In this issue:
- Bipartisan Bill Introduced in U.S. Senate to Authorize SEC to Impose Larger Penalties
- CFTC Designates Provider of Legal Entity Identifiers
- CFTC Proposes Clearing Determination for Credit Default and Interest Rate Swaps
- CFTC Approves Swap Transaction Compliance and Implementation Schedule Rule
- CFTC Withdraws and Re-Issues Proposed Ownership and Control Reports Rule
- CFTC Requests Public Comment on LCH.Clearnet SA Derivatives Clearing Organization Application
- CFTC Issues Temporary No-Action Relief from Aggregation Requirements of Position Limits Rule
- SEC Enters Into Deferred Prosecution Agreement with Investment Fund
- Delaware Chancery Court Holds That Former Employees Are Not Indispensible Parties to Litigation
- FDIC Develops Regulatory Calendar
- FDIC Announces Nashville, TN and Dallas, TX Asset Purchaser/Investor Outreach Workshops
- Federal Reserve Issues Guidance on a Lender's Decision to Discontinue Foreclosure
- FSA Consults on Further Client Money Proposals
- Italian and Spanish Regulators Introduce Short Selling Bans
- ESMA Publishes Guidelines on ETFs and Other UCITS Issues and a Consultation Paper on Repurchase Agreements
An excerpt from "Federal Reserve Issues Guidance on a Lender's Decision to Discontinue Foreclosure"
On July 11, the Board of Governors of the Federal Reserve System (Board) issued guidance to emphasize the importance of appropriate risk management practices and controls in connection with a decision not to complete foreclosure proceedings after they have been initiated (a situation referred to in the guidance as an abandoned foreclosure). This guidance applies to state member banks, bank holding companies and savings and loan holding companies (collectively, banking organizations) with residential mortgage servicing operations.
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