With respect to the regulation of financial institutions, Chapman and Cutler provides comprehensive legal services in the following areas:
- Bank mergers and acquisitions/divestitures and the purchase and sale of portfolios, including associated regulatory applications and approvals
- Representation at federal and state banking agencies including the Federal Reserve, OCC, FDIC, and OTS
- Holding company and financial institution regulatory applications and filings for banking and non-banking activities and the formation of holding companies and chartering of regulated financial institutions
- Compliance with federal and state laws and regulations, including Bank Secrecy Act/OFAC/USA Patriot Act compliance, CRA, privacy and credit reporting, including FCRA, and fair lending, including policies and procedures, operations review, programs and compliance training, assistance with regulatory examinations, and enforcement proceedings
- Counseling on various bank issues, such as affiliate transactions, capital standards, interstate banking, deposit insurance, subsidiary activities, and insurance and securities activities
- State regulation of finance, small loan, retail installment, and mortgage companies, including licensing, examination, and compliance
Areas Of Concentration
Bank Regulatory Matters Updates
- SVB Update
On March 14, 2023, an announcement from the CEO of the newly-created, full-service FDIC-operated Bridge Bank was posted on the Silicon Valley Bank website indicating that the Bridge Bank has “fully stepped into the shoes of the former Silicon Valley Bank.”
- SVB Update
On Monday, March 13, 2023, the Federal Deposit Insurance Corporation transferred all deposits—both insured and uninsured—and substantially all assets of the former Silicon Valley Bank to Silicon Valley Bank, N.A, a newly created, full-service FDIC-operated ‘bridge bank’. The FDIC has not stated whether the bridge bank has assumed funding obligations under the former Silicon Valley Bank’s unfunded loan commitments.
- SVB Update
Included in this Frequently Asked Questions are some general observations on the Federal Deposit Insurance Corporation (“FDIC”) receivership process for Silicon Valley Bank (“SVB”). The specifics of the receivership process are uncertain at this early stage and, hopefully, more guidance with respect to the issues discussed below will be provided by the FDIC over the next few days.
- Client AlertNew York State Department of Financial Services Adopts Updated Regulations for Disclosure Requirements for Commercial Financings
The much anticipated updated regulations for disclosure requirements for commercial financing in New York have been adopted by the New York Department of Financial Services ("NYDFS").