“Five federal agencies on Tuesday approved an interim final rule to permit banking entities to retain interests in certain collateralized debt obligations backed primarily by trust preferred securities (TruPS CDOs) from the investment prohibitions of section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, known as the Volcker rule. Under the interim… Continue Reading
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Agencies Release Public Sections of Resolution Plans
“The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Friday made available the public portions of resolution plans for 116 institutions that submitted plans for the first time in December 2013, the latest group to file resolution plans with the agencies. The Dodd-Frank Wall Street Reform and Consumer Protection Act requires that bank… Continue Reading
Interagency Statement on Final Rule Implementing the “Volcker Rule”
“The Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the U.S. Securities and Exchange Commission (collectively, the agencies) issued a statement on December 27, 2013, indicating they are evaluating whether it is appropriate not to subject pooled investment vehicles for Trust… Continue Reading
Federal Reserve Board issues final rule on treatment of uninsured U.S. branches and agencies of foreign banks
“The Federal Reserve Board on Tuesday approved a final rule clarifying the treatment of uninsured U.S. branches and agencies of foreign banks under section 716 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the swaps push out provision. The final rule adopts without change the interim final rule issued by… Continue Reading
Agencies Issue FAQ on Collateralized Debt Obligations Backed by Trust Preferred Securities under Final Rules Implementing “Volcker Rule”
“Three federal financial institution regulatory agencies today issued a FAQ (Frequently Asked Questions) document to provide clarification and guidance to banking entities regarding investments in “Covered Funds” and whether collateralized debt obligations backed by trust preferred securities (TruPS CDOs) could be determined to be Covered Funds under the final rules to implement section 619 of… Continue Reading
Office of Financial Research Releases Second Annual Report
“The Office of Financial Research (OFR) today submitted to Congress its 2013 Annual Report, fulfilling a requirement to annually assess the state of the United States financial system and analyze threats to U.S. financial stability. According to the report, threats include vulnerabilities in markets for securities financing transactions and credit, vulnerabilities to an increase in interest rates and… Continue Reading
How to Modernize and Improve the System of Insurance Regulation in the United States
How to Modernize and Improve the System of Insurance Regulation in the United States “The U.S. Department of the Treasury’s Federal Insurance Office (FIO) today submitted to Congress and released a report on how to modernize and improve the system of insurance regulation in the United States. Given the significance of the insurance sector in… Continue Reading
Agencies Issue Final Rules Implementing the Volcker Rule
“Five federal agencies on Tuesday issued final rules developed jointly to implement section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Volcker Rule”). The final rules prohibit insured depository institutions and companies affiliated with insured depository institutions (“banking entities”) from engaging in short-term proprietary trading of certain securities, derivatives, commodity futures and… Continue Reading
Financial Institutions, the Market, and the Continuing Problem of Executive Compensation
Financial Institutions, the Market, and the Continuing Problem of Executive Compensation, J. Robert Brown Jr., University of Denver Sturm College of Law. November 13, 2013. Financial Institutions, the Market, and the Continuing Problem of Executive Compensation, Americans for Financial Reform and the Roosevelt Institute, Nov. 12, 2013. U Denver Legal Studies Research Paper No. 14-06 “The financial crisis of 2008… Continue Reading
FinCEN, Federal Reserve Finalize Rule Amending Definitions in the Bank Secrecy Act
“The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, and the Federal Reserve Board on Tuesday announced a final rule amending the definitions of “funds transfer” and “transmittal of funds” under regulations implementing the Bank Secrecy Act. The final rule adopts the amendments as proposed in November 2012. The amendments… Continue Reading
Agencies Release a Regulatory Capital Estimation Tool for Community Banks
“The federal bank regulatory agencies today released an estimation tool to help community banks understand the potential effects of the recently revised regulatory capital framework on their capital ratios. The revised framework implements the Basel III regulatory capital reforms and certain changes required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. In July… Continue Reading
Moody’s concludes review of eight large US banks
News release: “Moody’s Investors Service has concluded its review of eight large US banking groups. The credit ratings of these banking groups each benefit from the agency’s assumption of government support. Today’s rating actions reflect strengthened US bank resolution tools, prompted by the Dodd-Frank Act, which affect Moody’s assumptions about US government support. Further, today’s… Continue Reading
