News & Analysis as of

Federal Reserve Government Accountability Office

Orrick, Herrington & Sutcliffe LLP

GAO urges Fed to address outstanding recommendations

On June 3, GAO released a letter addressed to Fed Chair, Jerome Powell, to provide an update on the Fed's implementation of past GAO recommendations. As of May, GAO noted 13 open recommendations under the Fed. The Fed...more

BakerHostetler

FedNow Instant Payments Service Launches; GAO Recommends Oversight of Crypto Assets; SEC, CFTC, DOJ Continue Crypto Enforcement;...

BakerHostetler on

U.S. Central Bank Launches Instant Payment Service - A recent press release by the U.S. central bank announced that “its new system for instant payments, the FedNow® Service, is now live.” According to the press release,...more

Morrison & Foerster LLP

Banking Disruption: Banking Regulators Signal Updates to Supervisory and Regulatory Agendas in Wake of Bank Failures

On April 28, 2023, the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the United States Government Accountability Office (GAO), and the New York Department of...more

Cadwalader, Wickersham & Taft LLP

FRB, FDIC and GAO Release Reports Reviewing Supervision of Silicon Valley Bank and Signature Bank

Last Friday, the Federal Reserve Board (“FRB”) and Federal Deposit Insurance Corporation (“FDIC”) released reports evaluating their supervision of the failed Silicon Valley Bank (“SVB”) and Signature Bank (“Signature”),...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, April 29, 2023

Paul Hastings LLP on

April 28, 2023- The Board of Governors of the Federal Reserve System (Federal Reserve) on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank....more

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update – September 2020 # 12

Hogan Lovells on

In Washington - House Democrats postponed a planned Tuesday to vote on a bill to keep the government funded through 11 Dec. as talks resume with Republicans and the Trump administration....more

Hogan Lovells

Coronavirus: The Hill and the Headlines – COVID-19 D.C. Update – June 2020 #19

Hogan Lovells on

In Washington: Congressional leaders will soon name the chair of the coronavirus oversight commission, which was created by the CARES Act to increase transparency and oversight of the coronavirus relief funds.  Retired...more

Robins Kaplan LLP

Financial Daily Dose 10.24.2019 | Top Story: Lawmakers Grill Zuckerberg on Libra and Political Ads

Robins Kaplan LLP on

We didn’t get flop sweat Zuck, but it was still a hot seat indeed for Facebook’s founder and CEO on the Hill yesterday, who fielded a wide range of questions from Libra to political freedom of expression on his platform....more

A&O Shearman

US Government Accountability Office Releases Report Regarding US Federal Financial Institution Regulator Compliance with the...

A&O Shearman on

The US Government Accountability Office released a report that details the compliance of six US federal financial institution regulators (the US Board of Governors of the Federal Reserve System, the US Office of the...more

A&O Shearman

US Federal Banking Regulators May Re-evaluate Leveraged Lending Guidance

A&O Shearman on

The US Board of Governors of the Federal Reserve System, and the US Federal Deposit Insurance Corporation sent letters to Representative Blaine Luetkemeyer stating that they are considering seeking public input regarding...more

A&O Shearman

The U.S. Government Accountability Office Determines That 2013 Leveraged Lending Guidance Is a Rule

A&O Shearman on

On October 19, 2017, the United States Government Accountability Office (GAO) issued an opinion determining that the 2013 Interagency Guidance on Leveraged Lending (the “2013 Guidance”), issued jointly by the Office of the...more

Kramer Levin Naftalis & Frankel LLP

GAO Agrees to Decide the Legality of the Leveraged Lending Guidance; Indicates Decision Will Take “at Least a Few Months”

On May 23, the Government Accountability Office (GAO), in a letter to Senator Patrick Toomey, R-Pa., agreed to determine whether the Guidance on Leveraged Lending jointly issued in 2013 by the Board of the Governors of the...more

Stinson - Corporate & Securities Law Blog

GAO Says Regulators Should Improve Transparency in Evaluating Banks’ “Living Wills”

GAO has issued a report which noted the FDIC and Federal Reserve have developed separate but similar review processes for determining whether a resolution plan, often referred to as a “living will,” is “not credible” or would...more

Morrison & Foerster LLP

Financial Services Report, Fall 2015

BELTWAY - Straight Out of the Seventh Circuit The Seventh Circuit recently affirmed a lower court’s ruling that the SEC cannot be sued in district court to stop it from bringing an administrative action. Bebo v. SEC, No....more

Ballard Spahr LLP

Agencies Issue Statement on Increased Maximum Flood Insurance Coverage for Other Residential Buildings

Ballard Spahr LLP on

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Farm Credit Administration, the National Credit Union Administration, and the Federal Deposit Insurance Corporation...more

Goodwin

GAO Issues Report on Independent Foreclosure Review

Goodwin on

The GAO released its third and final report reviewing the Independent Foreclosure Review, an evaluation of the foreclosure practices of several mortgage servicers required by the consent orders entered into with the OCC and...more

Mintz - Public Finance Viewpoints

Financial Services Legislative and Regulatory Update -- December 16, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; International; Miscellaneous; and Upcoming Hearings. Excerpt from Leading the Past Week - Before leaving for the Christmas...more

Mintz - Public Finance Viewpoints

Financial Services Legislative and Regulatory Update -- June 24‚ 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Despite some concerns about the slowing growth in China, some...more

Mintz - Public Finance Viewpoints

Financial Services Legislative And Regulatory Update -- January 14, 2013

In This Issue: Leading the Past Week; Legislative Branch; Executive Branch; Miscellaneous; and International. Excerpt from Leading the Past Week - As was widely anticipated, President Obama announced that he...more

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