Links in “Federal Reserve”
- Terminated Enforcement Actions
The Federal Reserve Board released on Tuesday a list of several enforcement actions which have been terminated. [4/29/15]
- Cracking down on “Regulatory Capture”
The Federal Reserve is exploring new measures of restricting bank examiners from leaving to take jobs at firms they have overseen. Federal officials are discussing whether to extend the bar on the two most senior employees to other bank personnel. [4/21/15]
- Post Crisis: Is the Banking Industry Now Safer?
Speakers at a Fed Reserve conference don't think so. Reasons include our dual state and federal banking charter system, unregulated private equity and hedge funds, a regulatory framework in need of streamlining, and lack of openness. [3/24/15]
- Citigroup’s Settlement Mistake Triggers Congressional Inquiry of Other Banks
A single consumer complains, which triggers an investigation at Citigroup that found 24,000 customers hadn't received their part of a settlement over foreclosure abuses. Now Maxine Waters wants to know how the OCC and the Federal Reserve are handling these large settlement cases. [3/23/15]
- CU Execs Call For CFPB Reorganization
A series of credit union and bank executives told a Congressional committee that the CFPB would be more effective if it was governed by a 5-member commission, similar to the governance structure of the Federal Reserve Board. A board or commission structure would require that an agenda be released before meetings and could allow for a more sensible and balanced approach to regulation. [2/13/15]
- Just Use the Formula!
The OCC, FRB, and FDIC launched an automated tool to calculate risk-based capital requirements for securitization exposures in what they are calling the simplified supervisory formula approach. [2/12/15]
- Marijuana Credit Union Still Waiting for Fed Approval
The New York Times reported that Fourth Corner, the nationâs first credit union chartered to serve the marijuana industry, is hamstrung because it has not been able to obtain approval for a master account with the Federal Reserve, which it needs for check cashing and money transfers. The credit union reported that it has been waiting for 3 months for approval, a process that typically takes just days. [2/9/15]
- Merger Strategy Backfires
OneWest Bank in California had set up a website that generated more than 2,000 form letters urging regulators to approve its merger with CIT Group without a public hearing. Apparently the Fed and community groups were not amused. A public hearing has now been scheduled for later this month, where opponents are expected to raise CRA and "too big to fail" concerns. [2/9/15]
- Timing Is Everything (Just Ask the Dinosaurs): Final Timing Rules on Reg. J and ACH
Did you know that, had the timing been different, dinosaurs might have survived the asteroid that eliminated their species? Clearly, timing is everything. The Federal Reserve Board agrees and has taken two actions that affect the timing of check settlements, which are described in this article by AffirmX In-House Counsel Jane Pannier. [2/3/15]
- Fed Unveils Strategies for U.S. Payment System Improvements
In a paper released yesterday, the Federal Reserve Board identified its strategies for balancing the changing technology landscape with the evolving data security threat. [1/27/15]
