February 5, 2024
To our clients and friends:
Today we published Volume 2 of The Bankers’ Bulletin. You can find a copy of this edition here.
This volume covers recent CFPB proposed rules on overdraft and other fees, FRB and NYDFS enforcement actions for disclosure of confidential supervisory information, the Acting Comptroller’s thoughts on liquidity risk, changes to the bank agencies’ administrative processes, and notable developments related to national bank preemption and special purpose bank chartering.
If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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February 1, 2024
Scott A. Brown and Lawrence M. F. Spaccasi presented “Addressing Deal Certainty in Uncertain Times” at the 2024 BankDirector Acquire or Be Acquired Conference in Phoenix, Arizona. This session focused on the current regulatory climate with regard to M&A with an emphasis on changing regulatory standards for approval of transactions, hot button issues and potential regulatory threats to the successful and timely completion of a transaction. The session also discussed the growing trend of non-traditional buyers (such as credit unions and investor groups) and the unique regulatory and diligence issues they raise. The session also provided examples of merger agreement provisions that can (and should) be considered when engaging with these non-traditional purchasers to better protect the seller. With the increased regulatory scrutiny of merger transactions, the session also discussed ways to optimize the diligence process, including how to balance a party’s need to ascertain an entity’s regulatory standing while continuing to fulfill its obligations about the treatment of confidential supervisory information.
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January 31, 2024
To our clients and friends:
On January 22, the National Credit Union Administration issued a letter to credit union boards of directors and CEOs outlining its annual supervisory priorities and highlighting the areas it views as posing the highest risk to the credit union industry in 2024. Our Client Alert covers each of the identified priorities, discusses where the supervisory focus will be within each area this year, and identifies some ways for boards and management to get ahead before the next exam. Our Alert regarding the NCUA’s supervisory priorities is available here.
Luse Gorman routinely advises credit unions on compliance issues and regulatory questions, and counsels those institutions on the impacts of new developments at the federal and state level. To learn more about our firm and services, please visit our website.
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January 30, 2024
On January 25, 2024, Mid-Southern Bancorp, Inc. and its wholly-owned subsidiary, Mid-Southern Savings Bank, FSB, announced the signing of a definitive purchase and assumption agreement with Beacon Credit Union, pursuant to which Beacon Credit Union will acquire the assets and assume the liabilities of Mid-Southern Savings Bank, FSB in an all cash transaction.
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January 18, 2024
To our clients and friends:
Today we published Volume 1 of The Bankers’ Bulletin. You can find a copy of this volume of The Bankers’ Bulletin here.
This new publication from Luse Gorman covers regulatory and enforcement insights from our team related to recent developments in the banking industry, and provides our perspective on how those developments may impact your compliance obligations and your operations. The Bulletin will cover legislation, regulations, guidance, enforcement actions, court opinions, agency testimony, and other items of interest for national and state-chartered banks and thrifts. We plan to circulate it by email on the first Monday of every month.
If you have any questions related to any of the items covered in the Bulletin, please reach out to Brendan Clegg (bclegg@luselaw.com), Marc Levy (mlevy@luselaw.com), Agata Troy (atroy@luselaw.com), or your regular Firm contact. To learn more about our firm and services, please visit our website.
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