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

Federal, State Authorities Announce Coordinated Economic Sanctions Enforcement Actions Against Foreign Bank

On December 11, the Federal Reserve Board, the Treasury Department’s Office of Foreign Assets and Controls (OFAC), and the New York Department of Financial Services (DFS) announced that a foreign bank agreed to pay $100...more

Orrick's Financial Industry Week in Review - November 4, 2013

The Fed Approves New Fee Schedules - On October 31, the Fed announced new fee schedules, effective January 2, 2014, for payment services the Federal Reserve Banks provide to depository institutions (priced services). ...more

Orrick's Financial Industry Week in Review - August 26, 2013

European Banking Authority Publishes Responses to Consultation Paper on the Definition of Material Risk Takers for Remuneration Purposes - The European Banking Authority (EBA) published a list of responses received to...more

Federal Reserve Board Announces Additional Foreclosure Review Settlement

On July 26, the Federal Reserve Board released an amended consent order with one of the several financial institutions that entered into a consent order in April 2011 to resolve allegations that the institutions engaged in...more

Credit Crunch Digest -- April 2013

This issue of the Credit Crunch Digest focuses on the dismissal of antitrust claims against major banks in Libor-related litigation; settlement in the Merrill Lynch/Bank of America merger case; settlement in the SAC Capital...more

House Financial Services Ranking Member Seeks Additional Information Regarding Foreclosure Review Settlements

On February 15, House Financial Services Committee Ranking Member Maxine Waters (D-CA) sent an amended set of requests to the Federal Reserve Board and the OCC regarding the recent agreements in principle to end the...more

Democratic Lawmakers Seek Information Regarding Independent Foreclosure Review Settlements

On January 31, Senator Elizabeth Warren (D-MA) and Representative Elijah Cummings (D-MD), House Oversight Committee Ranking Member, sent a letter to the Federal Reserve Board and the OCC seeking documents and information...more

Federal Regulators Announce Additional Monetary Settlements In Lieu Of Independent Foreclosure Review

On January 16, the Federal Reserve Board announced that two additional mortgage servicers subject to consent orders issued in April 2011 agreed in principle to a monetary resolution of allegations that the firms engaged in...more

Federal Regulators Agree To Monetary Settlement With 10 Servicers In Lieu Of Independent Foreclosure Review

On January 7, the OCC and the Federal Reserve Board announced that 10 of the 14 mortgage servicers subject to consent orders issued in April 2011 regarding alleged improper servicing and foreclosure practices agreed in...more

Is the Fed's Settlement with Mortgage Servicers Good for the Market?

On January 7, 2013, the Office of the Comptroller of the Currency (OCC) and the U.S. Federal Reserve Board announced an $8.5 Billion settlement with 10 of the nation's top residential loan servicers ending independent...more

Federal Reserve Announces Another Major Cash Settlement with Mortgage Servicers: $8.5 Billion to be Paid in Cash, Used to Help...

In a joint press release issued by the Federal Reserve and the Office of the Comptroller of the Currency, news this past week is that 10 mortgage servicers around the country have entered into a settlement agreement with the...more

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