February 21, 2020
To our clients and friends:
The Board of Governors of the Federal Reserve System has adopted new rules regarding when an investor will be presumed to have, directly or indirectly, acquired control of a banking organization for purposes of the Bank Holding Company Act and the Home Owners’ Loan Act. The new rules, which clarify some of the Federal Reserve’s existing rules and interpretations, relax certain presumptions of control and eliminate, with a few exceptions, the use of passivity agreements. The new rules will become effective April 1, 2020.
Our Alert, which summarizes the key provisions of the new rules, is available here.
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January 14, 2020
Luse Gorman, PC is pleased to announce that we are again the No. 1 legal advisor in the nation, based on number of transactions, for bank merger and acquisitions as reported by S&P Global Market Intelligence.
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December 23, 2019
To our clients and friends:
On December 12, 2019, the Federal Deposit Insurance Corporation (the “FDIC”) issued a notice of proposed rulemaking (the “Proposed Rule”) to modernize certain aspects of the FDIC’s brokered deposit regulatory framework so that the classification of a brokered deposit appropriately reflects technological changes in the banking industry.
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December 3, 2019
To our clients and friends:
The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Financial Crimes Enforcement Network, in consultation with the Conference of State Bank Supervisors, issued a joint statement today clarifying the legal status of hemp and the relevant Bank Secrecy Act (BSA) requirements applicable when providing financial services to these customers (the “Joint Statement”).
Our Alert, which summarizes the key provisions of the Joint Statement, is available here.
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November 18, 2019
On October 29, 2019, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation (the “Federal Agencies”) adopted a final rule to simplify the regulatory capital requirements for eligible community banks and holding companies that opt into the community bank leverage ratio framework (“CBLR framework”), as required by Section 201 of the Economic Growth, Relief and Consumer Protection Act of 2018. The final rule will be effective as of January 1, 2020.
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