News & Analysis as of

Federal Reserve

The Financial CHOICE Act Is Approved by US House Financial Services Committee

On May 4, the Financial CHOICE Act (the FCA) — which was introduced to the House of Representatives on April 26 by Rep. Jeb Hensarling (Texas-5), and co-sponsored by seven of his Republican colleagues and referred for...more

Federal Reserve Finds First Bank in Violation of the Volcker Rule

On April 20, 2017, the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a Consent Order to Deutsche Bank AG after finding deficiencies in the bank’s Volcker Rule compliance program, imposing a...more

Variation Margin Requirements Relief

by White & Case LLP on

According to the original timetable, the first implementation date in various G20 countries for uncleared over-the-counter ("OTC") derivative variation margin requirements was 1 September 2016 for the largest market...more

Financial Services Weekly News - May 2017 #2

by Goodwin on

Editor's Note - In this Issue. The House Financial Services Committee passed the Financial CHOICE Act that would make significant changes to the Consumer Financial Protection Bureau; the U.S. Securities and Exchange...more

Federal Reserve Governor Gives Speech Assessing Post-Crisis Regulatory Framework

by Shearman & Sterling LLP on

US Federal Reserve Board Governor Jerome Powell gave a speech at the Global Finance Forum assessing the “core reforms” of the post-crisis financial regulatory framework...more

Banks and Credit Unions Agree to a (Temporary) Cease Fire

by Ruder Ware on

It’s not every day that community bankers and credit unions agree. Whether it is over tax-exempt status or capital requirements, we have become accustomed to the battle between community banks and credit unions. For example,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo’s Board Chair, Stephen Sanger, did survive his reelection vote the other day. Barely. But Breakingviews thinks he should think awfully hard about his future as a Director at the bank....more

Fed Assesses First Penalty for Volcker Rule Violation

The Board of Governors of the Federal Reserve System has assessed its first penalty for violation of the Volcker Rule against Deutsche Bank AG. The Volker Rule required Deutsche Bank’s Chief Executive Officer to annually...more

The 2017 Automotive Mergers and Acquisitions Outlook

by Foley & Lardner LLP on

As we stand here in early 2017, we are further away from the all-time high in valuations and deal activity that we witnessed in 2015; but despite signs that the extended expansion cycle for the industry may be plateauing,...more

US Board of Governors of the Federal Reserve System Governor Powell Defends the Structure of the US Federal Reserve System

by Shearman & Sterling LLP on

US Federal Reserve Board Governor Jerome Powell provided remarks regarding the history and structure of the Federal Reserve System. Against calls for reform of the Federal Reserve System, Governor Powell defended its current...more

Departing Federal Reserve Governor Tarullo Gives Speech Supporting Strong Capital Requirements and Criticizing the Volcker Rule

by Shearman & Sterling LLP on

Daniel Tarullo’s resignation from the US Federal Reserve Board became effective, and he was succeeded by Governor Powell as the Chairman of the Board of Governors’ Committee on Supervision and Regulation...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Late last week, financial services company Raymond James agreed to resolve allegations of conspiring with the owner of several VT ski resorts (and others) in a Ponzi scheme targeting foreign investors through the EB-5...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Accounting giant KPMG has terminated six employees—including the head of its US audit practice—after learning that they were given “improper warnings” ahead of planned audit inspections by the Public Company Accounting...more

US Agencies Complete Resolution Plan Evaluation of 16 Domestic Firms and Provide Resolution Plan Guidance to Four Foreign Banks

by Shearman & Sterling LLP on

The US FDIC and the Federal Reserve Board completed their evaluation of the 2015 resolution plans of 16 domestic banks and separately issued guidance to four foreign banks....more

US Federal Reserve System Publishes Annual Financial Statements

by Shearman & Sterling LLP on

The US Federal Reserve System released the 2016 combined annual audited financial statements for the Federal Reserve Banks, as well as statements for the 12 individual Federal Reserve Banks and the Board of Governors. An...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo’s board not only issued a massive report on its fake account scandal yesterday. It also announced that the bank would claw back an additional $75 million from former CEO John Stumpf and former head of community...more

FRB Lifts Threshold for Financial Stability Review

by Bryan Cave on

In its March 2017 approval of People United Financial, Inc.’s merger with Suffolk Bancorp (the “Peoples United Order”), the Federal Reserve Board eased the approval criteria for certain smaller bank merger transactions by...more

US Board of Governors of the Federal Reserve System Raises Asset Threshold for Bank Mergers

by Shearman & Sterling LLP on

The US Board of Governors of the Federal Reserve System announced that it was raising the asset threshold for bank mergers that it considers unlikely to pose systemic...more

Nutter Bank Report, March 2017

Fed Raises Threshold That Triggers Review of Systemic Risk of a Proposed Merger - In a recent decision on a proposed merger of two bank holding companies, the Federal Reserve indicated that it has increased the...more

US Federal Reserve Board Will Not Object to Resubmitted Capital Plan from Morgan Stanley

by Shearman & Sterling LLP on

The US Federal Reserve Board announced that it will not object to a resubmitted capital plan from Morgan Stanley given the progress made by the firm in addressing deficiencies identified by the Federal Reserve Board in last...more

US Federal Banking Agencies Seek Comment on FFIEC 101

by Shearman & Sterling LLP on

The US Office of the Comptroller of the Currency, the Federal Reserve Board and the FDIC issued a proposal to remove two items from Schedule B of form FFIEC 101, the report entitled Risk-Based Capital Reporting for...more

Ann Misback Appointed New Secretary of the US Federal Reserve Board

by Shearman & Sterling LLP on

The US Federal Reserve Board announced the appointment of Ann Misback as its Secretary, effective April 2, 2017...more

Financial Services Weekly News - March 2017 #4

by Goodwin on

Editor's Note - The Battle Over the Proposed OCC FinTech Charter Continues. The Office of the Comptroller of the Currency (OCC) has released a draft supplement to its Licensing Manual explaining the process for FinTech...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Following up on news last week that Bill Ackman was finally done with his grand Valeant experiment, the Times gives us a deeper look at what was really going on with the activist investor’s bet and ultimate $4 billion loss....more

Janet Yellen And The Fed Make It Happen – Interest Rate Hike – US Stock Markets Like It

As expected and reported on the blog last week, Fed Chair Janet Yellen and her team raised the Fed’s key interest rate by 0.25 percentage point today. While it’s the third time that the Fed has increased rates since the...more

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