Search Results for keywords:"Commercial Bank

The Securities and Exchange Commission (SEC) approved changes proposed by ICE Clear Credit LLC (ICC) to its Treasury Operations Policies and Procedures. These changes aim to improve the clarity and accuracy of the Treasury Policy by adding details, correcting errors, and aligning it with current practices. Key revisions include new criteria for settlement banks to provide liquidity information and updates to investment guidelines for better flexibility and security. These amendments are designed to enhance the efficiency and safeguarding of financial transactions handled by ICC.

The Department of Labor (DOL) is asking for public comments on a request to collect information related to Bank Collective Investment Funds under the Prohibited Transaction Class Exemption 1991-38. This information gathering is required to ensure that certain financial transactions involving employee benefit plans comply with the rules and are fair and transparent. The document highlights the importance of the collection, potential burden and cost, and welcomes suggestions for improvement. Comments can be submitted by April 28, 2025, and details on how to submit them are provided in the notice.

The Securities and Exchange Commission (SEC) has implemented new rules for certain broker-dealers to enhance customer protection. These amendments mandate that broker-dealers with more than $500 million in average total credits must compute and deposit reserve requirements daily, rather than weekly, for funds that belong to customers and other broker-dealers. This change aims to better safeguard customer funds and reduce the risk of financial shortfalls if a broker-dealer were to fail. Additionally, broker-dealers performing daily computations are allowed to reduce their aggregate debit items by 2%, instead of the previous 3%, in their reserve calculations.

The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), and Federal Deposit Insurance Corporation (FDIC) have finalized a rule concerning the treatment of certain debt investments by advanced banking organizations. The rule requires these organizations to deduct from their regulatory capital any investments in unsecured debt instruments issued by systemically important banks, known as GSIBs, to meet specific capacity requirements. This rule aims to reduce interconnectedness and systemic risks within the financial system and includes adjustments following public comments on the proposal. Additionally, the rule incorporates several technical amendments and new definitions to its regulatory framework.

The Department of Labor is considering a proposed exemption that would allow certain asset management affiliates of Deutsche Bank to not be barred from relying on a specific existing exemption, despite a past criminal conviction of a Deutsche Bank subsidiary. This exemption will only apply if the companies meet several conditions, such as not employing any individuals involved in the criminal conduct and maintaining strict compliance policies. This exemption aims to prevent disruptions for retirement and investment plans that use these affiliates, as losing the ability to use the exemption could lead to significant costs and disruptions for these plans. Public comments are being solicited to assess the potential benefits and costs of granting this exemption.

The Export-Import Bank of the United States (EXIM) has received an application for a long-term loan or financial guarantee exceeding $100 million to support the export of U.S.-manufactured Boeing commercial aircraft to Azerbaijan. The intended use of these aircraft is to provide air cargo transport services. The principal supplier is The Boeing Company, and the obligor is Silk Way West Airlines LLC, with guarantors being Silk Way Development LLC, Silk Way Holding LLC, and Silk Way Airlines LLC. Public comments on this transaction are open until February 7, 2025, and the outcome will be shared on EXIM's website.

The Board of Governors of the Federal Reserve System is asking for public comments on a proposal to continue collecting data for the Quarterly Report of Assets and Liabilities of Large Foreign Offices of U.S. Banks (form number FR 2502q) for three more years. This report, submitted quarterly by certain U.S. banks and financial companies with significant foreign branches, helps monitor these institutions' claims and liabilities overseas. The Board is particularly interested in comments about the necessity and usefulness of the information collected, the time it takes to do so, and the estimated costs involved. Comments must be submitted by April 5, 2021.

The Board of Governors of the Federal Reserve System has decided to extend, with some revisions, a key report, known as FR 2644, for another three years. This report collects data on the assets and liabilities of both U.S. commercial banks and foreign banks operating in the U.S. It helps analyze banking trends by gathering weekly data from a sample of 850 banks. The Board will allow smaller banks under $5 billion in assets to report once a month instead of weekly. These changes begin on April 2, 2025, and the Board received no public comments during the proposal's review period.

The FDIC has issued a final rule to simplify its regulations by rescinding outdated and redundant policies regarding nondiscrimination. It is removing a regulation known as "Nondiscrimination Requirements" and updating the "Fair Housing" regulation to also cover State savings associations. This change ensures all FDIC-supervised banks follow the same nondiscrimination rules, aligning with federal laws like the Equal Credit Opportunity Act and Fair Housing Act. The rule will take effect on March 5, 2021, with additional compliance deadlines set for February 3, 2022.

The Federal Deposit Insurance Corporation (FDIC) has finalized a rule to remove certain regulations that were transferred from the Office of Thrift Supervision (OTS) to the FDIC in 2011 under the Dodd-Frank Act. These regulations mainly dealt with the supervision of State savings associations. The final rule, effective March 5, 2021, aims to simplify regulations by rescinding unnecessary ones and making technical changes so that State savings associations follow similar filing requirements as other FDIC-supervised institutions. The FDIC expects these changes to have minimal impact on the affected institutions.