On June 30, the Alternate Reference Rate Committee (ARRC) that works under the auspices of the Federal Reserve Bank of New York published another document to assist capital markets participants in their transition away from use of LIBOR as a transactional interest rate.
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Banking
Prudential Regulators Revise Initial Margin Rules for Uncleared Swaps
By Guy C. Dempsey Jr. on
Posted in Derivatives, Dodd-Frank Developments
On June 25, the five prudential regulators responsible for the margin rules for bank swap dealers (the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the Farm Credit Administration and the Federal Housing Finance Agency) adopted one final rule and one interim final rule that modify their original framework for margining uncleared swaps.
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CFTC Approves Two Final Rules and Two Proposed Rules at June 25 Open Meeting
Posted in CFTC, Derivatives
On June 25, the Commodity Futures Trading Commission held an open meeting where it approved two final rules, advanced two proposed rules and withdrew a previously proposed rule and supplemental proposal.
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FDIC Publishes Final Rule Regarding the “Valid When Made” Doctrine
By Christina Grigorian on
Posted in Banking
On June 25, the Federal Deposit Insurance Corporation (FIDC) published its final rule with respect to whether a loan made by a state-chartered bank is “valid when made” pursuant to the preemptive authority in Section 27 of the Federal Deposit Insurance Act (Final Rule).
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Volcker Rule Regulators Make Changes to Covered Fund Rules
By Guy C. Dempsey Jr. on
Posted in Banking
On June 25, the five regulators responsible for Section 13 of the Bank Holding Company Act of 1956 (Volcker Rule) approved a set of amendments that modify and clarify the covered fund provisions of the regulations implementing the Volcker Rule. (The five regulators are the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, and the Securities and Exchange Commission.) The final amendments are generally the same as those proposed in January of this year.
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OCC Promulgates Final Rule on “Valid When Made”
By Christina Grigorian on
Posted in Banking
On June 2, the Office of the Comptroller of the Currency (OCC) promulgated its final rule confirming the longstanding banking principle that a loan that is valid when made is enforceable by any subsequent assignee (the Final Rule). The Final Rule applies to national banks and federal savings banks.
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LIBOR Transition Best Practices Statement Issued by ARRC
By Guy C. Dempsey Jr. on
Posted in Banking, Derivatives
On May, 27, the Alternate Reference Rate Committee (ARRC) that works under the auspices of the Federal Reserve Bank of New York issued a set of “Best Practices for Completing Transition Away from LIBOR.” The Best Practices reinforce the ARRC’s position that markets should cease using the London Inter-bank Offered Rate (LIBOR) as a reference rate in financial transactions well before the December 31, 2021 end date identified by UK regulators by providing specific dates by which specific products should be LIBOR-free.
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Federal Reserve Adopts Revamped Standards for Determinations of Bank Control
By Guy C. Dempsey Jr. on
Posted in Banking
On January 30, the Board of Governors of the Federal Reserve System (the Board) adopted a final rule to simplify and increase the transparency of determinations of when a company has the ability to exercise a controlling influence over another company for purposes of the Bank Holding Company Act or the Home Owners’ Loan Act. The rule takes the form of amendments to Regulation Y.
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Volcker Rule Regulators Propose Changes to Covered Fund Rules
By Guy C. Dempsey Jr. on
Posted in Banking
On January 30, the five regulators responsible for Section 13 of the Bank Holding Company Act of 1956 (the “Volcker Rule”) each approved a set of amendments intended to modify and clarify the covered fund provisions of the regulations implementing the Volcker Rule. (The five regulators are the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission and the Securities and Exchange Commission.)
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OCC and FDIC Release Proposed Revisions to Community Reinvestment Act
By Christina Grigorian on
Posted in Banking
On January 9, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) (together known as the Banking Agencies) published proposed rules in the Federal Register that are designed to make the regulatory framework related to the Community Reinvestment Act (CRA) more “objective, transparent, consistent, and easy to understand” (Proposal). The last major revisions to the CRA were made in 1995.
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