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Friday, April 13, 2012

Federal Register Update: Supervision of Nonbank Financial Companies

The Financial Stability Oversight Council (FSOC) has published a final rule regarding the implementation of the Freedom of Information Act (FOIA) in the Federal Register. The Dodd-Frank Act established the FSOC, among other functions, to be responsible for identifying and responding to threats to the financial stability of the U.S.. This final rule sets forth procedures for requesting access to, and making disclosures of, information contained in FSOC records.
The final rule will be effective May 11, 2012.
Read more.

The FSOC has published a final rule on the supervision and regulation of certain nonbank financial companies in the Federal Register. The final rule, and the interpretive guidance included, describe the application of the statutory standards and considerations, and the procedures FSOC will follow to determine that a nonbank financial company could pose a threat to the financial stability of the U.S..
The final rule will be effective May 11th, 2012.
Read more.

The Federal Reserve Board is requesting comments regarding proposed amendments to a February 11th, 2011 proposed rulemaking to amend Regulation Y by establishing requirements for determining whether a company is "predominantly engaged in financial activities." The amendment: (1) clarifies that any activity referenced in section 4(k) will be considered to be a financial activity without regard to conditions that were imposed on bank holding companies that do not define the activity itself; and (2) adds an appendix listing activities that would be considered financial activities as of April 2, 2012.
Comments are due by May 25th, 2012.
Read more.

The Federal Reserve Board has published a final rule to clarify the application of Regulation J regarding remittance transfers in the Federal Register. The final rule clarifies that rules applicable to Fedwire funds transfers will continue to apply even if a funds transfer also meets the definition of remittance transfer under the new definition in Section 919 of the Dodd-Frank Act.
The final rule will be effective July 12th, 2012.
Read more.

The FDIC Advisory Committee on Economic Inclusion will hold a meeting to provide advice and recommendations on initiatives to expand access to banking services by underserved populations. The meeting will be focused on the results of the FDIC's Model Safe Accounts pilot, prepaid cards and mobile financial services.
The meeting will be held April 26th, 2012 from 8:45 a.m. to 4 p.m.
Read more.

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