News & Analysis as of

Federal Reserve

US Federal Reserve Bank of New York Introduces Three New Reference Rates

by Shearman & Sterling LLP on

The U.S. Federal Reserve Bank of New York, in conjunction with the U.S. Office of Financial Research, introduced three new reference rates. These three rates, the Secured Overnight Financing Rate, the Broad General...more

John C. Williams Named President and CEO of the Federal Reserve Bank of New York

by Shearman & Sterling LLP on

The Federal Reserve Bank of New York announced that John C. Williams has been named its president and chief executive officer. Mr. Williams currently serves as the president and chief executive officer of the Federal Reserve...more

Federal Reserve Board Requests Comments on Proposal to Simplify Capital Rules for Large Banks

by Weiner Brodsky Kider PC on

On April 10, 2018, the Federal Reserve Board officially invited public comment on a Notice of Proposed Rulemaking which seeks to simplify capital rules for large banks by introducing a “stress capital buffer” (SCB)—the...more

US Federal Financial Regulators Issue Final Rule Exempting Commercial Real Estate Transactions of $500,000 or Less from Appraisal...

by Shearman & Sterling LLP on

The U.S. Office of the Comptroller of the Currency, U.S. Board of Governors of the Federal Reserve System and the U.S. Federal Deposit Insurance Corporation issued a final rule that exempts commercial real estate transactions...more

Federal Reserve Bank of New York President William Dudley Discusses the Role of Incentives in Ensuring a Resilient and Robust...

by Shearman & Sterling LLP on

Federal Reserve Bank of New York President William Dudley spoke at the U.S. Chamber of Commerce regarding the role incentives play in ensuring a resilient and robust financial system. In his remarks, President Dudley noted...more

U.S. Board of Governors of the Federal Reserve System Commission Study Regarding Payments Fraud and Security Vulnerabilities

by Shearman & Sterling LLP on

The U.S. Board of Governors of the Federal Reserve System announced that it is undertaking a study that will begin this month with respect to fraud in the U.S. payments system. The study will identify causes and contributing...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The SEC has opened a probe into Guggenheim Partners’ asset-management arm over an $85-million real-estate transaction and a series of other deals involving ABS Capital—including a loan to BCBG Max Azria just months before the...more

Federal Reserve System Publishes Annual Financial Statements

On March 23, 2018, the Federal Reserve System announced that it released the 2017 annual audited financial statements for the Federal Reserve Banks. The 2017 earnings were approximately $80.7 billion....more

More Fun with LIBOR

by Dechert LLP on

Geeking out, I just finished reading the second report from the Alternate Reference Rates Committee that was just published jointly by the Financial Stability Board (FSB) and the Financial Stability Oversight Council (FSOC)...more

Financial Services Weekly News - April 2018

by Goodwin on

Editor's Note - Treasury Issues Recommendations to Modernize the Community Reinvestment Act. On April 3, the U.S. Department of the Treasury released a report containing its recommendations for modernizing the Community...more

Post LIBOR, The New York Fed Introduces the Treasury Repo Reference Rates

by Miles & Stockbridge P.C. on

On April 3, 2018, in preparation for the discontinuation of the London Interbank Offered Rate (LIBOR; for background on the discontinuation of LIBOR, see our prior blog post), the Federal Reserve Bank of New York (“Reserve...more

Bank Regulatory News and Trends

by DLA Piper on

SF Fed’s Williams seen as likely next NY Fed president: Amid reports that John Williams, current president and CEO of the Federal Reserve Bank of San Francisco, is the frontrunner to replace William Dudley as chief of the New...more

Federal Reserve Vice Chair Speaks About the Impact of Fintech on Financial Inclusion and Consumer and Small Business Access to...

On March 26, 2018, Federal Reserve Vice Chairman for Supervision Randal K. Quarles provided some insights on fintech developments in a speech he gave entitled “The Roles of Consumer Protection and Small Business Access to...more

US Federal Reserve Board Adopts Revised Forms, Including Bank Merger Act Application Form

by Shearman & Sterling LLP on

The U.S. Board of Governors of the Federal Reserve System adopted a proposal to extend for three years, with revisions, certain forms, including the Interagency Notice of Change in Control (FR 2081a), Interagency Notice of...more

Federal Reserve Gears Up to Publish LIBOR Alternative

On April 3, 2018, the Federal Reserve Bank of New York (FRBNY) will begin publishing three reference rates based on overnight repurchase agreement (repo) transactions collateralized by U.S. Treasury securities: the Secured...more

Check Your Rates – Comply with FTC Variable Rate Marketing Guidelines

On March 21, 2018 the Federal Reserve lifted its federal funds rate by a quarter percentage point to a range of 1.5% to 1.75%, the highest level since 2008. ...more

US Federal Reserve Board Provides Updated CCAR and DFAST Questions and Answers

by Shearman & Sterling LLP on

The U.S. Board of Governors of the Federal Reserve System published updates to its Comprehensive Capital and Analysis Review and Dodd-Frank Act Stress Tests questions and answers guide. The Federal Reserve Board provided...more

Banking Regulators Signal Movement Away from Leveraged Lending Guidance

by White & Case LLP on

Recent remarks by the new Chairman of the Board of Governors of the Federal Reserve System ("FRB") and Comptroller at the Office of the Comptroller of the Currency ("OCC") signal that the federal banking agencies ("Agencies")...more

US Federal Reserve Board Proposes Amendments to Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and...

by Shearman & Sterling LLP on

The U.S. Board of Governors of the Federal Reserve System published a proposed rule for that would amend Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire). The...more

US Federal Reserve Board Vice Chairman for Supervision Discusses Regulatory Agenda for Foreign Banking Organizations

by Shearman & Sterling LLP on

Randal Quarles, U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, discussed the need to examine post-crisis reforms. Focusing on post-crisis regulations that impact foreign banking...more

Federal Reserve Proposes Changes to Material Supervisory Determination Appeals Process

by Weiner Brodsky Kider PC on

The Federal Reserve Board (the Board) recently proposed revisions to its guidelines for appeals of material supervisory determinations. The revisions are aimed at improving and expediting the appeals process, particularly...more

US Federal Reserve Board Vice Chairman for Supervision Discusses Financial Regulation and Cybersecurity

by Shearman & Sterling LLP on

Randal Quarles, U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, provided brief remarks at the Financial Services Roundtable 2018 Spring Conference. Vice Chairman Quarles noted the...more

US Federal Reserve Board Announces Upcoming Conclusion of Secure Payments Task Force

by Shearman & Sterling LLP on

The U.S. Board of Governors of the Federal Reserve System announced that the Secure Payments Task Force will conclude its efforts this month with a final publication detailing the lifecycles and security profiles of today's...more

Federal Reserve Board requests comments on proposed amendments to simplify and harmonize Regulation J

by Ballard Spahr LLP on

On Tuesday the Federal Reserve published proposed amendments to Regulation J (Collection of Checks and Other Items by Federal Reserve Banks and Funds Transfers through Fedwire) which are intended to clarify and simplify...more

Volcker Rule Regulatory Changes Are Coming

by Ropes & Gray LLP on

Federal financial regulators responsible for enforcement of the Volcker Rule are about to embark on a process that will culminate in a significant revision to the regulations that went into effect eighteen months ago. In a...more

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