A U.S. District Court denied the assertion by a national bank that a state law requiring the bank to pay interest on certain property-related escrow accounts was preempted by the National Bank Act and OCC regulations.
Federal Reserve Bank of New York Executive Vice President Daleep Singh reviewed the actions taken by the Federal Reserve Board to provide emergency credit and liquidity in order to safeguard the economy during the COVID-19 pandemic.
The New York Department of Financial Services reminded banking institutions of recent amendments to the New York Community Reinvestment Act that require additional information on activities with respect to minority- and women-owned businesses.
ISDA, the Asia Securities Industry and Financial Markets Association, the FIA, the Global Foreign Exchange Division and the Global Financial Markets Association recommended significant reforms to the European Union Benchmarks Regulation.
The Federal Reserve Board found the 2020 Dodd-Frank stress test results demonstrate that, despite suffering substantial losses under a "severely adverse" scenario, large banks " could continue lending to businesses and households."
The Federal Reserve Board, the FDIC, the OCC, the National Credit Union Administration and state financial regulators provided guidance to examiners for assessing the "safety and soundness" of a financial institution during the COVID-19 pandemic.