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Financial Regulatory Developments Focus - November 2014 #2

In this issue: - Bank Prudential Regulation & Regulatory Capital - Compensation - Consumer Protection - Derivatives - Enforcement - Financial Services - Funds -...more

Fed Issues Final Rule to Amend Regulation HH and Payment System Risk Policy

On October 28, the Federal Reserve Board issued a final rule that amends the Regulation HH risk-management standards for companies that have been designated as systemically important by the Financial Stability Oversight...more

Fed Issues Final Rule Affecting Financial Market Utilities, Updates Policy on Payment System Risk

On October 28, the Federal Reserve announced its final rule to amend Regulation HH, standards for financial market utilities (FMUs) that have been designated as systemically important by the FSOC. The new rule will implement...more

OIG Outlines Major CFPB Management Challenges

The Office of Inspector General, or OIG, of the Board of Governors of the Federal Reserve System has issued its first listing of major management challenges facing the CFPB. These challenges represent what OIG believes to be...more

Final Credit Risk Retention Rules Adopted for Asset Backed Securities and Residential Mortgage Backed Securities

The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, Department of Housing and Urban Development, Federal Housing Finance Agency, and...more

Regulators Approve Securitization Risk Retention Rule

Six federal agencies approved a final rule requiring sponsors of securitization transactions to retain risk in those transactions. The final rule implements the risk retention requirements in the Dodd-Frank Wall Street...more

U.S. Regulators Finalize Credit Risk Retention Rules

Today, the Federal Deposit Insurance Corporation (the “FDIC”), the Federal Housing Finance Agency (the “FHFA”), and the Office of the Comptroller of the Currency (the “OCC”) each adopted a final rule (the “Final Rule”)...more

Bank Regulator Eyes Insurer Capital

The Federal Reserve Board (FRB) has begun a process that will lead to the imposition of new capital requirements on some large insurance companies. Pursuant to Section 171 of the Dodd-Frank Act, the FRB gained authority to...more

Financial Services Bulletin: Action at Federal Agencies

The Federal Reserve Board Proposes Repeal of Unfair or Deceptive Acts Rules - On Friday, August 22, 2014, the Federal Reserve Board (the "Board") requested comments on its proposal to repeal its Regulation AA, which...more

What’s Unfair is Unfair: Repeal of Reg AA May Have Little Practical Effect

The Federal Reserve Board (Board) issued a notice of proposed rulemaking on August 22, 2014 (Notice) for the repeal of Regulation AA, which is the Board’s credit practices rule prohibiting certain unfair or deceptive acts and...more

Do Guarantors Fall under the Protection of the Equal Credit Opportunity Act?

We have discussed the Equal Credit Opportunity Act (“ECOA”), which makes it unlawful for a creditor to discriminate against an applicant in any aspect of a credit transaction on the basis of, among other things, the...more

Despite FAQs and OCC Interim Examination Procedures, Little Illumination So Far for Volcker Rule Compliance

June 2014 saw the publication of some interagency FAQs on the Volcker Rule (the Rule) and interim procedures from the Office of the Comptroller of the Currency (OCC) for its examiners to use in assessing progress by national...more

New York Federal Reserve Bank Official Questions FCPA’s “Facilitating Payments” Exception

On July 23, Thomas Baxter, General Counsel for the New York Federal Reserve Bank, in public remarks at a risk management conference, questioned the FCPA’s “exception for ‘facilitating or expediting payments’ made in...more

SEC and Banking Agencies Release Volcker Rule FAQs; OCC Issues Interim Volcker Rule Examination Procedures

The SEC, FRB, OCC and FDIC (collectively, the “Agencies”) recently issued FAQs regarding implementation of Section 13 of the Bank Holding Company Act (the “Volcker Rule”). (The FAQs issued by each of the Agencies are...more

Federal Banking Agencies Seek Comments on Their Regulations in Effort to Reduce Regulatory Burden

The FRB, FDIC and OCC (the “Agencies”) published the first of a series of four requests seeking public comments to identify regulations of the respective Agencies that are seen as outdated, unnecessary or unduly burdensome. ...more

Federal Reserve Board Proposes Liability Concentration Limit

On May 8, the Federal Reserve Board released a proposed rule that would prohibit certain financial companies from combining with another company if the resulting financial company’s liabilities would exceed 10% of the...more

The Financial Report - Volume 3, No. 10 • May 2014 (Global)

News from the Americas - High-speed trading. Bloomberg discussed US Senate Agriculture Committee hearings on high-speed trading. Former CFTC economist Andrei Kirilenko said that new books and records requirements and...more

Banking Agencies Issue Proposed Rules for Appraisal Management Companies, as Required under Dodd-Frank

On Wednesday, April 9, 2014, the Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau and the Federal Housing Finance...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

State Banking Associations Object To Senators’ Request For Increased Bank Payment System Security Oversight

On March 5, 53 state bankers associations sent a letter to Federal Reserve Board Chair Janet Yellen defending banks’ efforts to secure consumer financial data and highlighting the responsibilities of other parties, in...more

Federal Reserve Board Seeks Comment On Designated Utilities’ Risk Management Standards, Payment System Risk Policy

On January 10, the Federal Reserve Board proposed revisions to the Regulation HH risk-management standards for certain financial market utilities that have been designated as systemically important by the Financial Stability...more

Legal Alert: Final Volcker Rule: Update and Key Takeaways

On December 10, 2013, the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Securities and Exchange Commission and the Commodity Futures...more

Prudential Regulators Announce Coordinated Action Against Technology Service Provider

Recently, the OCC released a formal agreement it entered with the FDIC, the Federal Reserve Bank of St. Louis, and a banking software company to resolve allegations of unsafe and unsound practices relating to the software...more

A Review of, and Insights into, the Volcker Rule Regulations

Executive Summary: ..The final regulations (Regulations) adopted by the five federal financial regulatory agencies (Agencies) on December 10, 2013 to implement the proprietary trading and private fund prohibitions of...more

The Volcker Rule: Great Expectations For Regulating Risk

On Tuesday, December 10, five federal regulatory agencies, the Federal Reserve, the Securities and Exchange Commission, the Federal Deposit Insurance Corporation, the Office of the Comptroller and the Commodity Futures...more

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