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25 Jun 2024, 7:40 pm
Risk.net – Inaugural Fed climate scenario analysis flags lack of transparency around third-party models: “The US Federal Reserve and the country’s largest banks have had their differences, especially in recent months. [read post]
12 Jul 2022, 11:14 am
On July 6, the Financial Crimes Enforcement Network (“FinCEN”), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency (collectively, “the Agencies”) issued a Joint Statement to “remind” banks that they, of course, should apply a risk-based approach to assessing customer… [read post]
4 Sep 2020, 12:19 pm
Last month the US federal banking agencies (the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency, and the National Credit Union Administration, collectively, the “US banking regulators”) and the Financial Crimes Enforcement Network (“FinCEN”) the US anti-money laundering (“AML”) agency, issued statements providing guidance on their approaches to… [read post]
26 Nov 2014, 10:10 am
GECC is designated by the Financial Stability Oversight Counsel as a non-bank systemically important financial institution that needs to be supervised by the Board and be subject to enhanced prudential standards similar to those applicable to certain bank holding companies. [read post]
9 Dec 2009, 8:43 am
Disclaimer: These views are my own and not those of the Federal Reserve Bank of Chicago or the Federal Reserve System. [read post]
28 Dec 2014, 4:13 pm
Available for download at SSRN: http://ssrn.com/abstract=2539315 or http://dx.doi.org/10.2139/ssrn.2539315 “On August 5, 2014, the Federal Reserve Board and the Federal Deposit Insurance Corporation criticized shortcomings in the Resolution Plans of the first Systematically Important Financial Institution (SIFI) filers. [read post]
2 Sep 2020, 6:42 am
On July 31, the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the U.S. [read post]
21 Apr 2017, 6:27 am
Dudley is President and Chief Executive Officer of the Federal Reserve Bank of New York. [read post]
21 Apr 2017, 6:27 am
Dudley is President and Chief Executive Officer of the Federal Reserve Bank of New York. [read post]
31 Mar 2020, 5:24 am
A January proposal to give banks compliance slack floated by a high-ranking Federal Reserve Board (“FRB”) official has not yet gained the traction its supporters had hoped for. [read post]
26 Aug 2020, 10:23 am
On August 13, 2020, the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency (the “Agency” or collectively the “Agencies”) issued a joint statement updating and clarifying their 2007 guidance regarding how they evaluate enforcement actions when financial institutions violate or fail to meet BSA/AML requirements. [read post]
1 Apr 2018, 9:05 pm
Tags: banks, New Jersey, scandals, WO writings New Jersey considers launching state-owned bank is a post from Overlawyered - Chronicling the high cost of our legal system [read post]
9 Oct 2017, 12:08 pm
” If the Fed, after consultation with the CFPB, determines that a state member bank “is engaging or has engaged in a pattern or practice of unsafe or unsound banking practices and other violations related to consumer harm,” the Fed must “immediately initiate proceedings to terminate such bank’s membership in the Federal Reserve System. [read post]
19 Jan 2021, 8:34 am
In the conditional approval letter, the OCC lists as one of the pre-conversion requirements that Anchorage must apply for (but not necessarily receive) membership in the Federal Reserve System. [read post]
9 Jul 2020, 9:57 am
That version would be followed about 18 months later by “Payments Charter 2.0”, which would include the added feature of direct access to the Federal Reserve’s payments system, giving the payments company the ability to clear payments through the Federal Reserve System directly rather than through a correspondent bank, clearinghouse or financial institution. [read post]
30 Oct 2017, 2:55 pm
On October 26, 2017, the Office of Financial Research (“OFR”), an arm of the Treasury Department, issued a Report of its Director that challenges the standard set forth in the Dodd-Frank Act for determining which entities are systemically important and should be subject to the supervision of the Federal Reserve because their failure would pose the greatest risk to financial stability. [read post]
5 Nov 2010, 10:33 pm
” Yet the Federal Reserve is doing all three. [read post]
27 Mar 2009, 4:44 am
The report noted that Secretary Geithner is not identifying which agency would be the systemic risk regulator, though House Financial Services Chairman Barney Frank, D-Mass., wants to give the job to the Federal Reserve. [read post]
31 Jul 2023, 7:22 pm
Capital rules are set through regulation by the federal bank regulators—the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the Office of the Comptroller of the Currency (OCC)—and are modeled on international agreements made by the members of the Basel Committee on Bank Supervision. [read post]
6 Jan 2021, 8:27 am
The second interpretive letter (Interpretive Letter 1172) focuses on the authority of banks to hold stablecoin reserves. [read post]
