On August 22, 2011 the Board of Governors of the Federal Reserve System (the “Federal Reserve”) issued a proposal and request for comments (the “Proposal”) to implement a two-year phase-in period for most savings and loan holding companies (“SLHCs”) to file Federal Reserve regulatory reports. The Proposal also calls for an exemption for some SLHCs from initially filing Federal Reserve regulatory reports. As part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, supervisory and rulemaking authority for SLHCs and their nondepository subsidiaries transferred from the Office of Thrift Supervision (“OTS”) to the Federal Reserve on July 21, 2011. The Federal Reserve previously issued a notice of intent to require SLHCs to submit the same reports as bank holding companies (“BHCs”) beginning with the reporting period ending on March 31, 2012. The reports covered by the Proposal can be found in the table below. In the Proposal, the Federal Reserve proposes to exempt a limited number of SLHCs from initial regulatory reporting to the Federal Reserve and also implement a two-year phase-in period for [click to continue…]
Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) mandates the wind-down of the Office of Thrift Supervision (“OTS”), the issuer of charters for federal savings associations (commonly called “thrifts”) and the primary regulator of federal and state thrifts and savings and loan holding companies, and the distribution of its authority to the other U.S. banking regulators. Title III provides the Office of the Comptroller of the Currency (“OCC”) with regulatory authority over federally chartered savings associations and the Federal Deposit Insurance Corporation (“FDIC”) with regulatory authority over State-Chartered savings associations. All functions, powers, authorities, rights and duties of the OTS with respect to federal and state chartered savings associations will be transferred to the OCC and FDIC, respectively, as part of the transfer process established by the Dodd-Frank Act. In connection with this effort, on July 6, 2011, the OCC and the FDIC issued a joint notice (the “Joint Notice”) listing out those regulations previously promulgated by the OTS which shall survive under the authority of the OCC and FDIC, respectively. [click to continue…]
Heath P. Tarbert’s analysis of the Volcker rule and its potential impact (“The Vagaries of the Volcker Rule”) was published in September by the International Financial Law Review and is now available for download on the Reform Center website.
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