Announcement

Collapse
No announcement yet.

Search Result

Collapse
7 results in 0.0086 seconds.
Keywords
Members
Tags
  • You can also choose from the popular tags.

regulatory x

  • Agencies Propose Rule to Update Calculation of Derivative Contract Exposure Amounts under Regulatory Capital Rules

    Agencies Propose Rule to Update Calculation of Derivative Contract Exposure Amounts under Regulatory Capital Rules




    (October 30, 2018) - - Three federal banking agencies on Tuesday invited public comment on a proposal to update their standards for how firms measure counterparty credit risk posed by derivative contracts under the agencies' regulatory capital rules. The proposed changes are designed to better reflect the current derivatives market and incorporate risks observed during the 2007-2008 financial crisis.

    The proposal, jointly issued by the Federal Reserve Board, Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency, would provide the "standardized approach for measuring counterparty credit risk," also known as "SA-CCR" as an alternative approach to the agencies' current exposure methodology, or CEM, for calculating derivative exposure under the agencies' regulatory capital rules. SA-CCR better reflects the current derivatives market and would provide important improvements to risk sensitivity, resulting in more appropriate capital requirements for derivative contracts exposure.

    The "advanced approaches" banking organizations--firms that have $250 billion or more in total consolidated assets or $10 billion or more in on-balance sheet foreign exposure--would be required to use SA-CCR for purposes of calculating both standardized total risk-weighted assets and the supplementary leverage ratio. Non-advanced approaches banking organizations would be allowed to use either CEM or SA-CCR to determine the exposure amount for derivative contracts. Comments will be accepted for 60 days after publication in the Federal Register.

    Standardized Approach for Calculating the Exposure Amount of Derivative Contracts




    Credit: Federal Deposit Insurance Corporation
    See more | Go to post

  • U.S. Department of the Interior Announces Multi-Billion Dollar Regulatory Relief in FY 2018

    U.S. Department of the Interior Announces Multi-Billion Dollar Regulatory Relief in FY 2018



    (October 17, 2018) - - On this date the U.S. Department of the Interior published the following information:


    Washington, DC - - Today, the U.S. Department of the Interior announced its success in reducing the Department's regulatory burden in support of and compliance with President Donald Trump's Executive Order 13771 on Reducing Regulation and Controlling Regulatory Costs. Interior has been a leader in the Trump Administration at cutting bureaucratic red tape. Fiscal Year 2018 regulatory reform actions have resulted in a savings of roughly $2.5 billion in net present value. Since January 2017, Interior has withdrawn more than 150 proposed rulemakings from the regulatory agenda and finalized no less than 19 deregulatory actions in FY2018. These regulatory reforms coupled with historic tax cuts and other factors have grown the economy and helped United States energy production hit historic highs. The Department recently held a record-shattering lease sale on federal lands in New Mexico which generated close to $1 billion- nearly half of which will go directly to the State of New Mexico.

    “The Trump Administration is doing exactly what was promised and making smart decisions to reform and reduce the regulatory burden on the American people and economy, and it's producing big results,” said U.S. Secretary of the Interior Ryan Zinke. “On President Trump’s first day in office, the total United States oil production was 8.8 million barrels of oil per day. Today, we’re the largest oil and gas producer on the face of the planet, producing 11.2 million barrels a day, and we’re on our way to 14 million barrels a day. We're also expediting the permitting process for wind, solar, and hydropower projects and rebuilding aging infrastructure. These results would not be possible under the outdated and expensive regulatory scheme of the past.”

    Cost saving deregulatory actions include changes to the Venting and Flaring Rule and the Well Control and Production Safety Systems Rules (PSSR). The Bureau of Land Management rolled back the Obama era Venting and Flaring rule, a change that is estimated to save American taxpayers between $1.4 to $1.6 billion. Critics claim these regulations reduce safety standards, however that is not supported by evidence, as 2018 was the safest year on record for offshore oil and gas. The Department is in the process of finalizing a number of regulatory actions that includes modernizing the Endangered Species Act's use of "critical habitat" designations and strengthening the economic and scientific standards used to list and de-list species, as well as the Bureau of Safety and Environmental Enforcement revising the Well Control and Production Safety Systems Rules.




    Credit: U.S. Department of the Interior
    See more | Go to post

  • U.S. Securities and Exchange Commission Provides Regulatory Relief and Assistance for Hurricane Victims

    U.S. Securities and Exchange Commission Provides Regulatory Relief and Assistance for Hurricane Victims





    Washington, DC - - (September 19, 2018) - - The Securities and Exchange Commission today announced that it is providing regulatory relief to publicly traded companies, investment companies, accountants, transfer agents, municipal advisors and others affected by Hurricane Florence. The loss of property, power, transportation, and mail delivery due to the hurricane poses challenges for some individuals and entities that are required to provide information to the SEC and shareholders.

