InfoBytes, December 30, 2011 - A Weekly In-depth review of news & developments in the financial services industry.

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Topics In This Issue

• Federal Issues

• State Issues

• Courts

• Miscellany

• Firm News

• Firm Publications

• Mortgages

• Banking

• Litigation

• Privacy/Data Security

• Criminal Enforcement Action

Excerpt from Federal Issues:

Federal Reserve Issues Final Notice on SLHC's Filing of Regulatory Reports. On December 23, the Federal Reserve Board (FRB) issued a final notice exempting a limited number of commercial and insurance savings and loan holding companies (SLHCs) from regulatory reporting and instituting a 2-year phase-in period for the remaining SLHCs. Following a transfer of supervisory and rulemaking authority from the Office of Thrift Supervision (OTS) under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the FRB finalized the reporting requirements of SLHCs after considering comments from earlier this year. Pursuant to the final notice, a limited number of SLHCs are exempted from regulatory reporting using the Board's existing regulatory reports and there is a two-year phase-in period for regulatory reporting for all other SLHCs. Exempt SLHCs will continue to submit (i) the Schedule HC, which is currently a part of the Thrift Financial Report, (ii) the OTS H-(b)11 Annual/Current Report, and (iii) the Federal Reserve's FR Y-6, Annual Report for Bank Holding Companies, or the FR Y-7, Annual Report for Foreign Banking Organizations.

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