  (Maine Public 9.22.2017)
  • Social Security Numbers are under scrutiny as a way to identify individuals.  (BDN 9.21.2017)
  • Foreclosures in hurricane hit disaster areas remain low.  (DSNews 9/21/17)
  • In months prior to 142 million individual’s personal information hack, Equifax had a “Security Incident” with a payroll-related service.  (Maine Public 9.20.17)
  • The Federal Reserve is steering the country towards an economic downfall.  (The Hill  9/18/17)
  • Equifax knew of hacks months before disclosing exposure to public.  (The Hill  9.18.2017)
  • Kennebunk Savings Bank enforces its no discrimination policy and lets go a high-ranking official of the bank.  (PPH 9.18.2017)
  • Chief Financial Officer David Webb and Chief Security Officer Susan Mauldin retire immediately following Equifax breaches.  (BDN 9.16.2017)
  • Chatbot assists individuals in suing Equifax over the data breach.  (Central Maine 9.14.2017)
  • The Federal Trade Commission (FTC) opens an investigation into the Equifax breaches.  (Central Maine 10.14.2017)
  • National Credit Union Administration (NCUA) approves merger of Acadia and EMMC credit unions.  (Mainebiz.biz 9.12.2017)
  • Maine’s Bureau of Consumer Credit Protection give advice on Equifax data breach.  (Mainebiz.biz 9.11.2017)
  • The Securities and Exchange Commission (SEC) investigates Equifax executive officials’ stocks sold before breach was made public.  (The Hill 9.12.2017)
  • Equifax’s website may prevent individuals from suing company.  (BDN  9.8.2018)
Tuesday
Jan242017

New Basel III Rules for Loans to High Volatility Commercial Real Estate Projects

The 2016 Winter Business Edition of Best Lawyers includes an article entitled "Basel III and New Challenges for Lending to Commercial Development." The article, which is available here, was co-authored by Verrill Dana lawyers Mark Googins and Doug Britton. The article provides a brief overview of one component of the new Basel III rules, which the article describes as “a voluntary global regulatory framework” implemented in the US by the OCC, Federal Reserve Board, and the FDIC.

Click to read more ...

Friday
Oct212016

Federal Bank Regulators Seek Comments on "Enhanced" Cybersecurity Rules

Just one day after the Federal Financial Institutions Examination Council issued FAQs to help financial institutions utilize FFIEC’s Cybersecurity Assessment Tool, three federal banking regulators issued an Advance Notice of Proposed Rulemaking regarding “Enhanced Cyber Risk Management Standards.”

The rulemaking notice was issued on October 19, 201 by the Federal Reserve Board, the FDIC, and the OCC.  A copy of the notice can be found here

As proposed, the enhanced cybersecurity rules would not apply to community banks, but would apply to any of the following institutions as well as third parties who provide services to these institutions:  (1) depository institution and depository institution holding companies with assets of $50 billion or more; (2) US operations of foreign banking organizations with US assets of $50 billion or more; and (3) financial market infrastructure companies and nonbank financial companies supervised by the Federal Reserve Board.  These institutions were identified to the extent they provide “key functionality to the financial sector.”

The enhanced rules are being considered based on the reality that technology dependence is growing and the US financial sector is becoming more interdependent. As such, a cybersecurity induced failure of one major institution could impact the safety and soundness of other institutions.

The enhanced rules would fall within five different categories: (1) cyber risk governance; (2) cyber risk management; (3) internal dependency management; (4) external dependency management; and (5) incident response, cyber resilience, and situational awareness.  The proposed rulemaking includes 36 questions across the foregoing categories for which comments are being sought.

Comments are due January 17, 2017.

Friday
Aug082014

Maine Updates Truth-In-Savings, Funds Availability Rule

Maine’s Truth-in-Savings and Funds Availability Rule is getting an overhaul. 

On August 6, 2014, Maine’s Bureau of Financial Institutions announced that changes to Chapter 118, Funds Availability and Truth-in-Savings had been finalized and will go into effect on September 1, 2014.  The final rule repeals and replaces former Chapter 18 of the Bureau’s rules.

According to the Bureau, the primary purpose of the newly revised rule is to incorporate by reference:

  • Regulation CC of the Federal Reserve Board regarding Funds Availability
  • Regulation DD of the Consumer Financial Protection Bureau regarding Truth-in-Savings
  • Part 707 governed by the National Credit Union Administration regarding Funds Availability and Truth-in-Savings.

According to Chapter 118, all of the provisions of these federal rules have been incorporated by reference into Maine regulation, with two exceptions:  (1) the definition of “business day,” and (2) the respective enforcement and liability provisions, as described in the rule.  The rule also includes model language regarding complaint resolution that should be included in the “schedule of account charges” or similar “literature” used to describe fees on an account.

The Superintendent’ Notice of the final rule is available here.  According to the notice, no interested parties filed comments on the proposed rule.

Tuesday
Sep032013

Optional Template Issued for Holding Companies to File Resolution Plans

On August 29, 2013, the FDIC and Federal Reserve Board issued an optional template for certain holding companies to file their “resolution plans,” which are detailed descriptions of how a covered institution plans to deal with financial stress that threatens the viability of the institution.

Click to read more ...