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Advisory Councils
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Director, Consumer and Community Affairs
|
Community Advisory Council -- notice that the Board is accepting applications from individuals who wish to be considered for membership on the Community Advisory Council.
-
Announced,
March 23, 2020
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Community Depository Institutions Advisory Council -- announcement of members and designation of Dorothy A. Savarese as president for 2020.
-
Announced,
January 14, 2020
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| Return to Top |
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Bank Branches, Domestic
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Frost Bank, San Antonio, Texas -- commenter's request for review of the delegated approval of the application by Frost Bank to establish a branch at 4321 West Sam Houston Parkway North, Houston.
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Denied,
February 18, 2020
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| Return to Top |
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Board Operations
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System of Records -- publication for comment of a notice of a proposed new system of records, BGFRS-43 (Security Sharing Platform).
-
Approved,
March 9, 2020
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| Return to Top |
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Bank Holding Companies
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Golden Plains Bankshares, Inc., Phillipsburg, Kansas -- relief from a commitment.
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Granted,
May 5, 2020
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Truist Financial Corporation, Charlotte, North Carolina, and Truist Bank -- modification of certain commitments.
-
Granted,
May 5, 2020
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Secretary
|
United Bankshares, Inc., Charleston, West Virginia -- waiver of application to acquire Carolina Financial Corporation, Charleston, South Carolina, and CresCom Bank, in connection with the merger of CresCom Bank with and into United Bank, Fairfax, Virginia.
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Granted,
March 12, 2020
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Secretary
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Lindoe, Inc., Ordway, Colorado -- relief from certain commitments.
-
Granted,
March 3, 2020
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General Counsel
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Adam Bank Group, Inc. (ABG), College Station, Texas -- waiver of application in connection with a corporate reorganization to change ABG's state of incorporation from Florida to Texas, where ABG's subsidiary, American Momentum Bank, is located.
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Granted,
February 13, 2020
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General Counsel
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Heartland BancCorp, Whitehall, Ohio -- waiver of application to acquire Victory Community Bank (VCB), in connection with the merger of VCB with and into Heartland Bank, Whitehall.
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Granted,
January 31, 2020
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| Return to Top |
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Bank Mergers
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Secretary
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United Bank, Fairfax, Virginia -- to merge with CresCom Bank (CresCom), Charleston, South Carolina, and establish branches at the locations of CresCom's main office and branches.
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Approved,
March 12, 2020
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| Return to Top |
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Change In Bank Control
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Secretary
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Grandview Bankshares, Inc., Hulbert, Oklahoma -- to retain control of Grandview Bankshares, Inc., and its subsidiaries, Cherokee County Bancshares, Inc., Hulbert, and Bank of Cherokee County.
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Permitted,
February 13, 2020
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| Return to Top |
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Enforcement
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Whitaker Bank, Inc., Lexington, Kentucky -- issuance of a consent order of prohibition and cease-and-desist order against Thomas P. Hinkebein, former president.
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Announced,
May 5, 2020
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Crown Bankshares, Inc., Edina, Minnesota -- written agreement dated June 22, 2012, terminated April 29, 2020.
-
Announced,
May 5, 2020
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First Bankshares, Inc., Barboursville, West Virginia -- written agreement dated August 8, 2016, terminated April 30, 2020.
-
Announced,
May 5, 2020
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Bank Hapoalim B.M., Tel Aviv, Israel -- issuance of a consent cease-and-desist order and assessment of a civil money penalty for unsafe and unsound practices resulting in violations of U.S. tax laws.
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Approved,
April 23, 2020
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Amboy Bank, Old Bridge, New Jersey -- consent order of assessment of a civil money penalty pursuant to the National Flood Insurance Act.
-
Announced,
April 16, 2020
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Bank of Clarke County, Berryville, Virginia -- consent order of assessment of a civil money penalty pursuant to the National Flood Insurance Act.
-
Announced,
April 16, 2020
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SunSouth Bancshares, Inc., Dothan, Alabama -- written agreement dated September 20, 2013, terminated April 7, 2020.
-
Announced,
April 14, 2020
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Wells Fargo & Company (WFC), San Francisco, California -- amendment to the 2018 Consent Order to temporarily and narrowly modify the growth restriction on WFC so that it can provide additional support to small businesses.
-
Approved,
April 8, 2020
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Interlocutory Appeal Request -- determination denying requests by Frank Smith and Mark Kiolbasa for immediate review of two orders issued by the administrative law judge in concern with an enforcement matter.
