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September 25, 2015

The Board of Governors of the Federal Reserve System added two additional questions and answers to its Volcker Rule FAQs. New question number seventeen deals with compliance procedures for market making desks and the identification of covered funds. New question number eighteen discusses CEO certification for prime brokerage transactions.

November 25, 2015
Commentary by Steven Lofchie

The Board of Governors of the Federal Reserve System ("FRB") proposed a rule requiring large banking organizations to disclose their liquidity metrics. The proposed rule would comprise the first required public disclosure of quantitative liquidity risk measures for large banking organizations. Under the Liquidity Coverage Ratio ("LCR") rule adopted by the federal banking agencies last September, large banking organizations (with consolidated assets of $50 billion or more) and certain depository institution subsidiaries are required to hold a minimum amount of high-quality liquid assets ("HQLA"

November 25, 2015

The Board of Governors of the Federal Reserve System ("FRB") will be implementing several recommendations for the enhancement of its internal procedures for supervising large banking organizations. The recommendations follow an extensive review of Reserve Bank procedures for supporting consistent and sound supervisory decisions, as well as methods used by Reserve Banks to resolve differing staff opinions on the supervision of large and complex firms. As a re As a result of the review: i) the FRB will develop policies and practices intended to encourage the exchange of and response to divergent

December 03, 2015
Commentary by Steven Lofchie

Board of Governors of the Federal Reserve System Vice Chair Stanley Fischer: (i) offered an assessment of vulnerabilities in the financial system; and (ii) identified gaps in the current understanding of conditions inside and outside of the banking sector that should be addressed by regulators and researchers. In discussing the current financial system's cyclical developments, Mr. Fischer mentioned the following "five factors that contribute to financial fragility": (i) high debt burdens at households and firms; (ii) elevated leverage and maturity transformation within the financial sector;

December 03, 2015

Five federal agencies ("the Agencies") published interim and final rules on margin and capital requirements for registered swap dealers, major swap participants, security-based swap dealers and major security-based swap participants. The Office of the Comptroller of the Currency ("OCC"), the Board of Governors of the Federal Reserve System ("FRB"), the Federal Deposit Insurance Corporation ("FDIC"), the Farm Credit Administration ("FCA") and the Federal Housing Finance Agency ("FHFA") published the rules in the Federal Register. The final rule implements Dodd-Frank Sections 731 ("Registration