🏦Change in Bank Control Notices Impacting Acquisitions of Banks
The Federal Reserve System announces applications for bank control changes under the Change in Bank Control Act. This includes public comment opportunities and guidelines for the review of acquisition applications pertaining to bank shares. It highlights the regulatory considerations and compliance for potential stakeholders involved in bank ownership changes.
Learn More🏦FDIC Notice
The Federal Deposit Insurance Corporation (FDIC) announces the termination of Receiverships for the First Bank of Beverly Hills and Liberty Bank, effective April 1, 2025. This release of the banks from Receivership allows them to resume independent operations. The FDIC has authorized necessary actions to complete these transitions.
Learn More🏦Change in Bank Control Notices
The Federal Reserve has issued a notice regarding applications to acquire shares of banks and bank holding companies under the Change in Bank Control Act. The document outlines the process for public comment and provides details about the interested parties and institutions involved, emphasizing the regulatory considerations surrounding bank ownership changes.
Learn More📜Federal Reserve Compliance Requirements Under Regulations H and K
The Board of Governors of the Federal Reserve System (Board) is adopting a proposal to extend for three years, without revision, the Recordkeeping Requirements of Regulation H and Regulation K Associated with the Procedures for Monitoring Bank Secrecy Act Compliance (FR K; OMB No. 7100-0310).
Learn More📈New Compliance Requirements for Non-Centrally Cleared Repo Transactions
The Office of Financial Research (the "Office") within the U.S. Department of the Treasury ("Treasury") is extending the compliance date for certain financial companies to report to the Office certain non-centrally cleared bilateral transactions in the U.S. repurchase agreement ("repo") market. This data collection requires daily reporting to the Office by certain brokers, dealers, and other financial companies with large exposures to non-centrally cleared bilateral repo ("NCCBR") transactions.
Learn More🏦Federal Reserve Notice on Bank Holding Companies' Mergers and Acquisitions
The Federal Reserve System notice discusses applications for bank holding companies to form, acquire, or merge. It highlights the legal framework under the Bank Holding Company Act and invites public comments on these applications, ensuring transparency and compliance in the banking sector.
Learn More🏦FinCEN's Proposed Renewal on Reporting Obligations for U.S. Banks
As part of its continuing effort to reduce paperwork and respondent burden, FinCEN invites comments on the proposed renewal, without change, of certain existing information collection requirements found in Bank Secrecy Act (BSA) regulations. Specifically, the regulations require that upon receiving a written request from FinCEN, a bank located within the United States that maintains a correspondent account for a specified foreign bank must ask the foreign bank, and report to FinCEN, about transactions or other financial services provided by that foreign bank to Iranian-linked financial institutions designated under the International Emergency Economic Powers Act (IEEPA) and Islamic Revolutionary Guard Corps (IRGC)-linked persons designated under IEEPA. This request for comments is made pursuant to the Paperwork Reduction Act of 1995.
Learn More📊Federal Reserve Proposes Stock Redemption Information Collection
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Notice of Proposed Stock Redemption (FR 4008; OMB No. 7100-0131).
Learn More🏦Federal Reserve Proposed Information Collection on Bank Security
The Board of Governors of the Federal Reserve System (Board) invites comment on a proposal to extend for three years, without revision, the Written Security Program for State Member Banks (FR 4004; OMB No. 7100-0112).
Learn More📄Update on Beneficial Ownership Reporting Requirements and Exemptions
FinCEN is adopting this interim final rule to narrow the existing beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) to require only entities previously defined as "foreign reporting companies" to report BOI. Under this interim final rule, entities previously defined as "domestic reporting companies" are exempted from the reporting requirements and do not have to report BOI to FinCEN, or update or correct BOI previously reported to FinCEN. With limited exceptions, the interim final rule does not change the existing requirement for foreign reporting companies to file BOI reports, but it extends the deadline to file initial BOI reports, and to update or correct previously filed BOI reports, to 30 days from the date of this publication to give foreign reporting companies additional time to comply. However, the interim final rule exempts foreign reporting companies from having to report the BOI of any U.S. persons who are beneficial owners of the foreign reporting company and exempts U.S. persons from having to provide such information to any foreign reporting company for which they are a beneficial owner. FinCEN is accepting comments on this interim final rule. FinCEN will assess the exemptions, as appropriate, in light of those comments and intends to issue a final rule this year.
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