The FDIC final rule restricting cancellation rights for certain qualified financial contracts was published in the Federal Register.
News & Insights
The Board of Governors of the Federal Reserve System is seeking comments on three proposed reference rates based on repurchase agreement transactions backed by Treasuries.
The Office of the Comptroller of the Currency provided banks with guidance on the forthcoming transition to a T+2 standard settlement cycle for securities transactions.
The Board of Governors of the Federal Reserve System (FRB) approval of a final rule specifying its procedures for emergency lending under Federal Reserve Act Section 13(3) (Discounts for Individuals, Partnerships and Corporations). The FRB action was published in the Federal Register. The final rule is effective on January 1, 2016.
The FDIC reminded banks and other supervised institutions of its new rule on filing requirements and processing procedures in connection with changes in control. The new rule goes into effect on January 1, 2016. The rule consolidates and conforms the regulations of state nonmember banks, state savings associations and certain parent companies, and is intended to make existing FDIC practices more transparent. The rule adopts definitions for previously undefined terms, such as "Acting in Concert," "Convertible Securities" and "Voting Securities." Under the rule, the acquisition of convertible