- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-03-22T17:14:00
The Federal Deposit Insurance Corporation (FDIC) proposed to strengthen its approach to evaluating bank mergers under the Bank Merger Act, particularly how it would address factors like competition, financial resources, the convenience and needs of communities, financial stability, and money laundering.
The FDIC’s proposed statement of policy notice released Thursday represents the first potential revisions to the agency’s SOP on bank merger transactions since 2008. A public comment period will be open for 60 days after the notice is published in the Federal Register.
“The proposed statement of policy includes new content to make it more principles based, communicates the FDIC board’s expectations regarding the evaluation of merger applications filed pursuant to the Bank Merger Act, and describes the types of applications subject to FDIC approval,” said FDIC Chairman Martin Gruenberg in a statement.
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Acting Comptroller of the Currency Michael Hsu argued banks should adopt a “strong sense of fairness” to bolster the effectiveness of their compliance programs, particularly regarding lending decisions guided by AI and machine learning tools.
New York Community Bancorp, a mid-sized bank struggling with precarious commercial loans and troubles with its acquisition of the failed Signature Bank last year, named a new chief risk officer and chief audit executive.
Since the failure of Silicon Valley Bank nearly one year ago, the Federal Reserve Board has revamped its supervisory procedures to respond more quickly and forcefully once it identifies emerging risks at mid-sized and large banks, according to the agency’s vice chair for supervision.
Mobile health applications and similar technology must notify customers following a data breach or risk violating the Federal Trade Commission’s Health Breach Notification Rule, under a broad update approved by the agency.
A commissioner at the Commodity Futures Trading Commission is calling for the agency to launch initiatives addressing the use—and misuse—of artificial intelligence tools in commodities markets.
Tens of millions of noncompete clauses included in employee contracts nationwide will be null and void by about Labor Day under a final rule issued by the Federal Trade Commission.
