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Monthly Telephone Briefing
BCG offers its members monthly Telephone Briefings on legal and regulatory matters. Also, you have the option to listen to audio presentations of meetings archived for up to 12 months after their original presentation dates. This benefit is called, “Listen While You Work.” You simply select a topic, minimize the screen, and listen to a streaming audio presentation while you work at your desk.
Please feel free to sign up annually, register for the next scheduled BCG Monthly Telephone Briefing or download an archived Handout below.
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Current BCG Monthly Telephone Briefing Topic(s)
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Supreme Court Imposes New Limits on Authority of Administrative Agencies
Friday, July 19, 2024
12:00 - 1:30 p.m.
In June 2024, the U.S. Supreme Court issued two rulings that could have a significant impact on the regulatory and enforcement authority of administrative agencies.
First, in the case of SEC v. Jarkesy (2024 U.S. LEXIS 2847), the U.S. Supreme Court held that the SEC’s in-house adjudication process was unconstitutional. As a result, the SEC is now required to file a lawsuit against a defendant in federal court when pursuing civil money penalties for securities fraud.
Subsequently, in the case of Loper Bright Enters. v. Raimondo (2024 U.S. LEXIS 2882), the U.S. Supreme Court overturned the longstanding precedent set forth in Chevron, U.S.A., Inc. v. Natural Res. Def. Council, Inc. (467 U.S. 837 (1984)). The Chevron case established the framework that courts must follow when reviewing an agency’s interpretation of a statute (referred to as the “Chevron standard”). Under the Chevron standard, courts were required to grant a broad amount of deference to an agency’s interpretation of a statute. In light of the Loper Bright decision, courts will no longer be required to adhere to the Chevron standard when reviewing an agency’s interpretation of a statute.
The U.S. Supreme Court’s decisions in Jarkesy and Loper Bright are anticipated to have enduring repercussions on all federal administrative agencies, including banking regulators. We invite you to join us at the July Monthly Telephone Briefing, where we will discuss the implications of the Loper Bright and Jarkesy cases on the banking industry. Questions are encouraged. Handout to be posted on Thursday, July 18th.
Agencies Release Additional Guidance on Third-Party Risk Management
Friday, July 19, 2024
12:00 - 1:30 p.m.
Third-party risk management has been a hot button issue for bank examiners. Last year, regulatory agencies issued guidance aimed at assisting financial institutions in managing risks associated with their third-party relationships, titled “Interagency Guidance on Third-Party Relationships: Risk Management” (the “TPRM Guidance”). 88 FR 37920.
On May 3, 2024, the FRB, FDIC, and OCC jointly issued guidance titled “Third-Party Risk Management, A Guide for Community Banks” (Guide). The Guide is intended to help institutions develop and implement their third-party risk management programs, policies, and practices. While the Guide does not replace or substitute the TPRM Guidance, it supplements the information and guidance set forth in the TPRM Guidance. The Guide provides potential considerations, resources, and examples through each stage of the third-party risk management life cycle.
Please join us at the July BCG Monthly Telephone Briefing, where we will explore the Guide and its impact on your third-party risk management program. Handout to be posted on Thursday, July 18th.
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