Oversight Panel Recommends New Bank Stress Tests

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 16, 2010. New stress tests should be conducted on major financial institutions and a sampling of smaller banks to gauge their ability to cope with a potential mortgage documentation-related crisis, the Congressional Oversight Panel recommends in its latest report. […]

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Fed to Take “Conservative” Approach to Bank Dividend Policy

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 12, 2010. The Federal Reserve will take a “conservative” approach to anticipated requests from banks with high capital levels that wish to increase or resume dividend payments, Fed Governor Daniel Tarullo said Nov. 12, 2010. Speaking in Washington D.C., […]

Supreme Court Urged to Hold that Investment Advisers Can Be Liable for Misstatements

By James Hamilton, J.D., LL.M., Principal Analyst, CCH Federal Securities Law Reporter; and CCH Derivatives Regulation Law Reporter; Co-author, Sarbanes-Oxley Manual: A Handbook for the Act and SEC Rules, Nov. 12, 2010. An investment adviser to a family of funds could be primarily liable for alleged misleading statements in the funds’ prospectuses, maintained a Securities […]

SEC Extends Compliance Date With Reg. SHO Rules 201 and 200(g)

The SEC has extended the compliance date for the amendments to Rules 201 and 200(g) of Regulation SHO to February 28, 2011 to give exchanges additional time to modify their procedures for conducting single-priced opening, reopening and closing transactions for covered securities that have triggered the circuit breaker under Rule 201 (Rel. No. 34-63247, November […]

SEC Proposes Rules on Proxy Voting, Executive Compensation and Golden Parachutes

The SEC is seeking comments by November 18 on rule proposals relating to proxy votes on executive compensation, shareholder approval of executive compensation and golden parachutes (Rel. Nos. 34-63123, 33-9153). The first proposal would require an institutional manager that is subject to 1934 Act Section 13(f) to report annually on how it voted proxies relating […]

SEC Seeks Comment on Study of Extraterritorial Reach of Federal Securities Laws

The SEC has issued a release seeking comments on the extent to which private rights of action under the antifraud provisions of the 1934 Act should be extended to transnational securities fraud. The comments will help assist the SEC in the preparation of a study required by the Dodd-Frank Wall Street Reform and Consumer Protection […]

Larger Banks to Pay Bigger Share of DIF Under FDIC Plan

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 9, 2010. The Federal Deposit Insurance Corp. has approved a proposal that would increase the proportion of fees paid into the Deposit Insurance Fund (DIF) by financial institutions with over $10 billion in assets. The proposal, which was mandated […]

Royce Challenges Bachus to Lead Financial Services Committee

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 4, 2010. Rep. Ed Royce, R-Calif., is challenging Rep. Spencer Bachus, R-Ala., the current ranking member of the House Financial Services Committee, to assume leadership of the panel when the new Congress reconvenes next year. Bachus, meanwhile, told CNBC […]

Bachus Urges Regulators to Minimize Volcker Rule Costs

By Sarah Borchersen-Keto, CCH Washington News Bureau, Contributing Author, the CCH Federal Banking Law Reporter, Nov. 4, 2010. Rep. Spencer Bachus, R-Ala., currently the ranking member of House Financial Services Committee, is urging regulators to implement the Volcker Rule in such a way as to minimize its “substantial and very real costs, given that the […]