Corporate Governance

Another chapter was written in the ongoing legal saga concerning the embattled Consumer Financial Protection Bureau last week. Shortly after a federal court partially lifted a court order preventing mass firings at the bureau, the Trump administration resumed its plans to gut the agency, prompting the courts to intervene again. Read on »

A federal court ordered Bank of America to pay nearly $540.3 million for underpaying for deposit insurance. The issue stemmed from a calculation error due to a misinterpretation of a 2011 rule enacted by the Federal Deposit Insurance Corp. The rule in question applies when calculating a federally-insured bank’s “counterparty exposure” level for the purpose of ensuring an institution’s safety and soundness. Read on »

The Securities and Exchange Commission voted to end its defense of its rules requiring disclosure of climate-related risks and greenhouse gas emissions, which have been subject to multiple litigation efforts in federal court. Read on »

A district court ruling halting enforcement of the Corporate Transparency Act’s Beneficial Ownership Information reporting requirement is being appealed by the U.S. Department of Justice in hopes of reversing the decision. Read on »

The potential impact of the 2024 U.S. election cycle on housing policy and financial regulation could be enormous as Republicans seem poised to take control of the presidency, the Senate and the House in January. To get a sense of the magnitude of what changes could be looming ahead, Dodd Frank Update spoke with two experts from the CRE Finance Council, which released a 2024 Election Scenario Analysis pontificating on the numerous potential outcomes of the three concurrent elections. Read on »

When Vanessa Montanez was hired as a senior vice president tasked with establishing a new community lending program at City National Bank in Los Angeles, she had her work cut out for her. The end result was an example of the profound impact community lending can have on lives and on a bank’s ability to meet its Community Reinvestment Act obligations. Read on »

Accusing the corporate credit conglomerate with monopolizing credit markets, the U.S. Department of Justice (DOJ) filed a civil antitrust lawsuit against Visa Inc. in the U.S. District Court for the Southern District of New York. The lawsuit is indicative of a broader effort by the DOJ to root out anticompetitive practices in the financial sector. Read on »

Business leaders often like to compare their top executives to quarterbacks on a football team because both must have the ability to make tough decisions that will impact the whole company or team and be able to do so in high-pressure situations. That is why Julie Bell, Ph.D., who heads up Chartwell Partners’ suite of leadership advisory services, often uses this analogy when giving presentations to rooms full of professionals as she did during the Community Bankers Association of Ohio’s 2024 annual conference in Columbus. Her background in sports psychology helps as well. Read on »

The Office of the Comptroller of the Currency cited significant deficiencies in Wells Fargo's anti-money laundering controls and overall financial crimes risk management in a formal agreement with the nation’s third-largest bank, which holds more than $1.7 trillion in total assets. The OCC outlined a series of corrective actions the bank must take to address various shortcomings in its adherence to federal requirements meant to safeguard the financial system against criminal activity. Read on »

Federally insured credit unions have only a few weeks left to comment on a pair of proposed rule revisions issued by the National Credit Union Administration. The agency published reminders that the deadline to submit comments about its proposed succession planning rule is Sept. 23 and the comment period for proposed revision and extension of the “Credit Union Profile” (Form 4501A) ends Sept. 24. Read on »