The U.S. House Financial Services Subcommittee on National Security, International Development and Monetary Policy considered legislative proposals aimed at addressing fraud and cybersecurity vulnerabilities.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC rules amending the definition of "insured depository institutions" to exclude firms with consolidated assets equal to or less than $10 billion from the Volcker Rule was published in the Federal Register.
In anticipation of clarifying the treatment of qualifying foreign excluded funds under the Volcker Rule, banking agencies will not take action against foreign banking entities for a two-year period ending on July 21, 2021.
The Federal Reserve Board, Office of the Comptroller of the Currency, CFTC, FDIC and SEC adopted final rule amendments to exclude certain firms with consolidated assets equal to or less than $10 billion from the Volcker Rule.