This regular publication from DLA Piper focuses on helping banking and financial services clients navigate the ever-changing federal regulatory landscape.
In this edition:
- OCC halts publication of proposed fair access rule.
- Climate issues emerge as heightened priority for banking regulators – and the industry.
- FDIC appoints fintech expert as first-ever CIO.
- Banking agencies propose notification rules for computer security incidents.
- FDIC: Banks report strong fourth quarter after tough year.
- Biden nominates Chopra as CFPB director.
- White House announces changes to PPP, targets support for under-banked small businesses.
- Fed releases 2021 stress test scenarios.
- Fed Board announces final rule to reduce risk through application of netting protections to a broader range of financial institutions.
- Reconstituted California regulator signs MOUs with earned wage access companies.
- New York lawmakers move to expand commercial lending disclosure requirements, delay effective date.
OCC halts publication of proposed fair access rule. In a sign of a potential policy shift with the arrival of the Biden Administration, the Office of the Comptroller of the Currency is pausing publication of a Trump-era proposal intended to prevent banks from denying loans and other services to certain industries, such as fossil-fuel-based energy producers. On January 14, the last day in office for former Comptroller of the Currency Brian Brooks, a Trump appointee, the OCC announced its finalized rule to ensure large national banks, federal savings associations and federal branches and agencies of foreign bank organizations provide fair access to banking services, capital and credit. Slated to take effect on April 1, the rule would have codified more than a decade of OCC guidance stating that banks should conduct risk assessment of individual customers rather than make broad-based decisions affecting whole categories or classes of customers. But, on January 28, OCC announced it was putting a hold on the new rule: “Pausing publication of the rule in the Federal Register will allow the next confirmed Comptroller of the Currency to review the final rule and the public comments the OCC received, as part of an…