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


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.

Please see full newsletter below for more information and links.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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