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FinCEN proposes amendments to definition of “money services businesses”

Katten Muchin Rosenman LLP
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USA
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May 15 2009

On May 12, the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, released a proposed regulation revising a portion of the Bank Secrecy Act (BSA) with respect to which entities are money services businesses (MSBs) for purposes of the BSA’s definitions

Geithner signals reopening of CPP TARP application process

Katten Muchin Rosenman LLP
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USA
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May 15 2009

Treasury Secretary Timothy Geithner announced that he is planning to reopen the Capital Purchase Plan (CPP) application process now that major repayments are expected from some of the larger U.S. banks

OTS issues CEO Bulletin for other-than-temporary impairment for debt securities

Katten Muchin Rosenman LLP
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USA
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May 22 2009

On May 14, the Office of Thrift Supervision, which regulates savings banks and their holding companies, issued a CEO Bulletin (Bulletin) that alerts institutions to the recent change to generally accepted accounting principles (GAAP) with respect to available-for-sale and held-to-maturity debt securities

Federal Reserve announces amendments to reserve requirements

Katten Muchin Rosenman LLP
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USA
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May 22 2009

On May 20, the Board of Governors of the Federal Reserve System (Federal Reserve) announced the approval of final amendments to Regulation D, Reserve Requirements of Depository Institutions

OTS releases letter regarding allowance for loan and lease losses

Katten Muchin Rosenman LLP
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USA
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May 29 2009

On May 22, the Office of Thrift Supervision (OTS) released a letter to the chief executive officers of OTS-regulated institutions related to the agency’s findings after a "horizontal review" it performed with respect to allowance for loan and lease losses (ALLL) at some of the larger thrift institutions (savings banks and savings and loan associations) regulated by the OTS

Federal Reserve outlines TARP repayment criteria

Katten Muchin Rosenman LLP
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USA
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June 5 2009

The Federal Reserve Board on June 1 outlined the criteria it will use to evaluate applications to redeem U.S. Treasury capital from the 19 bank holding companies (BHC) that participated in the Supervisory Capital Assessment Program

FDIC statement on status of Legacy Loans Program

Katten Muchin Rosenman LLP
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USA
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June 5 2009

The Federal Deposit Insurance Corporation (FDIC) on June 3 "formally" announced that development of the Legacy Loans Program (LLP) will continue, but that a previously planned pilot sale of assets by open banks will be postponed

FDIC tightens and clarifies interest rate restrictions on institutions that are less than well capitalized

Katten Muchin Rosenman LLP
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USA
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June 5 2009

The Board of Directors of the Federal Deposit Insurance Corporation (FDIC) on May 29 issued a final rule changing the way the FDIC administers its statutory restrictions on the deposit interest rates paid by banks that are less than well capitalized

Federal agencies release FAQs on Identity Theft Red Flags and address discrepancies

Katten Muchin Rosenman LLP
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USA
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June 12 2009

On June 11, the staff of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, Office of the Comptroller of the Currency, Office of Thrift Supervision and the Federal Trade Commission (FTC) (collectively, the Agencies) released frequently asked questions (FAQs) to assist financial institutions, creditors, users of consumer reports, and card issuers in complying with the final rulemaking on Identity Theft Red Flags and Address Discrepancies implementing Section 114 of the Fair and Accurate Credit Transactions Act of 2003 (FACT Act) and Section 315 of the FACT Act that amended the Fair Credit Reporting Act

Reimbursement for providing financial records; recordkeeping requirements for certain financial records

Katten Muchin Rosenman LLP
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USA
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September 25 2009

The Federal Reserve Board on September 24 issued a revision to Regulation S, which sets the rates and conditions under which a government agency must reimburse a financial institution for costs incurred in producing customer financial records under the Right to Financial Privacy Act

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