-
Approved,
March 6, 2020
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City National Bancshares Corporation, Newark, New Jersey -- written agreement dated December 14, 2010, terminated February 25, 2020.
-
Announced,
March 5, 2020
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Community Financial Holding Company, Inc., Duluth, Georgia -- written agreement dated January 7, 2010, terminated March 4, 2020.
-
Announced,
March 5, 2020
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JPMorgan Chase & Co., New York, New York -- cease-and-desist order dated November 17, 2016, terminated February 11, 2020.
-
Announced,
February 13, 2020
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Deutsche Bank AG, Frankfurt am Main, Germany -- cease-and-desist order dated April 20, 2017, terminated February 11, 2020.
-
Announced,
February 13, 2020
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Discover Financial Services, Riverwoods, Illinois -- written agreement dated May 26, 2015, terminated February 5, 2020.
-
Announced,
February 13, 2020
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The Royal Bank of Scotland PLC, Edinburgh, Scotland, and RBS Securities Inc. (n.k.a NatWest Markets Securities Inc.), Stamford, Connecticut -- cease-and-desist order dated May 20, 2015, terminated February 12, 2020.
-
Announced,
February 13, 2020
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Farmers and Merchants Bank of Craig County, New Castle, Virginia -- consent order of assessment of a civil money penalty pursuant to the National Flood Insurance Act.
-
Announced,
February 6, 2020
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The Goldman Sachs Group, Inc., New York, New York -- issuance of a consent order of prohibition against Andrea Vella, an institution-affiliated party of certain nonbank subsidiaries of The Goldman Sachs Group, Inc.
-
Approved,
January 31, 2020
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Alden State Bank, Alden, New York -- consent order of assessment of a civil money penalty pursuant to the National Flood Insurance Act.
-
Announced,
January 30, 2020
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Farmers & Merchants Bank, Baldwyn, Mississippi -- issuance of a final decision and an order of prohibition requiring restitution, and assessment of a civil money penalty against Carol Allen, a former institution-affiliated party.
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Approved,
January 29, 2020
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Administrative Law Judge -- orders reassigning three enforcement cases to Administrative Law Judge Jennifer Whang and lifting a stay of proceedings.
-
Approved,
January 9, 2020
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United Bank of El Paso del Norte, El Paso, Texas -- issuance of a consent cease-and-desist order.
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Announced,
January 9, 2020
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| Return to Top |
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Extensions Of Time
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Director, Consumer and Community Affairs
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Community Advisory Council -- extension to July 3, 2020, of the application period for membership on the Council.
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Granted,
May 19, 2020
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Secretary
|
Morgan Stanley, New York, New York -- extension until June 4, 2020, of the comment period on the application to acquire E*TRADE Financial Corporation, Arlington, Virginia, and thereby indirectly acquire E*TRADE Bank and E*TRADE Savings Bank.
-
Granted,
April 29, 2020
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JPMorgan Chase & Co., New York, New York -- extension of time to conform or divest a merchant banking investment.
-
Granted,
February 28, 2020
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Wells Fargo & Company, San Francisco, California -- extension of time to conform or divest a merchant banking investment.
-
Granted,
February 10, 2020
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Secretary
|
American Express Company, New York, New York -- extension of time to report information related to the advanced approaches capital adequacy framework and the supplementary leverage ratio.
-
Granted,
February 7, 2020
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Secretary
|
Capital One Financial Corporation, McLean, Virginia, and U.S. Bancorp, Minneapolis, Minnesota -- extension of time to report information related to the advanced approaches capital adequacy framework.
-
Granted,
February 7, 2020
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Secretary
|
Banco Bradesco S.A., Sao Paulo, Brazil, et al. -- commenter's request to extend the comment period on the application to acquire BAC Florida Bank, Coral Gables, Florida.
-
Denied,
January 27, 2020
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Citigroup Inc., New York, New York -- extension of time to conform or divest a merchant banking investment.
-
Granted,
January 24, 2020
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Secretary
|
Deere & Company, Moline, Illinois -- extension to January 27, 2020, for the filing of a change in bank control notice with respect to Deere & Company.
-
Granted,
January 14, 2020
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The Goldman Sachs Group, Inc., New York, New York -- extension of time to conform or divest a merchant banking investment.
-
Granted,
January 10, 2020
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| Return to Top |
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Forms
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|
Forms -- temporary revisions to the Reporting Requirements Associated with Emergency Lending Under Section 13(3) (FR A).
