Federal Register

Thresholds Increase for the Major Assets Prohibition of the Depository Institution Management Interlocks Act Rules

 

On October 10, the Office of the Comptroller of the Currency (OCC) published a final rule in the Federal Register that increases the major assets prohibition thresholds for management interlocks in the OCC’s rule implementing the Depository Institution Management Interlocks Act (DIMIA). The final rule reduces the number of national banks and federal savings associations subject to the major assets prohibition in the OCC’s DIMIA rule by increasing both major assets prohibition thresholds from $1.5 billion and $2.5 billion to $10 billion. Release.

Amendments to the Stress Testing Rule for National Banks and Federal Savings Associations

 

On October 10, the OCC published a final rule in the Federal Register that will amend the OCC’s stress testing rule at 12 CFR 46. The final rule implements requirements imposed by section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA). The final will raise the minimum asset threshold for national banks and federal savings associations covered by the company-run stress testing requirement from $10 billion to $250 billion in total consolidated assets. Release.

CFTC Reopens Comment Periods

On February 24, the CFTC submitted for publication in the Federal Register a notice reopening the comment periods for the two Position Limit rulemakings, in anticipation of questions and comments that may arise from the Commission’s Energy and Environmental Markets Advisory Committee meeting.  Release.

SEC Publishes Technical Corrections to Regulation AB II

On February 4, the SEC released certain technical corrections to rules that were published in the Federal Register on September 24, 2014. The changes effect Regulation AB and other rules governing the offering process, disclosure, and reporting for asset-backed securities. The corrections are effective February 6, 2015Release.

Joint Federal Regulators Approve Final Risk Retention Rules

On October 21 and 22, the Fed, HUD, FDIC, FHFA, OCC, and SEC jointly approved final risk retention rules.  The final rules, which implement Section 941 of Dodd Frank, generally follow the re-proposed rules issued in August 2013, mandating that sponsors retain at least 5% of the credit risk in asset-backed securities transactions.  Generally, risk may be retained by holding either a horizontal or avertical slice of issued securities, while additional options are available for specific types of securitizations.  The rules will apply toresidential mortgage-backed securities one year after publication in the Federal Register, and will apply to all other asset classes two years after publication.  Final Rules.  Joint Release.

Final Regulation AB II Rules Published in the Federal Register

On September 24, the final Regulation AB II rules were published in the Federal Register. The final Regulation AB II rules become effective on November 24 and market participants must be in compliance with the final Regulation AB II rules (other than the asset-level disclosure requirements) no later than November 23, 2015 and with the asset-level disclosure requirements no later than November 23, 2016. Published Rule.

HUD Publishes Final Rule on Rental Assistance Demonstration

On July 26, the HUD’s final rule on Rental Assistance Demonstration (“RAD”) was published in the Federal Register. RAD allows public housing agencies and owners of certain federally-assisted housing properties to convert current levels of government assistance into long-term contracts. Release. Final Rule.

FHFA Proposed Rule on Voluntary Bank Mergers

On November 22, the Federal Housing Finance Authority proposed a rule that would establish procedures to enable the voluntary merger of Federal Home Loan Banks. Comments on the proposed rule must be submitted within 60 days after publication in the Federal Register. FHFA Release. Proposed Rule.

SEC Proposes Rules for Improved Investment Adviser Oversight

On November 19, the SEC proposed new rules for the oversight of investment advisers. The proposed rules would implement provisions of the Dodd-Frank Act that, among other things: (i) facilitate registration of advisers to hedge funds and other private funds with the SEC, (ii) require reporting by certain advisers that are exempt from SEC registration, (iii) increase the asset threshold for advisers to register with the SEC, and (iv) define “venture capital fund” and clarify certain exemptions to investment adviser registration. Comments on the proposed rules must be submitted within 45 days after publication in the Federal Register. SEC Release. SEC Proposed Rule 1. SEC Proposed Rule 2.