The SEC has finalized rules that will replace Guide 3, the industry guide for banking organizations.  The final rules eliminate a number of the requirements under Guide 3, which now appea...

The Fed has announced details of the FedNow Service, a 24x7x365 instant payments service slated for initial launch in 2023 or 2024. This Davis Polk memo describes the big picture of the U...

The Federal Reserve’s recent updates to its regulations on confidential supervisory information and availability of information under the Freedom of Information Act include several mean...

Acting Comptroller Brian Brooks is moving quickly to make his mark on the digital activities of national banks and to modernize OCC regulations, especially those that intersect with finte...

The contours of the new federal programs to support businesses change almost daily. Our updated deck sets out what companies need to know about the CARES Act and other Federal Reserve pro...

The government’s response to the COVID-19 pandemic and its collateral damage to the economy have been unprecedented. The government has established several programs for people who work ...

Davis Polk has prepared two memos describing key portions of the bill just signed into law: the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  In this memo, we cover the...

The Federal Reserve announced on March 23, 2020 further action in response to the coronavirus crisis: the creation of the Secondary Market Corporate Credit Facility (SMCCF), along with es...

The Federal Reserve announced on March 23, 2020 further action in response to the coronavirus crisis: the creation of the Primary Market Corporate Credit Facility (PMCCF), along with the ...

The Federal Reserve announced a further expansion of the Money Market Mutual Fund Liquidity Facility (MMLF), originally announced on March 18, 2020 and expanded on March 20, 2020, as part...