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The Board of Governors of the Federal Reserve System and the Board of Directors of the Federal Deposit Insurance Corporation ("FDIC") announced separate meetings that will be held on September 3, 2014 to consider proposed regulations. Specifically, both agencies will meet to discuss their proposed regulations on margin and capital requirements for non-cleared swaps, which were first issued in proposed form in September 2012, as well as the adoption of regulations implementing the Liquidity Coverage Ratio, which was issued in proposed form in October 2013. The FDIC will also consider the

The House Financial Services Committee held a meeting to consider the markups of bills relating to Regulation D under the banking law, the Bank Holding Company Act, and the Federal Reserve Accountability and Transparency Act. The Regulation D Study Act (H.R. 3240), which would instruct the Comptroller General of the United States to study the impact of Regulation D on depository institutions, consumers and monetary policy, including the requirement that depository institutions maintain reserves in accordance with the Federal Reserve Act and Regulation D, was agreed to by a voice vote. A voice

The Senate Homeland Security and Government Affairs Permanent Subcommittee on Investigations announced a hearing titled "Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits." The hearing will examine a set of transactions that utilize financial engineering and structured financial products to effect attempts to avoid paying U.S. taxes on short-term capital gains. Witnesses will include representatives of major financial institutions, as well as from a nonprofit institution and the U.S. Government Accountability Office. A witness list will be

The Senate Finance Committee announced it will hold a hearing on July 22, 2014 to discuss corporate inversions as well as other international tax issues. According to a letter written by Secretary of the Treasury Jacob Lew to the the House Committee on Ways and Means, there have been recent reports of a number of corporate inversion transactions "designed to change the tax domicile of a U.S.-based multinational firm" involving the purchase of a foreign corporation, the transfer of tax domicile to the foreign firm's country of incorporation, and the shifting of tax liability for the combined

The House Financial Services Subcommittee on Oversight and Investigations held a hearing in which panelists discussed "Operation Choke Point," a 2013 initiative by the Department of Justice to discourage banks and payment processors from providing financial services to merchants suspected of consumer fraud. The hearing addressed the concern that Operation Choke Point has led to banks terminating their relationships with legitimate businesses. Witnesses at the hearing included: Stuart F. Delery, Assistant Attorney General, DOJ; Scott G. Alvarez, General Counsel, Board of Governors of the