Federal Reserve

News & Analysis as of

Orrick's Financial Industry Week in Review - April 14, 2014

Agencies Apply Increased Leverage Ratio to Large U.S. Banks - On April 8, the Fed, FDIC and OCC adopted the final rule to increase the leverage ratio for the largest U.S. banks. The final rule applies to U.S. bank...more

The Community Reinvestment Act (CRA): Recap and What to Expect in 2014 [Video]

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation adopted as final the Interagency Questions & Answers (Q&As) regarding...more

Federal Reserve Extends Volcker CLO Compliance Period

On April 7th the Federal Reserve Board (the “Fed”) announced that it would provide banking entities with two additional one-year extensions to conform their ownership of CLOs covered by the Volcker Rule. The Fed stated that...more

Federal Banking Agencies Finalize Supplementary Leverage Ratio Standards

The next step in the adoption of new capital standards will potentially cause the largest U.S. banking organizations to face more stringent minimum capital requirements. On April 8, the Board of Governors of the...more

Quarterly Investment Update - 1st Quater 2014

Stock Market Commentary - The S&P 500's strong close on the final day of March accounted for nearly half of the first quarter return of 1.8%. Markets withstood a number of challenges, including a frigid winter, a...more

Agencies Issue Interim Final TruPs CDOs Rule, Effective April 1

On January 14, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission and the...more

U.S. Federal Reserve Board Adopts Enhanced Prudential and Intermediate Holding Company Requirements for Foreign Banking...

The Federal Reserve Board (Board) recently adopted final rules representing the most significant change in U.S. regulation of foreign banking organizations (FBOs) since the International Banking Act of 1978. Perhaps most...more

Fed Issues a Report on Mobile Financial Services

On March 25, the Fed issued a report on the use of mobile phones to obtain financial services. Last year, 33 percent of all mobile phone users and 51 percent of smartphone users had used mobile banking. The most common mobile...more

New York Fed Issues In-Depth Analysis of Large and Complex Banks

On March 25, the New York Fed released series of papers analyzing the state of large and complex banks....more

FFIEC Issues Joint Statements on DDoS Cyber-Attacks and Cyber-Attacks on ATM and Card Authorization Systems

On April 2, 2014 the members of the Federal Financial Institutions Examination Council (“FFIEC”) issued two joint statements: the first joint statement regards distributed denial-of-service (“DDoS”) attacks, and the second...more

Federal Reserve OIG Criticizes CFPB’s Supervision Program

On April 1, the Federal Reserve Board’s Office of Inspector General (OIG), which also is responsible for auditing the CFPB, issued a report that is critical of the CFPB’s supervisory activities and recommends that the CFPB...more

Observation 1.3 On The Volcker Rule: What Fund Managers Need To Know About The Volcker Rule Impact On Client Bank Investors

On April 1, 2014, the final regulations implementing the “Volcker Rule” became effective. The regulations were jointly adopted on December 10, 2013 by the Board of Governors of the Federal Reserve System (FRB), the Office of...more

Financial Services Bulletin: Action At Federal Agencies

Federal Agencies Issue Appraisal Management Company Requirements Rule - On Monday, March 24, 2014, the Office of the Comptroller of Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit...more

Federal Regulators Issue Proposal on Minimum Requirements for Appraisal Management Companies

Collectively, the FDIC, the OCC, FRB, CFPB, NCUA and FHFA issued a proposed rule establishing the minimum requirements for mortgage appraisal management companies. An appraisal management company is generally an entity that...more

D.C. Circuit Rejects Merchant Challenge To Higher Cap On Debit Card Transaction Fees

On March 21, the U.S. Court of Appeals for the D.C. Circuit held that the Federal Reserve Board’s final rule imposing a 21-cent per transaction limit on debit card interchange fees (up from a 12-cent per transaction limit in...more

Orrick's Financial Industry Week in Review - March 31, 2014

Fed Issues a Report on Mobile Financial Services - On March 25, the Fed issued a report on the use of mobile phones to obtain financial services. Last year, 33 percent of all mobile phone users and 51 percent of...more

Banking balkanisation?

In mid-February 2014, the Federal Reserve approved the final enhanced prudential rule for foreign banking organisations (FBOs) under Section 165 of the Dodd-Frank Act. The final rule applies enhanced standards to FBOs that...more

Enhanced Prudential Standards for Foreign Banking Organizations: The US Approach to Ring-Fencing

The Board of Governors of the Federal Reserve System (“Board”) on February 18, 2014 adopted a final rule (“Final Rule”) to implement enhanced capital, liquidity and other prudential standards for foreign banks with US...more

D.C. Circuit Appellate Court Overturns Lower Court Decision on FRB’s Interchange Fee Rule

On March 21, 2014, a panel of the United States Court of Appeals for the District of Columbia Circuit issued its decision in the highly anticipated case relating to debit card interchange and exclusivity, NACS v. Board of...more

FRB Releases Results of 2014 Stress Tests

The FRB released the summary results of the 2014 annual stress tests conducted by large financial institutions pursuant to the Dodd-Frank Act. 30 banking organizations participated in the 2014 stress tests. The financial...more

Bankers Win Latest Interchange Battle

The U.S. Court of Appeals for the District of Columbia Circuit recently reversed a lower court decision and upheld the interchange rules adopted by the Federal Reserve Board (FRB) under the so-called Durbin Amendment to the...more

Fed Governor Addresses Crowdfunding

Governor Jeremy C. Stein spoke at the Crowdfunding for Community Development Finance Conference today. Fed Governor Stein’s remarks emphasized that perhaps all too often crowdfunding is associated only or primarily with tech...more

The Elevator Speech Overview

The House and Senate were both on recess this week. On Tuesday, the U.S. suspended the operations of Syria’s U.S. embassy and consulates as the Syrian civil war enters its fourth year. Also Tuesday, details of an NSA...more

U.S. Court of Appeals Rules in Favor of Durbin Amendment Rules

On March 21, 2014, in NACS, et. al. v. Board of Governors of the Federal Reserve System, the U.S. Court of Appeals for the District of Columbia Circuit ruled in favor of the Federal Reserve’s interpretation of the Durbin...more

Financial Services Bulletin: Action At Federal Agencies

Federal Agencies Issue Final Stress Test Guidance for Medium-Sized Firms - On Wednesday, March 5, 2014, the Board of Governors of the Federal Reserve System (the "Board"), the Federal Deposit Insurance Corporation (the...more

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