Financial Regulatory Forum

Regulators release public portions of resolution plans for smaller banks

By Bora Yagiz, Compliance Complete

NEW YORK, Jan. 16 (Thomson Reuters Accelus) – The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) released the public portions of resolution plansfor 116 institutions that submitted plans for the first time in December 2013, a group comprising smaller banks affected by Dodd-Frank requirements for winding-up plans.

The Dodd-Frank Act requires that bank holding companies (and foreign companies treated as bank holding companies) with total consolidated assets of $50 billion or more and nonbank financial companies designated for enhanced prudential supervision by the Financial Stability Oversight Council periodically submit resolution plans to the Federal Reserve Board and the FDIC. Each plan must describe the company’s strategy for rapid and orderly resolution in the event of material financial distress or failure of the company, and include both a public and confidential section. (more…)

U.S. Fed Vice Chairman Kohn to step down, Obama gets chance to reshape

By Mark Felsenthal

WASHINGTON, March 1 (Reuters) – Federal Reserve Vice Chairman Donald Kohn, a 40-year veteran of the U.S. central bank, will step down in late June, giving President Barack Obama a chance to reshape the institution.

In a letter to Obama released on Monday, Kohn, who has served as the Fed’s No. 2 since June 2006, said he will depart when his current term as vice chairman expires on June 23.

“The Federal Reserve and the country owe a tremendous debt of gratitude to Don Kohn for his invaluable contributions over 40 years of public service,” Fed Chairman Ben Bernanke said in a statement.

Top U.S.court weighs Sarbanes-Oxley auditing board

The U.S. Supreme Court is seen in Washington, September 29, 2009. REUTERS/Jim Young  By Rachelle Younglai

WASHINGTON, Dec 7 (Reuters) – The U.S. Supreme Court hears a case on Monday that could alter how corporate America is audited and overhaul the Sarbanes-Oxley corporate reform act.

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U.S. Fed staffer urges permanent crisis liquidity program

JACKSON HOLE, Wyo., Aug 21 (Reuters) – Central banks should consider making some of their existing emergency liquidity programs permanent to minimize the stigma of accessing central bank credit, a top Federal Reserve board staffer said on Friday.
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