Search Results for agency_names:"Federal Reserve System"

The Board of Governors of the Federal Reserve System has proposed a rule to change how Suspicious Activity Reports (SARs) are filed by certain financial institutions, like state member banks and bank holding companies. The rule aims to allow for exemptions from these requirements to help banks more effectively meet Bank Secrecy Act requirements, potentially leading to innovative ways to tackle financial crime. The Board will coordinate with FinCEN on exemption requests and is seeking public comments on the proposal until February 22, 2021. The proposal emphasizes that these exemptions won't relieve institutions from complying with FinCEN’s SAR regulations.

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 Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively known as "the agencies") are reviewing regulations affecting insured depository institutions. This review, under the Economic Growth and Regulatory Paperwork Reduction Act of 1996, aims to identify rules that are outdated, unnecessary, or too burdensome. The agencies are seeking public comments on specific categories of regulations, including Rules of Procedure, Safety and Soundness, and Securities, in hopes of reducing the regulatory impact, especially on community banks. Public comments are invited until March 11, 2025, and the agencies will use these to help decide if any regulations should be adjusted or removed.

The Federal Reserve System announced a notice regarding applications for approval to form or acquire bank holding companies. The applications are in accordance with the Bank Holding Company Act of 1956 and related regulations. This notice lists UIR Acceptance Corporation, based in Lemont, Illinois, applying to become a bank holding company by acquiring Easton Bancshares, Inc., and Community Bank of Easton, both located in Easton, Illinois. The public can view these applications and submit comments to the responsible Federal Reserve Bank or the Board of Governors.

The Federal Reserve Board is updating its rules to adjust the fines known as civil money penalties for inflation, as required by the Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015. This adjustment ensures that penalties retain their deterrent effect by accounting for changes in the economy. The new penalty amounts will apply starting January 13, 2025, for violations occurring after November 2, 2015. The rule is implemented without the usual notice and comment process because of specific provisions in the law.

The Board of Governors of the Federal Reserve System has proposed to extend the Reporting Requirements for Regulation TT for another three years without any changes. They are seeking public comments on this proposal, particularly on whether the information is necessary, the accuracy of burden estimates, and ways to improve the information collection process. The regulation involves collecting fees from certain large financial institutions to cover the Board's supervisory and regulatory responsibilities. The Federal Reserve is accepting comments until April 7, 2025, and these comments will help determine if any modifications to the proposal are needed.

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 Federal Reserve Board has finalized a rule that expands the definition of "financial institution" in Regulation EE, which is part of the Federal Deposit Insurance Corporation Improvement Act of 1991. This change is meant to enhance the netting protections under FDICIA, reduce systemic risk, and increase market efficiency. The new rule adds a variety of entities to the definition, including swap dealers, security-based swap dealers, and foreign central banks, among others. It also clarifies the activities-based test used to determine if an entity qualifies as a financial institution.

The Board of Governors of the Federal Reserve System has proposed changes to Regulation D, which affects how banks manage reserve balances. They aim to simplify the process by removing separate rates for required and excess reserves and introducing a single rate called "interest on reserve balances." The proposed changes also include revising how interest is calculated on reserves and excess balance accounts. The Board is seeking public comments on these proposed amendments until March 9, 2021.

The Board of Governors of the Federal Reserve System has decided to extend the Report of Selected Money Market Rates (FR 2420) for another three years with some changes. This report collects daily transaction data from various financial institutions like banks and savings associations to study money market activities. They plan to add new data items about short-term bank funding and brokered transactions while removing references to LIBOR due to its discontinuation. The changes will take effect from February 9, 2026, and there were no public comments during the review period.