    To address compliance issues caused by Hurricane Florence, the Commission issued an order that conditionally exempts affected persons from certain requirements of the federal securities laws for periods following the weather event.

    The Commission also adopted interim final temporary rules that extend the filing deadlines for specified reports and forms that companies must file pursuant to Regulation Crowdfunding and Regulation A.



    ADDITIONAL INFORMATION


    In connection with the Commission relief, issued in the order and interim final temporary rules, the Commission staff will take the following no-action positions with respect to affected parties’ obligations under the Exchange Act, the Securities Act, and the Investment Advisers Act:
    • For purposes of eligibility to use Form S-3 (and for well-known seasoned issuer status, which is based in part on Form S-3 eligibility), a company relying on the exemptive order will be considered current and timely in its Exchange Act filing requirements during the relief period if it was current and timely as of the first day of the relief period. After the relief period, a company will continue to be considered current and timely if it files any required report on or before Oct. 29, 2018.
    • For purposes of the Form S-8 eligibility requirements and the current public information eligibility requirements of Rule 144(c), a company relying on the exemptive order will be considered current in its Exchange Act filing requirements during the relief period if it was current as of the first day of the relief period. After the relief period, a company will continue to be considered current if it files any required report on or before Oct. 29, 2018.
    • Companies that receive an extension on filing Exchange Act annual reports or quarterly reports pursuant to the order will be considered to have a due date of Oct. 29, 2018. As such, those companies will be permitted to rely on Rule 12b-25 if they are unable to file the required reports on or before the due date.
    • During the period from Sept. 14, 2018 to Oct. 26, 2018, a registered open-end investment company and a registered unit investment trust will be considered to have satisfied the requirements of Section 5(b)(2) of the Securities Act to deliver a summary or a statutory prospectus, as applicable, to an investor, provided that: (1) the sale of shares to the investor was not an initial purchase by the investor of shares of the company or unit investment trust; (2) the investor’s mailing address for delivery, as listed in the records of the company or unit investment trust, has a ZIP code for which the common carrier has suspended mail service, as a result of Hurricane Florence, of the type or class customarily used by the company or unit investment trust, to deliver summary or statutory prospectuses; and (3) the company, or unit investment trust, or other person promptly delivers the summary or statutory prospectus, as applicable either (a) if requested by the investor, or (b) by the earlier (i) of Oct. 29, 2018 or (ii) the resumption of the applicable mail service.
    • A registered investment adviser will be considered to have satisfied Form ADV filing requirements under Section 204(a) of the Advisers Act and Rule 204-1 thereunder, if: (1) the registrant’s Form ADV filing deadline falls within the period from Sept. 14, 2018 to Oct. 26, 2018; (2) the registrant was or is not able to meet its filing deadline due to Hurricane Florence; and (3) the registrant makes the required Form ADV filing by Oct. 29, 2018.
    • During the period from Sept. 14, 2018 to Oct. 26, 2018, a registered investment adviser will be considered to have satisfied the requirements of Section 204 of the Advisers Act and Rule 204-3(b) thereunder to deliver the written disclosure statements required thereunder to its advisory client, provided that: (1) the client’s mailing address for delivery, as listed in the records of the investment adviser, has a ZIP code for which the common carrier has suspended mail service, as a result of Hurricane Florence, of the type or class customarily used by the adviser to deliver written disclosure statements; and (2) the investment adviser or other person promptly delivers the written disclosure statement either (a) if requested by the client, or (b) at the earlier of (i) Oct. 29, 2018 or (ii) the resumption of the applicable mail service.
    Some companies and other affected persons may require additional or different assistance in their efforts to comply with the requirements of the federal securities laws and therefore are encouraged to contact Commission staff. The Commission staff will address these and any disclosure-related issues on a case-by-case basis in light of their fact-specific nature.


    Courtesy: U.S. Securities and Exchange Commission
    See more | Go to post

  • Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Florence

    Federal and State Financial Regulatory Agencies Issue Interagency Statement on Supervisory Practices Regarding Financial Institutions Affected by Hurricane Florence



    Joint Release by:

    Board of Governors of the Federal Reserve System
    Conference of State Bank Supervisors
    Federal Deposit Insurance Corporation
    National Credit Union Administration
    Office of the Comptroller of the Currency



    September 14, 2018


    The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the state regulators recognize the serious impact of Hurricane Florence on the customers, members, and operations of many financial institutions and will provide appropriate regulatory assistance to affected institutions subject to their supervision. The agencies encourage institutions operating in the affected areas to meet the financial services needs of their communities.