-
Approved,
May 10, 2020
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Forms -- initial Board review to extend with revision the Survey of Household Economics and Decisionmaking (FR 3077), initial Board review to extend without revision the Surveys of Consumer and Community Affairs Publications and Resources (FR 1378), and final Board review to extend without revision the Registration of Mortgage Loan Originators (CFPB G).
-
Approved,
May 5, 2020
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Forms -- initial Board review to extend without revision the Ongoing Intermittent Survey of Households (FR 3016) and final Board review to extend with revision the Census of Finance Companies and Survey of Finance Companies (FR 3033p and FR 3033s).
-
Approved,
April 8, 2020
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Forms -- temporary revisions to the Financial Statements for Holding Companies (FR Y-9) reports to allow respondent banking organizations to incorporate the effects of the Money Market Mutual Fund Liquidity Facility interim final rule.
-
Approved,
April 3, 2020
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Forms -- final Board review to extend with revision the Financial Statements for Holding Companies (FR Y-9C, FR Y-9LP, FR Y-9SP, FR Y-9ES, and FR Y-9CS).
-
Approved,
March 27, 2020
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|
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Forms -- (1) initial Board review to extend with revision the Capital Assessments and Stress Testing Reports (FR Y-14A/Q/M), and (2) final Board review to implement temporary revisions to the FR Y-14A report and instructions.
-
Approved,
March 13, 2020
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Forms -- initial Board review to extend without revision of the Compensation and Salary Surveys (FR 29).
-
Approved,
March 9, 2020
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Forms -- initial Board review (1) to extend with revision the Survey of Small Business and Farm Lending (FR 2028) and Joint Standards for Assessing the Diversity Policies and Practices of Entities Regulated by the Agencies (FR 2100); and (2) to extend without revision the Reporting Requirements Associated with Regulation A (FR A).
-
Approved,
February 21, 2020
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|
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Forms -- initial board review to extend without revision the Notification of Nonfinancial Data Processing Activities (FR 4021); final Board review to extend with revision the Intermittent Survey of Businesses (FR 1374); and final Board review to extend without revision the Filings Related to the Gramm-Leach-Bliley Act (FR 4010, FR 4011, FR 4012, FR 4017, FR 4019, and FR 4023).
-
Approved,
January 29, 2020
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Forms -- initial Board review to implement the Pre-Hire Conflict of Interest Screening Form (FR-28c); initial Board review to extend with revision the Census of Finance Companies (FR 3033p), Survey of Finance Companies (FR 3033s), and Market Risk Capital Rule (FR 4201); initial Board review to extend without revision the Registration of Mortgage Loan Originators (CFPB G); and final Board review to extend without revision the Recordkeeping and Disclosure Requirements Associated with Regulation RR (FR RR).
-
Approved,
January 10, 2020
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| Return to Top |
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Membership
|
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Secretary
|
Carroll Bank and Trust, Huntingdon, Tennessee -- to become a member of the Federal Reserve System.
-
Approved,
April 13, 2020
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| Return to Top |
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Banks, Nonmember, And Miscellaneous Institutions
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|
|
Cerberus Capital Management, L.P., New York, New York -- relief from certain commitments.
-
Granted,
February 13, 2020
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| Return to Top |
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Reserve Bank Operations
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|
Reserve Bank Directors -- designation of chairs and deputy chairs of the Federal Reserve Banks for 2020.
-
Announced,
January 10, 2020
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| Return to Top |
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Regulations And Policies
|
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Lending and Liquidity Facilities -- reports to Congress pursuant to section 13(3) of the Federal Reserve Act in response to COVID-19.
-
Approved,
May 15, 2020
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|
|
Supplementary Leverage Ratio -- (1) interagency interim final rule with request for comment to permit certain depository institutions to temporarily exclude Treasuries and deposits at Federal Reserve Banks from the calculation of the supplementary leverage ratio, in light of COVID-19; and (2) temporary revisions to the Recordkeeping and Disclosure Requirements Associated with Regulation Q (FR Q) and Financial Statements for Holding Companies (FR Y-9) information collections.
-
Approved,
May 15, 2020
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Main Street Priority Loan Facility -- report to Congress pursuant to section 13(3) of the Federal Reserve Act in response to COVID-19.
-
Published,
May 8, 2020
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Single-Counterparty Credit Limit (SCCL) Rule -- (1) final rule to extend by 18 months the initial compliance dates for certain parts of the SCCL rule and (2) revisions to the Single-Counterparty Credit Limits (FR 2590).
