On Aug. 20, 2019, the Federal Deposit Insurance Corporation (“FDIC”) and the Office of the Comptroller of the Currency (“OCC”) approved a final rule to amend the regulations adopted in 2013 implementing Section 13 of the Bank Holding Company Act, commonly referred to as the “Volcker Rule.” While the Final Rule is largely similar to
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FinCEN and Federal Banking Agencies Issue Statement on Pooling Resources for BSA Compliance
Posted in Bank Regulatory
On Oct. 3, 2018, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency and the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (collectively, the “Agencies”) issued an interagency statement regarding the sharing of Bank Secrecy…
OCC Begins Accepting Fintech Charter Applications
Posted in Bank Regulatory, OCC
On July 31, 2018, the Office of the Comptroller of the Currency (“OCC”) issued a news release announcing that it will begin accepting special purpose national bank (“SPNB”) charter applications from fintech companies that do not take deposits but are engaged in the business of lending money or paying checks (including the modern equivalent thereof,…
Volcker Rule Update: Agencies Clarify Ability of Non-U.S. Banks to Invest in Third-Party Funds
By Joseph P. Vitale on
Posted in CFTC, SEC Regulation
On Feb. 27, 2015, the Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Board of Governors of the Federal Reserve System, Office of the Comptroller of the Currency, and Securities and Exchange Commission (collectively, the “Agencies”) published a new FAQ on the Agencies’ rule promulgated under Section 619 of the Dodd-Frank Wall Street Reform and…
Volcker Rule Deadline Extended to July 21, 2017 for Pre-2014 Fund Activity
By Joseph P. Vitale on
Posted in Dodd-Frank
Yesterday, the Federal Reserve Board announced that it was granting a partial one-year extension of the Volcker Rule’s pending July 21, 2015 compliance deadline and said that it would grant an identical extension again next year. The extensions apply to the “covered funds” side of the Volcker Rule and give all banking entities until July…
Summary of Final Volcker Rule Regulation — Compliance Programs
By Joseph P. Vitale on
Posted in Dodd-Frank
On Dec. 10, 2013, the Commodity Futures Trading Commission (“CFTC”), Federal Deposit Insurance Corporation (“FDIC”), Federal Reserve Board (the “Board”), Office of the Comptroller of the Currency and Securities and Exchange Commission (“SEC”) (collectively, the “Agencies”) issued a final rule (the “Final Rule”) implementing Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection…
Summary of Final Volcker Rule Regulation — Proprietary Trading
By Joseph P. Vitale on
Posted in Dodd-Frank
On Dec. 10, 2013, the CFTC, FDIC, Federal Reserve Board, OCC and SEC issued a final rule (the “Final Rule”) implementing Section 619 of the Dodd-Frank Act, which is commonly referred to as the “Volcker Rule.” The Volcker Rule restricts the proprietary trading and private investment fund activities of U.S. banks and their affiliates, as…
Summary of Final Volcker Rule Regulation — Fund Activities
By Joseph P. Vitale & Jacob Preiserowicz on
Posted in Dodd-Frank
On Dec. 10, 2013, the CFTC, FDIC, Federal Reserve Board, OCC and SEC issued a final rule (the “Final Rule”) implementing Section 619 of the Dodd-Frank Act, which is commonly referred to as the “Volcker Rule.” The Volcker Rule restricts the proprietary trading and private investment fund activities of U.S. banks and their affiliates, as…
Volcker Rule May Be Finalized Next Week
By Joseph P. Vitale on
Posted in Dodd-Frank
The Commodity Futures Trading Commission (“CFTC”), the Federal Deposit Insurance Corporation (“FDIC”) and the Federal Reserve Board (“Fed”) each announced today that they will discuss, and potentially approve, a final draft of the Volcker Rule at their respective meetings on Tuesday, Dec. 10, 2013. The CFTC meeting will commence at 9:30 a.m. and the others…