The Office of the Comptroller of the Currency (OCC)
Comptroller Supports Activities-Based Approach for Identifying Risk
Joseph Otting, Comptroller of the Currency announced his support for the proposed revision to the process in which the Financial Stability Oversight Council’s (FSOC) identifies potential market-wide risks and the way in which the FSOC designates individual companies as systematically important. Otting said “this approach would rely on the expertise of the primary regulators to address the identified risks” and that the proposal “ensures FSOC continues to serve its primary function in a transparent, efficient, and effective manner”.
Securities and Exchange Commission
SEC HIts Volkswagen with Fraud Regarding Emissions Claims
The Securities and Exchange Commission charged Volkswagen, two of its subsidiaries, and its former CEO with violating federal securities laws by defrauding their investors and raising money with false claims about their “clean diesel” fleet and the impact this had on the environment. The SEC’s complaint alleges that Volkswagen Senior Executives knew that more than half-a-million vehicles did not meet legal emission’s limits and made false claims about vehicles to investors.
The Federal Reserve Board
FRB and FDIC Announce Public Meetings on BB&T and SunTrust Merger
The Federal Reserve Board and Federal Deposit Insurance Corporation announced that the two agencies would hold two meetings to discuss the proposed merger of BB&T Corporation and SunTrust Banks and collect information on the necessity and convenience of such a merger on the communities that are served. The first meeting will be held on March 25 at 8:30 AM in Charlotte, NC and the other will be held on May 3 at 8:30 AM, in Atlanta GA.
The Federal Deposit Insurance Corporation (FDIC)
FDIC and Other Agencies Adopt Rule to Ensure Transfer of Legacy Swamps
The Federal Deposit Insurance Corporation and four other federal agencies adopted a new rule that allows the transfer of qualified swamps from UK entities to affiliates in the EU and US without triggering new margin requirements. This new rule was made in response to the potential non-negotiated withdrawal of the UK from the EU. A 30-day comment period is open, despite the rule being made immediately effective.
The National Credit Union Administration (NCUA)
Senate Comfirms New NCUA Board Members
The US Senate confirmed two new members to the National Credit Union Administration Board, Rodney Hood and Todd Harper. Their terms will begin once they are both sworn into office, Hood’s continuing until 2023 and Harper’s until 2021. NCUA Board Chairman, J. Mark McWatters congratulated both on their confirmation and said he looked forward to “working with both of them in a collegial, bipartisan manner”.