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Agencies Issue Joint Proposal to Curb Incentive-Based Compensation in the Financial Services Industry

The proposal seeks to make executive compensation arrangements more sensitive to risk and would require complex risk management programs to ensure compliance....more

FDIC Proposes Revisions to Policy on Bank Merger Transactions

The Proposal clarifies the FDIC’s bank merger approval process but may prove challenging for new large bank consolidations with the FDIC as the primary regulator. On March 21, 2024, the Board of Directors of the Federal...more

FRB Governor Recommends Circumspect Approach to Bank Regulatory Reform

Governor Bowman calls for transparent supervisory expectations and attention to the consequences of regulatory reform on the broader financial system. On June 25, 2023, US Federal Reserve Board (FRB) Governor Michelle W....more

FDIC Vice Chairman Cautions Against New Regulation as a Response to Recent Bank Failures

In contrast with the White House’s position, the Vice Chairman denied that loosened Dodd-Frank rules contributed to the recent bank failures. On April 12, 2023, Federal Deposit Insurance Corporation (FDIC) Vice Chairman...more

White House Recommends Stricter Regulations for Large Regional Banks

President Biden is calling for tougher standards and supervision for large regional banks in the wake of recent instability in the US banking sector. On March 30, 2023, the White House issued a Fact Sheet calling on the...more

The Systemic Importance of Cloud-Based Service Providers to Banks

US lawmakers urge FSOC to designate cloud-based storage systems used by major banks as systemically important financial market utilities. In an August 22, 2019, letter addressed to Treasury Secretary Steven Mnuchin, in his...more

Two Proposed Volcker Rule Updates: “Banking Entity” Definition and Name-Sharing Restriction

The proposed modifications, if adopted, would amend the Volcker Rule in a manner consistent with the statutory amendments under the Economic Growth, Regulatory Relief, and Consumer Protection Act. The Economic Growth,...more

Revised Rules on Dodd-Frank Incentive Compensation Requirements for Financial Institutions Proposed

If adopted, the Proposed Rule would have a significant impact on compensation practices at covered institutions. On April 21, 2016, the National Credit Union Administration (the NCUA) issued a proposed rule regarding...more

Federal Reserve Board Grants One-year Extension on Volcker Rule Conformance for Certain Covered Funds

The Federal Reserve today extended the Volcker Rule conformance period for legacy covered funds from July 21, 2015 to July 21, 2016, and also granted a further one year extension until July 21, 2017. At 3 pm today...more

Volcker Rule: An Initial Look at Significant Changes

On December 10, 2013 the US federal banking agencies, along with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) (collectively, the Agencies), adopted the ...more

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