- The Fed, OCC and FDIC have published for comment new Capital Ratio requirements for G-SIB’s at 5% for Bank Holding Companies and 6% for their banking subsidiaries. The comment period is 60 days and a lot of action can be expected.
- Senators Elizabeth Warren D-MA, John McCain R-AZ, Angus King I-ME and Maria Cantwell D-WA have proposed legislation to reinstate the provisions of Glass Stegal Act which was repealed in 1999. Similar legislation was introduced in the House in 2011 by Maurice Henchy D-NY22 with 5 Democratic co-sponsors. That House Bill died in committee. A similar fate is expected for the new Senate Bill.
- Brown-Vitter continues to struggle in the House and is also expected to expire of natural causes this year.
- The US Treasury Department has delayed for 6 months the implementation of FACTA. During this delay period, Treasury is reaching out to more foreign governments on bilateral agreements relating to Foreign Financial Institution reporting.
This site went live yesterday morning. More timely reporting is promised in the future!