In this issue:

- Bank Prudential Regulation & Regulatory Capital

- Bank Structure

- Derivatives

- Financial Market Infrastructure

- Financial Services

- People

- Events

- Excerpt from Bank Prudential Regulation & Regulatory Capital -

Changes to Federal Reserve Board Policy on Payment System Risk -

On December 1, 2014, the US Board of Governors of the Federal Reserve System (“Federal Reserve Board”) issued changes to part II of the Federal Reserve Policy on Payment System Risk (“PSR policy”) which are intended to improve the efficiency of the payment system. The majority of the changes address posting rules for automated clearing house (“ACH”) and commercial check transactions.