Federal Reserve

News & Analysis as of

Orrick's Financial Industry Week in Review

FHFA Releases 2015 Report to Congress - On June 15, 2016, the Federal Housing Finance Agency's "Report to Congress" for 2015 was released. The document, required under federal law, analyzes Fannie Mae, Freddie Mac and...more

Agencies Permit Reduced Content Resolution Plan Submissions for Firms with Limited U.S. Operations

On June 10, 2016, the Federal Reserve Board and the Federal Deposit Insurance Corporation allowed 84 entities with limited activities in the United States “to file reduced content resolution plans for their next three...more

Orrick's Financial Industry Week in Review

SEC Adopts Trade Acknowledgment and Verification Rules for Security-Based Swap Transactions - On June 8, 2016, the Securities and Exchange Commission publicized the implementation of "rules that will establish timely and...more

Federal Reserve Updates Risk Management Supervisory Guidance for Smaller FBOs

On June 8, 2016, the Federal Reserve updated its Supervisory Guidance that partially supersedes SR letter 95-51, “Rating the Adequacy of Risk Management and Internal Controls at State Member Banks and Bank Holding Companies.”...more

The Financial CHOICE Act; Dodd-Frank Reform (Not Repeal)

On June 7, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) released an executive summary of the Financial CHOICE Act (the “FCA”), his highly anticipated bill to revisit the Dodd-Frank Wall Street...more

Banking Agencies Permit “Reduced Content” Living Wills for Smaller FBOs

On June 10, 2016, the Federal Reserve Board and Federal Deposit Insurance Corporation announced they are permitting 84 foreign banking organizations (not identified) with limited U.S. operations to file “reduced content”...more

Proposed U.S. Federal Reserve Board Rule’s Impact on Buy-Side Remedies in QFCs with Global Systemically Important Banking...

The Board of Governors of the U.S. Federal Reserve System (Board) recently proposed a rule (Proposed Rule) that will impact parties to any “qualified financial contract” (QFC), as described below, with a global systemically...more

Agencies Extend Deadline for Certain Foreign Banking Organizations’ Resolution Plan Submissions

On June 8, 2016, the Federal Reserve Board and the Federal Deposit Insurance Corporation extended the deadline for Barclays PLC, Credit Suisse Group, Deutsche Bank AG, and UBS to present their upcoming resolution plans to...more

The Financial Report - Volume 5, No. 11 • June 2016 (Global)

Discussion and Analysis - A few years ago, David Blass, then Chief Counsel of the SEC’s Division of Trading and Markets, created a stir when he said in a speech that private fund advisers should be concerned about some...more

Financial Services Weekly News - June 2016 #2

Regulatory Developments - CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans - On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more

The Federal Reserve Board’s ANPR with Respect to Capital Requirements for Supervised Institutions Significantly Engaged in...

On June 3, 2016, the Board of Governors of the Federal Reserve System (FRB), approved an advance notice of proposed rulemaking (ANPR) regarding two potential regulatory capital frameworks for institutions under the FRB’s...more

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Corporate and Financial Weekly Digest - Volume XI, Issue 22

BROKER-DEALER FINRA - Issues Guidance With Respect to Stop Orders and Volatile Market Conditions - On May 26, FINRA issued guidance encouraging firms to review their policies with respect to the use of stop orders...more

Federal Reserve Bank Ruled a Federal Supervisory Agency Under the BSA

In a case of first impression, a district court held that a regional Federal Reserve Bank was a supervisory agent as defined by the Bank Secrecy Act (“BSA”). The BSA requires the reporting of any suspicious activity that may...more

The Federal Reserve Board Outlines Approach For Capital Rules For Federally Supervised Insurance Groups

At the NAIC’s tenth International Insurance Forum, Daniel K. Tarullo, a member of the Board of Governors of the Federal Reserve System (FRB), outlined the FRB’s plans for: - ..the capital and liquidity rules for...more

US Financial Regulators Issue Guidance on How Banks Handle Consumer Deposit Account Discrepancies

The US Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the OCC and the Consumer Financial Protection Bureau issued interagency guidance...more

Federal Reserve Bank of New York Report Assesses Impact of Supervisory Guidance on Leveraged Lending

The Federal Reserve Bank of New York published a post on its Liberty Street Economics blog assessing the impact of interagency guidance intended to curtail leveraged lending issued by the Office of the Comptroller of the...more

Penny Proof for Deposits: Federal Banking Regulators Issue Interagency Guidance Regarding Deposit Reconciliation Practices

On May 18, 2016, five federal banking agencies—the Board of Governors of the Federal Reserve System (“Board”), the Consumer Financial Protection Bureau (“CFPB”), the Federal Deposit Insurance Corporation (“FDIC”), the...more

Banking Agencies Issue Deposit-Reconciliation Best Practices

Five federal regulators on Wednesday – the FDIC, the Fed, CFPB, NCUA, and OCC – issued an interagency guidance applicable to all FDIC-supervised financial institutions describing expectations for effective...more

Financial Regulators Explain Their Expectations for Deposit Reconciliation

This week, the Federal Reserve Board, CFPB, FDIC, NCUA and OCC issued guidance regarding the agencies' supervisory expectations for deposit reconciliation on consumer accounts. The agencies summarized their observations on...more

CFPB issues guidance on deposit reconciliation practices

The CFPB and four other agencies have issued “Interagency Guidance Regarding Deposit Reconciliation Practices.”  The other agencies are the OCC, Fed, FDIC, and NCUA.  The guidance is intended to set forth the agencies’...more

Your daily dose of financial news The Brief – 5.19.16

Bayer’s making good on its rumored interest in Monsanto in a deal that could be valued at more than $42 billion and would bring together two of the world’s biggest suppliers of crop seeds and pesticides...more

Federal Reserve Announces Enforcement Action Against State Bank for Alleged Violation of the National Flood Insurance Act

On May 17, the Federal Reserve announced the execution of a settlement agreement with a state bank resolving alleged violations of the National Flood Insurance Act (“NFIA”), 42 U.S.C. § 4012a(f), and Regulation H, 12 C.F.R....more

US Federal Reserve Bank of New York Executive Vice President Discusses Resilience of Financial Market Infrastructures

Executive Vice President and Head of the Wholesale Product Office at the US Federal Reserve Bank of New York, Richard Dzina, discussed the importance of improving the cyber resiliency of financial market infrastructures...more

US Federal Reserve Bank of New York Executive Vice President Discusses Importance of Liquidity Regulations

Executive Vice President of the US Federal Reserve Bank of New York Simon Potter discussed steps the US Board of Governors of the Federal Reserve System has taken to improve the US monetary policy framework following the...more

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