Systemically Important Financial Institution

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Financial Services Weekly News - August 2016 #3

Editor's Note - MetLife Fights On. MetLife continued to fight its designation as a nonbank systemically important financial institution (SIFI) this week as the insurer filed its reply brief in the Financial Stability...more

Your daily dose of financial news - The Brief – 8.17.16

Billionaire hedge-fund manager Steven Cohen (he, formerly of SAC Capital Advisors) has agreed to be barred from commodities trading until 2018 under the terms of a settlement announced by the CFTC yesterday....more

Dodd-Frank Rulemaking Developments by the Fed for Fed-Supervised Insurance Firms

The Dodd-Frank Act was a cornucopia of opportunity for rule writers. To the regulatory community, this was almost a bottomless candy jar. And so our regulatory apparatchiki began to beaver away and produced, to date,...more

US Federal Reserve Board Begins the Process of Regulating Insurance Companies

Nearly six years after the adoption of Dodd-Frank’s Title I, which provides for the regulation by the Board of Governors of the Federal Reserve System (Board) of non-bank financial companies – such as insurance companies,...more

MetLife and Federal Regulators Battle Over 'Systemically Important' Label

The definition and regulation of systemically important financial institutions (SIFI), including the extension of this designation to certain insurance companies, has bred contention amongst key stakeholders. As federal...more

Casting the Net Wider to Address "Too Big to Fail" - The ISDA 2015 Universal Resolution Stay Protocol

21 major global banks signed the ISDA 2015 Universal Resolution Stay Protocol at launch. Pursuant to the ISDA 2015 Universal Resolution Stay Protocol, these banks have agreed to suspend their termination rights in relation to...more

Financial Services Weekly News - June 2016 #5

Regulatory Developments - FSOC Rescinds GE Capital's SIFI Designation - On June 29, the Financial Stability Oversight Council (FSOC) announced that it had voted unanimously to “rescind its determination that...more

Your daily dose of financial news - The Brief – 6.30.16

US banks made a strong showing in part 2 of the latest round of the Fed’s stress tests. Only Morgan Stanley didn’t pass unconditionally (concerns over the company’s “internal controls and processes” tripped it up), while the...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

Your daily dose of financial news - The Brief – 6.17.16

Dealbook’s Strategies feature reviews the Fed’s latest non-move and suggests that the current bind in which the Fed finds itself is—at least in part—a problem of its own making....more

Republicans Announce Plans to Replace Dodd-Frank

House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled details of the Financial CHOICE Act – the Republican plan to replace the Dodd-Frank Act and promote economic growth. CHOICE stands for Creating Hope...more

Your daily dose of financial news The Brief – 5.31.16

A lawsuit over an alleged Ponzi scheme involving a fund pushed by MetLife agents is raising hard questions for the insurance giant over the reaches of corporate liability...more

Financial Regulatory Developments Focus - May 2016

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

US Federal Deposit Insurance Corporation Chairman Gruenberg Discusses Resolution of Systemically Important Financial Institutions

FDIC Chairman Martin Gruenberg discussed improvements in cross-border cooperation with respect to the resolution of systemically important financial institutions. He highlighted ongoing conversations among leading financial...more

US Government Accountability Office Issues Report on Resolution Plan Review Process by US Regulators

The US Government Accountability Office issued a report on the resolution plan review processes developed by the US Federal Deposit Insurance Corporation and the US Board of Governors of the Federal Reserve System. The report...more

US Federal Deposit Insurance Corporation Holds Meeting of the Systemic Resolution Advisory Committee

The US Federal Deposit Insurance Corporation’s Systemic Resolution Advisory Committee held a meeting to discuss the latest updates and advice on issues related to the resolution of systemically important financial companies...more

MetLife Opinion Turns the Tables on FSOC: Back to the Drawing Board

U.S. District Court Judge Rosemary Collyer recently released her opinion invalidating the decision of the Financial Stability Oversight Council (FSOC or the Council) to designate MetLife a systemically important financial...more

Financial Services Weekly News - April 2016 #2

Regulatory Developments - Cordray Testifies before Senate Banking Committee - On April 7, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the Senate Banking Committee during the...more

Bridging the Week - April 2016 #2

CFTC Again Extends Deadlines for New OCR Compliance; Puts Pressure on FCM Clients Who Will Not Provide Adequate Information Regarding Trading Control - Late last week, staff of the Division of Market Oversight of the...more

The Judicial Rescission of MetLife’s SIFI Designation and the Possible Implications of the SIFI Process for Reinsurers

The designation of MetLife as a systemically significant nonbank financial institution (SIFI) by the Financial Stability Oversight Council (FSOC) was recently rescinded by the United States District Court for the District of...more

Your daily dose of financial news The Brief – 4.8.16

The Deal Professor looks back on a wild week of “deal busting” that saw the government [often in the form of Treasury Secretary Jack Lew] put the hurt on Pfizer/Allergan and Halliburton/Baker Hughes alike –...more

Financial Services Weekly News - April 2016

Regulatory Developments - DOL Issues Final Fiduciary Rule - On April 6, the Department of Labor (DOL) unveiled its pre-publication final version of the long-awaited fiduciary rule (the Final Rule). Some of the more...more

Federal District Court Rules against Designation of MetLife as a “SIFI” under Dodd-Frank Act

On March 30, the D.C. federal District Court ruled against the designation by the Financial Stability Oversight Counsel (“FSOC”) of MetLife as a “systemically important financial institution” under the Dodd-Frank Act. The...more

Float Like a Butterfly, Sting Like a Non-SIFI: Round One Goes to MetLife

On March 30, 2016, the U.S. District Court for the District of Columbia (the “U.S. District Court”) handed down its decision regarding MetLife’s challenge to the Financial Stability Oversight Committee’s (“FSOC”) designation...more

IREG Update - Department of Health and Human Services and the Centers for Medicare and Medicaid Services take action to change the...

Department of Health and Human Services and the Centers for Medicare and Medicaid Services take action to change the risk adjustment methodology - In February, we wrote about the controversial effect of the federal risk...more

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