The Board of Governors of the Federal Reserve System (“Board”) on June 5, 2013 took a bold step in issuing interim final rules (“Interim Rules”) that allow a foreign bank’s uninsured US branches and agencies to continue to...more
On June 5, 2013, the Federal Reserve Board approved an interim final rule designed to give uninsured US branches and agencies of foreign banks the same treatment as domestic depository institutions under section 716 of the...more
The Federal Reserve on Wednesday, June 5, issued an interpretation of the so-called “swaps push-out” section of the Dodd-Frank Act that corrects a drafting error that virtually everyone agrees needed to be fixed. The Federal...more
In this issue: - SEC Issues FAQs on Conflict Minerals and Payments by Resource Extraction Issuers - Delaware Chancery Court Applies Business Judgment Rule to Going Private Transaction with Controlling...more
In a move that will be welcomed by the U.S. foreign bank community and its clients, the Federal Reserve Board yesterday issued an interim final rule that accords foreign banks’ uninsured U.S. branches and agencies parity with...more
On May 17, the Federal Reserve Board released an April 29, 2013 written agreement between the Federal Reserve Board, an Illinois state regulator, a foreign bank, and its U.S. bank holding company subsidiary (the Holding...more
On February 22, the Federal Reserve Board, citing the “range and complexity of the issues addressed in the rulemaking,” as well as a “request from the public” for more time, extended the public comment period from March 31,...more
Due to “the range and complexity of the issues addressed in the rulemaking,” the Federal Reserve Board (Board) has extended until April 30, 2013, the comment period on a proposed rule to implement the enhanced prudential...more
On February 22, the Fed extended, until April 30, the comment period on a proposed rule to implement the enhanced prudential standards and early remediation requirements under Sections 165 and 166 of the Dodd-Frank Act for...more
The Federal Reserve Board last month proposed new rules intended to strengthen the oversight of U.S. operations of foreign banks. The proposal implements provisions of the Dodd-Frank Wall Street Reform and Consumer Protection...more
In This Issue: - President Obama Sworn in for a Second Term - 113th Congress Underway - More Fiscal Challenges in Store - Cabinet Re-Shuffle - A Game of Musical Chairs - Tax Reform and...more
While several foreign banking organizations (“FBOs”) were restructuring their U.S. presence to reduce the impact of U.S. regulation, the Board of Governors of the Federal Reserve System (“Board”) recently countered with...more
In This Issue: *Financial Industry Developments - OCC Guidance on Transition Periods under Section 716 of the Dodd-Frank Act - CFTC Reporting of Swap Transactions and Swap Dealer Registration - Department...more
The Board of Governors of the Federal Reserve System (“Board”) has devoted some time to considering how to address the potential threat to the financial stability of the United States posed by a foreign bank with banking...more
It what is widely seen as a correction of an oversight, the U.S. Federal Reserve is debating whether to allow foreign banks to avoid expensive regulation. The issue stems from an amendment to the Dodd-Frank Act named after...more
On December 14, 2012, the Fed proposed rules on the oversight of U.S. operations of foreign banks....more
On December 14, the Federal Reserve Board (FRB) announced a proposal to strengthen its capabilities to oversee certain foreign banks that operate in the U.S. The proposed rules generally apply to foreign banking organizations...more
On December 11, a major international bank holding company announced agreements with U.S. law enforcement authorities and federal bank regulators to end investigations into alleged inadequate compliance with anti-money...more
On Thursday, December 13, 2012, the Commodity Futures Trading Commission ("CFTC") announced that it is adopting regulations to establish a clearing requirement under Section 2(h)(1)(A) of the Commodity Exchange Act, enacted...more
While much of the focus the past few weeks on the Federal Reserve Board and its Chairman, Ben Bernanke, has been on domestic issues, specifically the fiscal cliff and the Federal Reserve's $45 billion/month spending budget,...more
Making good on Federal Reserve Governor Daniel Tarullo’s promise earlier this month of imminent Federal Reserve Board (“Board”) action to regulate foreign banks in the U.S. under the Dodd-Frank Act, late Friday afternoon the...more
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