On the heels of financial regulators releasing a final version of the Volcker rule, the first batch of what will likely be voluminous guidance has arrived. It is intended to assure community banks that they may not need to immediately divest certain holdings. Three of the five agencies that jointly enacted the ban on proprietary […]
Joe Mont
Posted inAccounting & Auditing
Regulators Pitch New Diversity Assessments for Banks, Credit Unions
Add an assessment of workplace diversity efforts to the list of regulatory demands piled onto banks by the Dodd-Frank Act. The statute established an Office of Minority and Women Inclusion at federal financial regulators, putting it in charge of all agency matters relating to diversity in management, employment, and business activities. The legislation also mandates […]
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FDA Proposes Anti-Terrorism Rule for the Food Industry
On Friday, the Food and Drug Administration issued a proposed anti-terrorism rule that would require the largest food businesses in the U.S. and abroad to take steps to prevent their facilities from being the target of intentional attempts to contaminate the food supply. It is the sixth rule to be proposed under the sweeping mandates […]
Posted inFrom the Archive
Attorney Sharon Bowen is Obama’s CFTC Pick to Replace Chilton
President Barack Obama has nominated Sharon Bowen, a securities lawyer, to the Commodity Futures Trading Commission. Pending Senate confirmation, she would succeed departed Commissioner Bart Chilton, a Democrat whose tenure was defined by his staunch support of tough, comprehensive regulations for banks and the swaps marketplace. Bowen, a partner in the New York office of […]
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After 46 Years, India Poised to Finally Get an Anti-Corruption Law
It took nearly five decades, but India’s parliament this week finally approved tough new anti-corruption legislation. Intended to ferret out rampant graft across industries, the Jan Lokpal bill, calls for the creation of a national ombudsman’s office and state-level agencies to investigate and prosecute allegations of government officials and workers receiving bribes. Whistleblower protections are […]
Posted inAccounting & Auditing
Regulator Details Increasing Bank Risks, Examination Efforts
Slow economic growth, a low interest rate environment, and the threat of cyber-attacks increases the risk profile for banks of all sizes, according to a new report by the Office of the Comptroller of the Currency. Its latest Semiannual Risk Perspective details many of those risks and the responses its supervisory staff expects to see. […]
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Senator Demands Answers on Volcker Rule Enforcement Plans
The approval of the Volcker rule last week by five regulators was the culmination of years of work. As those agencies offer compliance and enforcement guidance, U.S. Sen. Michael Crapo (R-Idaho), critical of the lack of economic analysis that accompanied the final rule, is demanding they carefully consider the affect it will have on community […]
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To Spark Startup Capital, SEC Proposes New Regulation A+
The Securities and Exchange Commission checked another item of its JOBS Act to-do list Wednesday by issuing a proposed rule to modernize the little-used Regulation A registration exemption. Regulation A was intended to provide a simple and inexpensive way for small businesses to raise limited amounts of capital, but Congress pushed a rethinking of the […]
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SEC Readies Proposal on JOBS Act’s Reg A+ Requirement
With abrupt notice, similar to its surprise meeting in October to approve proposed crowdfunding rules, the Securities and Exchange Commission will hold an open meeting on Wednesday to discuss, and likely issue, a proposed rule for Regulation A+ exemptions, a long-lingering agenda item from the Jumpstart Our Business Startups Act. The meeting, held at the […]
Posted inUncategorized
Companies Getting Ahead of Coming Clawback Requirements
By this time next year public companies will face more stringent requirements for recouping executive compensation following a financial restatement—that is, if the Securities and Exchange Commission sticks to its agenda. The SEC is currently working on a Dodd-Frank Act rule that would require companies to put policies in place to recoup ill-gotten gains by […]