    A complete list of the affected disaster areas can be found at www.fema.gov.

    Lending: Financial institutions should work constructively with borrowers in communities affected by Hurricane Florence. Prudent efforts to adjust or alter terms on existing loans in affected areas should not be subject to examiner criticism. Modifications of existing loans should be evaluated individually to determine whether they represent troubled debt restructurings. This evaluation should be based on the facts and circumstances of each borrower and loan, which requires judgment, as not all modifications will result in a troubled debt restructuring. In supervising institutions affected by Hurricane Florence, the agencies will consider the unusual circumstances these institutions face. The agencies recognize that efforts to work with borrowers in communities under stress can be consistent with safe-and-sound practices as well as in the public interest.

    Temporary Facilities: The agencies understand that many financial institutions may face staffing, power, telecommunications, and other challenges in re-opening facilities after Hurricane Florence. In cases in which operational challenges persist, the primary federal and/or state regulator will expedite, as appropriate, any request to operate temporary facilities to provide more convenient availability of services to those affected by Hurricane Florence. In most cases, a telephone notice to the primary federal and/or state regulator will suffice initially to start the approval process, with necessary written notification being submitted shortly thereafter.

    Publishing Requirements: The agencies understand that the damage caused by Hurricane Florence may affect compliance with publishing and other requirements for branch closings, relocations, and temporary facilities under various laws and regulations, as applicable. Institutions experiencing disaster-related difficulties in complying with any publishing or other requirements should contact their primary federal and/or state regulator.

    Regulatory Reporting Requirements: Institutions affected by Hurricane Florence that expect to encounter difficulty meeting the agencies' reporting requirements should contact their primary federal and/or state regulator to discuss their situation. The agencies do not expect to assess penalties or take other supervisory action against institutions that take reasonable and prudent steps to comply with the agencies' regulatory reporting requirements if those institutions are unable to fully satisfy those requirements because of the effects of Hurricane Florence. The agencies' staffs stand ready to work with affected institutions that may be experiencing problems fulfilling their reporting responsibilities, taking into account each institution's particular circumstances, including the status of its reporting and recordkeeping systems and the condition of its underlying financial records.

    Community Reinvestment Act (CRA): Financial institutions, as applicable, may receive CRA consideration for community development loans, investments, or services that revitalize or stabilize federally designated disaster areas in their assessment areas or in the states or regions that include their assessment areas. For additional information, institutions should review the Interagency Questions and Answers Regarding Community Reinvestment at https://www.ffiec.gov/cra/qnadoc.htm.

    Investments: The agencies realize local government projects may be negatively affected by Hurricane Florence. Institutions should monitor municipal securities and loans affected by Hurricane Florence. Appropriate monitoring and prudent efforts to stabilize such investments are encouraged.

    For more information, refer to the Interagency Supervisory Examiner Guidance for Institutions Affected by a Major Disaster, which is available as follows:

    CSBS: https://www.csbs.org/interagency-sup...major-disaster
    FDIC: https://www.fdic.gov/news/news/finan.../fil17062.html
    FRB: https://www.federalreserve.gov/super...s/sr1714a1.pdf
    OCC: https://www.occ.gov/news-issuances/b...n-2017-61.html
    NCUA: https://www.ncua.gov/Resources/Docum...-enclosure.pdf





    Courtesy: Federal Deposit Insurance Corporation...
    See more | Go to post

  • U.S. Small Business Administration Hails Signing of the Economic Growth - - Regulatory Relief - - and Consumer Protection Act as a Major Boost for Small Businesses and Job Creation

    U.S. Small Business Administration Hails Signing of the Economic Growth, Regulatory Relief, and Consumer Protection Act as a Major Boost for Small Businesses and Job Creation



    U.S. Small Business Administration (SBA) leader joins President at White House signing ceremony



    Washington, DC - - (May 24, 2018) - - Linda McMahon, head of the U.S. Small Business Administration, voiced enthusiastic support for the Economic Growth, Regulatory Relief, and Consumer Protection Act signed into law by President Trump Thursday morning.

    McMahon attended the bill signing at the White House, surrounded by fellow Cabinet members and a bipartisan group of lawmakers who supported the legislation.

    “I applaud President Trump for delivering on his promises to make regulatory reform and tax cuts key pillars of his pro-growth agenda,” McMahon said. “As I meet with small business owners and community lenders all over the country, I constantly hear concerns that overly burdensome regulations like Dodd-Frank hinder their growth and stop them from creating jobs. This legislation removes a stranglehold from smaller community banks and credit unions that have been limited in their ability to provide funding to individual and small business borrowers. This is a major step forward that will better enable small businesses to start and expand.”

