The Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation issued a joint final rule to define the term “unsafe or unsound practice” for purposes of Section 8 of the Federal Deposit Insurance Act (FDIA) and revised the supervisory framework for the issuance of matters requiring attention (MRA) focusing on material financial risk. Read More
On August 10, the Federal Deposit Insurance Corporation (“FDIC”) announced a new two-phase process for reviewing deposit insurance applications. The new process is intended to encourage new bank formation, accelerate the speed of the review process and improve the efficiency of the application process. The FDIC has historically been notoriously reluctant to approve deposit insurance applications for a variety of reaso Read More
It was a busy July for briefing before (i) the U.S. Court of Appeals for the 10th Circuit for its en banc review in National Association of Industrial Bankers v. Weiser,1 and (ii) the U.S District Court in Oregon in National Association of Industrial Bankers v. O’Day.2 See our ALERTS of Apr. 2, 2026 and June 16, 2026. Read More
Ten states, led by Oregon and New York, have sued the Office of the Comptroller of the Currency (“OCC”) to block the OCC’s recent preemption rule regarding state interest-on-escrow requirements. Complaint, Oregon v. OCC, No. 3:26-cv-1672 (D. Or. filed Aug. 11, 2026); see our ALERT of Jan. 2, 2026; see also our ALERT of May 11, 2026. Read More
On August 11, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) released a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership (UBO) information to FinCEN under the Corporate Transparency Act. FinCEN will also delete previously reported information on U.S. persons. Read More
On July 20, a Maryland District Court dismissed a proposed class-action lawsuit accusing a national bank of charging excessive interest rates to credit-card customers. See Strange v. Capital One, N.A., Civil Action No. 25-2711-TDC, 2026 WL 2085917 (filed July 20, 2026). The plaintiff had alleged that the bank knowingly collected credit card interest from class members at a rate exceeding the maximum permitted by Virginia law and thereby violated the National Bank Act, (NBA) 12 U.S.C. §§ 85-86.1 Capital One filed a Motion to Dismiss the Amended Complaint, which the court granted. Read...
This week the Ohio Governor signed Ohio H.B. No. 195 into law to revise the Ohio Uniform Commercial Code (“UCC”) to address digital assets and other emerging technologies. The bill will become effective 90 days after it is filed with the Ohio Secretary of State. The Ohio UCC update bill is based on the draft bill created by the Uniform Law Commission and enacted in other states. The provisions in the bill include: Read More
On April 7, 2026, Oregon Governor Tina Kotek signed Oregon HB 4116 into law, with an effective date of June 5, 2026. Various trades have not filed suit to block the law and obtain injunctive relief. See Complaint for Declaratory and Injunctive Relief, National Association of Industrial Bankers v. O’Day, No. 6:26-cv-01201-AA (D. Or. filed June 15, 2026). Among other things, Oregon HB 4116 enacted Section 725.015(2), a DIDMCA opt out, which reads in relevant part: “The Legislative Assembly hereby declares that this state does not want any of the amendments set forth in section 521 of the...
Interchange continues to be the topic of the day! While states continue to attempt to challenge interchange fees with restrictive laws (see our ALERT of June 8, 2026), on Tuesday U.S. District Judge Brian M. Cogan in Brooklyn, New York, said a proposed settlement covering Visa, Mastercard and more than 12 million merchants was "fair, reasonable, and adequate," and that he was likely to eventually grant final approval. See In re Payment Card Interchange Fee And Merchant Discount Antitrust Litigation, No. 1:05-MD-1720 (E.D.N.Y., June 9, 2026). In this litigation, numerous merchants accused...
It has been a busy week for interchange with potentially big wins for some banks! The Colorado legislature passed a bill banning banks from charging interchange fees on tips and sales tax, similar to an Illinois law, the Illinois Interchange Fee Prohibition Act (“IFPA”), but the Colorado governor vetoed the Colorado law, referencing the controversy surrounding the Illinois law. Read More