Events listed in United States
Federal Reserve Board provides additional details on how its pilot climate scenario ...
ID 21492
Following the announcement of an upcoming „pilot climate scenario analysis exercise“ for six of the largest banks in the U.S. including the Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Wells Fargo, on September 29, 2022, the Board of Governors of the Federal Reserve System (FED) has now published further information on the issue. To recall, the FED plans to conduct ...
Civil Money Penalties: Notice Adjusting Maximum Civil Money Penalties for 2023
ID 21486
On January 17, 2023, the Office of the Comptroller of the Currency (OCC) announced the annual inflation adjustment to the civil money penalty amounts for conduct violations of all types of supervised banking institutions, including branches of foreign national banks, and federal saving associations. The amount is determined by the number of violations and the type of violation. The detailed table outlining the monetary ...
Issuance of Venezuela-related General License and Amended Venezuela-related ...
ID 21485
The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has issued General License 5J (superseding General License 5I) in connection with Venezuela-related sanctions. Specifically, the license authorizes financial transactions related to the Petroleos de Venezuela, S.A. 2020 8.5% Bond on or after April 20, 2023. OFAC also updated a corresponding frequently asked question (FAQ) 595 which reads as follows – as quoted: ...
Regulation D: Reserve Requirements of Depository Institutions
ID 21456
The Board of Governors of the Federal Reserve System (FED) published in the Federal Register modifications to Regulation D – Reserve Requirements of Depository Institutions – with immediate effect to adjust the rate of interest on reserve balances (IROB) to 4.40 percent. The new rate represents a 0.50 percentage point increase from the prior level and is applicable to both required and excess balances ...
Regulation A: Extensions of Credit by Federal Reserve Banks
ID 21455
The Board of Governors of the Federal Reserve System (FED) has made a publication in the Federal Register to announce the adoption of final amendments to its Regulation A to increase the rate for primary credit (overnight credit) at each Federal Reserve Bank. The secondary credit rate for those institutions not qualifying for the primary rate is thereby increased implicitly as well by a ...
Federal Reserve Board releases results of survey of senior financial officers at ...
ID 21452
Following a survey among senior financial officers at banks about their strategies and practices for managing reserve balances between November 4, 2022 and November 18, 2022, the Board of Governors of the Federal Reserve System (FED) has now published the results. The survey helps the regulator to gain an understanding of „deposit pricing and behavior, bank liability management, the provision of financial services, and ...
Issuance of Counter Terrorism General License and Amended Frequently Asked Question
ID 21434
The Office of Foreign Assets Control (OFAC) has published a press release informing about new sanction measures. Specifically, in a first step, the Office has issued a new General License (GL 21B) to permit (financial) transactions that are necessary to provide „Limited Safety“ in connection with specified sanctioned vessels (e.g. emergency repairs, actions necessary to provide the safety of crew members, etc.) that would ...
Implementation of the Federal Civil Penalties Inflation Adjustment Act
ID 21432
The Office of Foreign Assets Control (OFAC) has published a final rule on its website regarding penalties for violations of OFAC sanction regulations. The rule has meanwhile been published in the Federal Register as well. Specifically, the Office is making inflation adjustments to the civil monetary penalties outlined in numerous instruments – in each case in § 701 – for violations of any terms ...
Fair Lending: Revised Comptroller’s Handbook Booklet and Rescissions
ID 21430
The Office of the Comptroller of the Currency (OCC) has published a revised version of its „Fair Lending“ booklet. This booklet focuses on the factors that shall be considered and incorporated in the supervisory practices of supervising staff members when monitoring or examining the lending practices of OCC supervised institutions. It thereby specifies the supervisory process and methods themselves, outlines requirements pertaining to the ...
Annual Adjustment of Civil Monetary Penalties To Reflect Inflation-2023
ID 21428
The U.S. Commodity Futures Trading Commission (CFTC) has published in the Federal Register the annual inflation adjustment to the civil money penalty amounts for conduct violations of all types under the Commodity Exchange Act of 1936 and / or subsequent orders and regulations. The inflation adjustment is based on the change in the Consumer Price Index for all Urban Consumers (CPI-U) measured as of ...