Office of the Comptroller of the Currency Deputy Comptroller for Operational Risk Beth Dugan discussed cyber threats, operational risks and the importance of effective risk management in a speech at The Clearing House's Operational Risk Colloquium. According to Ms. Dugan, while the impact of cyber threats on financial services firms has been relatively limited to date, the severity of such threats is escalating rapidly as cyber attackers become increasingly sophisticated in exploiting the vulnerabilities of commonly used infrastructures. In particular, Ms. Dugan noted that cyber attackers are

The Office of the Comptroller of the Currency ("OCC") issued an updated booklet titled "Deposit-Related Consumer Credit." The booklet is part of the Comptroller's Handbook. The booklet, which replaces the "Check Credit" booklet issued in March 1990, was revised to incorporate guidance on (i) additional products, including overdraft protection services and deposit advance products; (ii) the selection of third-party organizations and due diligence for deposit-related consumer credit products; and (iii) the appropriate capital for deposit-related consumer credit activities.

The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (collectively, the "Regulators") published a simplified supervisory formula tool to assist institutions in calculating risk-based capital requirements for securitization exposures under the revised capital rules. According to the Regulators, the tool is neither required nor a component of regulatory reporting. The Regulators recommended that banks continue to reference the revised capital framework when determining regulatory capital requirements

On February 10, 2015, court filings revealed that Trump Taj Mahal Associates, LLC ("Trump Taj Mahal"), owner of the Trump Taj Mahal Casino Resort in Atlantic City, NJ, reached a settlement with the Financial Crimes Enforcement Network ("FinCEN") to pay a civil money penalty of $10 million for deficiencies in its anti-money laundering ("AML") compliance program. The settlement, described in a proposed consent order filed as part of Trump Taj Mahal's Chapter 11 plan, requires the casino owner to admit to repeatedly and willfully violating the program, reporting, and recordkeeping provisions of

SEC Division of Corporation Finance (the "Division") Director Keith Higgins discussed his views on the controversy over conflicting proposals between shareholders and management, and how the SEC should respond with regard to the "directly conflicts" exclusion under Exchange Act Rule 14a-8. His remarks were delivered at the Practising Law Institute Program on Corporate Governance. Although Rule 14a-8 generally requires a company to include a qualified shareholder proposal in its proxy materials, a company may exclude it for one of the 13 reasons described in the rule. According to Mr. Higgins