The FRB recently issued an interpretive letter (the “FRB Letter”) in which the FRB granted an individual director (the “Director”) an exemption from the prohibition of the Depository Institution Management Interlocks Act (the...more
The FDIC issued a notice of proposed rulemaking (the “Proposed Rule”) that would revise the FDIC’s risk-based deposit insurance assessment system to reflect the final Basel III capital rule (the “Final Capital Rule”) adopted...more
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a series of four requests seeking public comments to identify regulations of the respective Agencies that are seen as outdated, unnecessary or unduly burdensome.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
As widely reported in the financial press, Credit Suisse AG (“Credit Suisse”), a large Swiss bank that maintains a branch and other offices in the United States pleaded guilty to the felony of conspiracy to aid tax evasion by...more
The FRB issued a notice of proposed rulemaking (the “Proposed Rule”) that would implement section 622 (“section 622”) of the Dodd-Frank Act, which established a financial sector concentration limit (the “Concentration Limit”)...more
On April 8, 2014, the FRB, FDIC and OCC (collectively, the “Agencies”) released a final rule (the “Final Rule”) concerning the leverage ratio standards for large, interconnected U.S. banking organizations. The Final Rule...more
On April 2, 2014 the members of the Federal Financial Institutions Examination Council (“FFIEC”) issued two joint statements: the first joint statement regards distributed denial-of-service (“DDoS”) attacks, and the second...more
On March 21, 2014, a panel of the United States Court of Appeals for the District of Columbia Circuit issued its decision in the highly anticipated case relating to debit card interchange and exclusivity, NACS v. Board of...more
The FRB released the summary results of the 2014 annual stress tests conducted by large financial institutions pursuant to the Dodd-Frank Act. 30 banking organizations participated in the 2014 stress tests. The financial...more
The FRB released a supervisory letter (the “Letter”) regarding the FRB’s applications process intended to provide financial institutions and the general public with a better understanding of the FRB’s approach to processing...more
The FRB issued a Notice of Proposed Rulemaking to repeal its regulation implementing the Truth in Savings Act, Regulation DD, and the regulation implementing the provisions of the Gramm-Leach Bliley Act protecting the privacy...more
In testimony before the Senate Banking Committee on February 6, FRB Governor Daniel Tarullo set forth the FRB’s top regulatory priorities for 2014. While Governor Tarullo noted the recent progress in implementing the...more
The Federal Reserve Board (the “FRB” or the “Board”) issued an advance notice of proposed rulemaking (the “ANPR”) seeking public comment on issues related to activities concerning physical commodities conducted by financial...more
The FRB issued a request for public comment (the “Request for Comment”) to Part II of the FRB’s Policy on Payment System Risk; Procedures for Measuring Daylight Overdrafts (the “PSR Policy”). The changes to the PSR Policy...more
The Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency and the Securities and Exchange Commission jointly adopted and the Commodity Futures Trading Commission...more
12/13/2013
/ Banks ,
CFTC ,
Dodd-Frank ,
FDIC ,
Federal Reserve ,
Hedge Funds ,
Market Making ,
OCC ,
Private Equity ,
Proprietary Trading ,
Securities and Exchange Commission (SEC) ,
Volcker Rule
On December 4, 2013, the Financial Crimes Enforcement Network (“FinCEN”) and the FRB jointly issued a final rule (the “Final Rule”) amending the definitions of “funds transfer” and “transmittal of funds” under the regulations...more
The FDIC, FRB and OCC (the “Agencies”) each made available a regulatory capital estimation tool (the “Estimation Tool”) that is designed to help community banks evaluate the potential impact on their capital ratios of the...more
The OCC, FDIC, and FRB jointly issued final updates to the Interagency Questions and Answers Regarding Community Reinvestment. The final changes (the “Final Q&As”) focus primarily on issues concerning community development...more
The FRB, FDIC, OCC and NCUA (collectively, the “Agencies”) jointly issued guidance to financial institutions entitled InterAgency Supervisory Guidance Addressing Certain Issues Related to Troubled Debt Restructurings (the...more
The FRB, OCC and FDIC (the “Agencies”) jointly issued a notice of proposed rulemaking (the “Proposed Rule”) that would establish a minimum liquidity coverage ratio (the “LCR”) for banking organizations with $250 billion or...more
The FRB’s Financial Services Policy Committee, a committee of the conference of presidents of the FRB’s Reserve Banks, announced that the Federal Reserve Banks (the “Reserve Banks”) had published a public consultation paper...more