    This legislation is the first major change to the Dodd-Frank Act since its passage in 2010. The bill had bipartisan support in the Senate and House.

    “Access to capital is a critical factor in whether small businesses succeed or fail,” McMahon said. “Relieving lenders of some of these regulatory restrictions will give them more freedom to work with borrowers and get funding into the hands of those who need it.”

    The Economic Growth, Regulatory Relief, and Consumer Protection Act provides regulatory relief for banking institutions by raising the threshold at which annual risk oversight measures such as stress tests and regulatory compliance measures apply, increasing it to $250 billion from the current $50 billion. For those institutions with total assets between $50 billion and $100 billion, the regulatory relief is immediate. For those with total assets between $100 billion and $250 billion, the relief is phased in over 18 months. The legislation also provides relief from the Volcker Rule, which banned proprietary trading by commercial banks, for banking institutions with assets under $10 billion.

    The legislation also waives some Consumer Finance Protection Bureau mortgage reporting requirements for banks with assets under a certain threshold. Consumers will be allowed to freeze credit files with credit reporting companies, protecting their data. Active members of the military will get free credit monitoring.







    Courtesy: U.S. Small Business Administration
    ...
    See more | Go to post

  • Statement by U.S. Treasury Secretary Mnuchin on Passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act

    Statement by U.S. Treasury Secretary Mnuchin on Passage of the Economic Growth, Regulatory Relief, and Consumer Protection Act


    Sec'y Mnuchin



    Washington, DC - - (May 22, 2018) - - Today, after the U.S. House of Representatives passed S.2155, U.S. Treasury Secretary Steven T. Mnuchin issued the following statement:


    "The House of Representatives acted on a bipartisan basis today to provide relief for America’s small, midsize, community, and regional banks, while maintaining important protections for consumers and taxpayers. I would like to thank Chairmen Crapo and Hensarling for leading this legislative effort to pass critical regulatory reform for the financial sector. This legislation will lead to increased investment in communities across the United States and foster greater economic growth for our country. The reforms in this bill align with key recommendations from Treasury’s Core Principles Reports on financial regulation and will more appropriately tailor our system of financial regulation to ensure that small businesses and consumers have access to credit."





    Courtesy: U.S. Department of the Treasury
    ...
    See more | Go to post

  • U.S. Department of the Treasury and The Office of Management and Budget Update Tax Regulatory Review Process

    U.S. Department of the Treasury and The Office of Management and Budget Update Tax Regulatory Review Process




    Washington, DC - - (April 12, 2018) - - The U.S. Department of the Treasury and the Office of Management of Budget (OMB) today released a Memorandum of Agreement (MOA) creating a new framework for the review of tax regulations. The modernized framework meets the twin objectives of increasing the economic analysis and review of tax rules while preserving timely tax guidance for taxpayers.

    “We are very pleased with the agreement announced today, which is an important step in advancing President Trump’s tax and regulatory reform agenda,” said Treasury Secretary Steven T. Mnuchin. “This updated review framework will increase scrutiny of regulations most likely to impose new costs, while preserving Treasury’s ability to ensure taxpayers receive timely, clear rules and guidance on how to comply with our tax code. Under today’s agreement, Treasury will continue to swiftly and successfully implement historic tax reform while still avoiding needless regulatory costs and delays.”

    “A reflection of tremendous coordination between Treasury and OMB, today’s agreement ensures increased accountability and transparency for the American people as we continue to implement tax cuts across the country,” said Office of Management and Budget Director Mick Mulvaney. “It is critical that we complete an efficient yet proper cost-benefit analysis of tax regulations while coordinating across the Executive Branch. President Trump and his Administration have worked tirelessly to remove unnecessary bureaucratic red tape for American families and businesses, and we are pleased that today’s agreement will promote economic growth and prosperity.”

    In April 2017, President Trump directed Treasury and OMB to “review and, if appropriate, reconsider the scope and implementation of the existing exemption for certain tax regulations from the review process set forth in Executive Order 12866.” Under an agreement adopted in 1983 and reaffirmed in 1993, some Treasury regulations were subject to a review process different from other regulations issued by most executive agencies. Over the decades the agreements had been interpreted to exempt essentially all tax regulations.

    The MOA announced today replaces the 1983 agreement with a new review process tailored to tax regulations—it focuses on reducing regulatory burdens while providing timely guidance to taxpayers. Under the MOA, OIRA will review a subset of tax regulatory actions and provide expedited review for these actions.

    A copy of the MOA
    ...
    See more | Go to post
Working...
X