An article on the effective date for the Federal Reserve Board, OCC and FDIC joint final rule increasing the major asset prohibition thresholds for the management interlock rule misstated the effective date as October 9, 2019. The correct effective date is October 10, 2019.
The Office of the Comptroller of the Currency, Federal Reserve Board and FDIC joint final rule to increase the major asset prohibition thresholds for management interlock rule was published in the Federal Register.
The Senate Banking Committee voted to advance the nominations of Joseph Otting to serve as Comptroller of the Currency, and Randal Quarles for Vice Chair of the Board of Governors of the Federal Reserve System.
Federal Reserve Bank of New York President William C. Dudley offered several principles to consider when evaluating the post-financial crisis regulatory regime and raised questions about the effectiveness of the Volcker Rule.
In a speech before the Global Finance Forum, Federal Reserve System Governor Jerome Powell reviewed the regulatory response to the global financial crisis and recommended regulatory adjustments going forward.
Federal Reserve System Governor Jerome Powell talked about the history of the central bank, and explained that the structure of the Federal Reserve System is a "compromise" designed to balance national and regional interests.
In an article published in the Federal Reserve Bank of New York Economic Policy Review, economists examined the "role of financial reporting in resolving agency conflicts among a firm’s managers, directors, and capital providers."
Federal Reserve Bank of New York Executive Vice President Alberto G. Musalem outlined initiatives to promote a positive banking culture. Mr. Musalem explained that the initiatives are a response to recent incidents of misconduct, including a case involving the manipulation of LIBOR. He also stressed that the "responsibility to address these flaws" in the "culture of banking . . . rests with the banks themselves."