Welcome to Goodwin's Financial Services News Roundup. Our newsletter highlights important legal, regulatory, and business developments related to financial services and banking.
In this issue
- FDIC Board of Directors Withdraws Three Outstanding Proposed Rules
- FDIC Delays Compliance Date for Selected Sign and Advertising Rule Provisions
- FDIC Rescinds 2024 Bank Merger Policy Statement
- SEC Announces New Cyber and Emerging Technologies Unit
1 FDIC Board of Directors Withdraws Three Outstanding Proposed Rules
On March 3, the Federal Deposit Insurance Corporation (FDIC) Board of Directors approved the withdrawal of three proposed rules relating to brokered deposit restrictions (published August 23), corporate governance and risk management (published October 11), and the Change in Bank Control Act (published August 19).
If the FDIC decides to pursue regulatory action in any of these three areas, it will do so by publishing a new proposed rule or other issuance consistent with the requirements of the Administrative Procedure Act, as applicable.
2 FDIC Delays Compliance Date for Selected Sign and Advertising Rule Provisions
On March 3, the FDIC Board of Directors approved a delay in the compliance date for specific provisions of its updated Sign and Advertising Rule. The extension moves the deadline for displaying FDIC official signs on digital banking platforms, mobile applications, and ATMs for insured depository institutions (IDIs) from May 1, 2025, to March 1, 2026. These new requirements stem from the December 2023 FDIC final rule, which amended the FDIC's IDI signage and advertisement requirements to modernize required signage, clarify deposit insurance protections, and prevent misleading claims about FDIC coverage. Other provisions of the FDIC final rule will take effect as scheduled.
3 FDIC Rescinds 2024 Bank Merger Policy Statement
On March 3, the FDIC Board of Directors approved a proposal to rescind the agency's 2024 Statement of Policy on Bank Merger Transactions. The FDIC will reinstate, on an interim basis, the Merger Policy Statement that was in effect prior to 2024 as the agency conducts a broader reevaluation of its bank merger review process.
4 SEC Announces New Cyber and Emerging Technologies Unit
On February 20, the U.S. Securities and Exchange Commission (SEC) announced the establishment of the Cyber and Emerging Technologies Unit (CETU) to combat cyber-related misconduct and protect retail investors in the emerging technologies space. The CETU replaces the Crypto Assets and Cyber Unit and consists of approximately 30 fraud specialists and attorneys. The CETU will complement the work of the Crypto Task Force led by SEC Commissioner Hester Peirce by focusing on fraud involving AI, blockchain, hacking, and social media scams, and ensuring compliance with cybersecurity regulations.
Check Out Goodwin's Latest Industry Insights
Goodwin in the News: New Year, Similar Concerns: The
FCA's 2025 Priorities for UK Private Fund Managers
On February 26, the Financial Conduct Authority (FCA)
published a portfolio letter (Letter) explaining its supervision
priorities for the asset management and alternatives portfolios.
The Letter outlines the FCA's updated supervisory strategy and
priorities for alternative investment managers, such as private
fund managers, and addresses three main priorities. To read more,
click here.
New Client Alert: AI Voice Products Subject to
California Invasion of Privacy Claims
As the debate simmers about the proper application of the
wiretapping provisions of the California Invasion of Privacy Act
(CIPA), courts continue to weigh in on what technologies may
constitute improper third-party wiretaps. To read the full alert,
click here.
New Client Alert: Trump 2.0 Tech Policy Rundown:
Breakneck Pace Continues
The Trump Administration has not slowed down in its
rollout of wide-sweeping technology policy changes with potentially
significant impacts to be felt throughout the country and around
the globe. Personnel changes and public announcements of new
priorities are the throughline of new actions crossing various
sectors and agencies at the federal level; notably, at the Federal
Trade Commission (FTC), the Consumer Financial Protection Bureau
(CFPB), the Privacy and Civil Liberties Oversight Board (PCLOB),
and more. To read the full alert, click here.
Corporate Transparency Act (CTA) Resource
Center
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Bank Failure Knowledge Center
Visit our knowledge center for timely updates and analysis
on important developments related to bank failures.
Consumer Finance Insights (CFI) Blog
The latest on consumer finance regulation, litigation, and
enforcement.
Fintech Flash
The latest news and developments for the rapidly evolving
fintech industry – which often can change in a flash.
New Directions: The Trump Administration
Strategic insights and guidance for businesses navigating
shifts in US policy and regulation.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
