On September 30, the Federal Reserve posted FAQs on its recently adopted control rule (Control Rule). The FAQs cover the calculation of issuer’s shareholders’ equity under the Control Rule, actions to be taken if an investment previously considered to be noncontrolling triggers one or more of the presumptions of control in the Control Rule,…
On September 30, the Federal Reserve invited public comment on a proposal that would update its capital planning and stress testing requirements to be consistent with other Federal Reserve rules that were recently modified. In 2019, the Federal Reserve finalized a framework that sorts large banks into different categories based on…
On September 30, the Board of Governors of the Federal Reserve System (Federal Reserve) announced it would extend for the fourth quarter of 2020 prohibitions on share repurchases and caps on dividends by large banks having more than $100 billion in total assets. Although the most recent stress tests affirmed large banks…
On September 14, the CFPB announced a settlement in its eighth case arising out of the CFPB’s “sweep of investigations” of mortgage companies allegedly mailing deceptive advertisements for VA-guaranteed mortgages to service members and veterans. The CFPB’s focus on protecting consumers, especially those of vulnerable populations, is in line with…
As previously discussed in the Roundup, the SEC has adopted amendments to the definitions of “accredited investor” and “qualified institutional buyer” (QIB). The amendments are substantially the same as those originally proposed by the SEC in December 2019, and will expand investor access to private capital markets by adding new categories of natural…
The SEC has adopted the third group of amendments to its disclosure requirements, originally proposed in August 2019 and discussed in an earlier Goodwin client alert. These amendments are the next steps as the SEC continues to update its disclosure requirements and will incrementally simplify disclosure about a company’s business, emphasizing a principle-based approach. Read…
In order to streamline its regulations, the FDIC has proposed to rescind and remove from the Code of Federal Regulations prompt corrective action rules that were transferred to the FDIC from the OTS on July 21, 2011, in connection with the implementation of Title III of the Dodd-Frank Wall Street Reform and…
On September 29, the Board of Governors of the Federal Reserve System (Federal Reserve), Office of the Comptroller of the Currency and FDIC finalized rules to provide COVID-19-related relief on appraisals and the liquidity coverage ratio. Both rules are either identical or substantially similar to interim final rules currently in…
On September 25, the FSOC released a Statement on Activities-Based Review of Secondary Mortgage Market (Statement). According to the Statement, in conducting its review, the FSOC evaluated the FHFA’s proposed new capital rule (Proposed Capital Rule) that is intended to enhance the quality and quantity of required capital so as to ensure that each…
The staff of the SEC’s Division of Corporation Finance has issued a new compliance and disclosure interpretation under the Regulation S-K Compliance & Disclosure Interpretations (C&DIs) to provide guidance on whether benefits provided to executive officers because of the COVID-19 pandemic are perquisites or personal benefits under Item 402(c)(2)(ix)(A) of Regulation S-K….