Physical commodity activities by banks. The date by which comments may be submitted in response to the Federal Reserve Board’s proposed rulemaking regarding physical commodity activities conducted by financial holding companies has been extended to April 16, 2014. (2/27/2014) Federal Reserve Board press release.
Foreign and large bank standards. The Federal Reserve Board has approved enhanced prudential standards for large US bank holding companies and foreign banking organizations. The new rules address liquidity, risk management, and capital and require a foreign banking organization with a significant US presence to establish an intermediate holding company for its US subsidiaries. (2/18/2014) Federal Reserve Board press release. Reuters reported that the new rules have been criticized by SEC Commissioner Daniel Gallagher, who says that the regulations infringe upon the Commission’s authority to oversee broker-dealers. (3/3/2014) Infringement.
SIFI resolution. The deadline for submitting comments to the FDIC on its proposal for the Single Point of Entry strategy for the resolution of systemically important financial institutions has been extended to March 20, 2014. (2/18/2014) FDIC press release.