-
Approved,
April 30, 2020
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Liquidity Coverage Ratio (LCR) -- (1) interagency interim final rule and request for comment to modify the LCR rule for banks participating in the Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility and (2) temporary revisions to the Complex Institution Liquidity Monitoring Report (FR 2052a).
-
Approved,
April 30, 2020
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Lending and Liquidity Facilities -- report to Congress pursuant to section 13(3) of the Federal Reserve Act in response to COVID-19.
-
Approved,
April 28, 2020
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Intraday Credit -- (1) policy statement announcing temporary actions aimed at increasing the availability of intraday credit extended by Federal Reserve Banks and (2) suspension of two information collections (FR 2225 and FR 2226 ) used to calculate net debit caps.
-
Approved,
April 23, 2020
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Lending and Liquidity Facilities -- (1) periodic reports to Congress pursuant to section 13(3) of the Federal Reserve Act in response to COVID-19 and (2) plans for release of public information regarding the liquidity and lending facilities using CARES Act funding.
-
Approved,
April 23, 2020
|
|
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Regulation D (Reserve Requirements of Depository Institutions) -- (1) interim final rule with request for comment to delete the six-per-month limit on convenient transfers from the "savings deposit" definition and (2) temporary revisions to the FR 2900 series, FR Y-9, and FR 2886b reports.
-
Approved,
April 23, 2020
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Regulation O (Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks) -- (1) interim final rule with request for comment to bolster the effectiveness of the Small Business Administration's Paycheck Protection Program and (2) temporary implementation of the Recordkeeping and Disclosure Requirements Associated with Regulation O (FR O).
-
Approved,
April 17, 2020
|
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|
Liquidity and Lending Facilities -- reports to Congress pursuant to section 13(3) of the Federal Reserve Act in response to COVID-19.
-
Approved,
April 14, 2020
|
|
|
|
|
Temporary Appraisal Relief -- interagency interim final rule with request for comment to temporarily defer real estate-related appraisals and evaluations under the agencies' appraisal regulations.
-
Approved,
April 10, 2020
|
|
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|
|
Regulatory Capital -- (1) interagency interim final rule with request for comment to allow banking organizations to neutralize the regulatory capital effects of participating in the Paycheck Protection Program Lending Facility; and (2) related temporary revisions to the Financial Statements for Holding Companies (FR Y-9 reports).
-
Approved,
April 8, 2020
|
|
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|
Community Bank Leverage Ratio -- (1) two interagency interim final rules with request for comment to provide temporary relief to community banking organizations; and (2) related temporary revisions to the Financial Statements for Holding Companies (FR Y-9C reports).
-
Approved,
April 3, 2020
|
|
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|
Volcker Rule -- interagency announcement that the financial regulatory agencies will consider comments submitted before May 1, 2020, on their proposal to modify the Volcker rule's general prohibition on banking entities investing in or sponsoring "covered funds."
-
Announced,
April 2, 2020
|
|
|
|
|
Privacy Act -- proposed rule and request for comment to amend the Board's Privacy Act Rule by adding a system of records, entitled BGFRS-43 (Security Sharing Platform), to the Rule's list of system of records that are exempt from certain provisions of the Privacy Act.
-
Published,
April 1, 2020
|
|
|
|
|
Control and Divestiture Proceedings -- final rule to delay until September 30, 2020, the effective date of the Board's revised framework for determining control of a banking organization.
-
Approved,
March 31, 2020
|
|
|
|
|
Lending and Liquidity Facilities -- reports to Congress pursuant to section 13(3) of the Federal Reserve Act in response to COVID-19.
-
Approved,
March 29, 2020
|
|
|
|
|
Current Expected Credit Loss (CECL) Methodology -- (1) interagency interim final rule with request for comment to provide banking organizations that adopt the CECL methodology during 2020 with the option to delay CECL's impact on regulatory capital; (2) temporary revisions to the Consolidated Financial Statements for Holding Companies (FR Y-9C) and Capital Assessments and Stress Testing Reports (FR Y-14A/Q/M) to reflect the interim final rule; and (3) initial Board review to extend with such revisions the FR Y-9C and FR Y-14A/Q/M reports.
-
Approved,
March 27, 2020
|
|
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|
|
Standardized Approach for Calculating Counterparty Credit Risk (SA-CCR) -- (1) interagency notice to allow banking organizations to early-adopt the SA-CCR methodology for the first quarter of 2020 and (2) temporary revisions to the Consolidated Financial Statements for Holding Companies (FR Y-9C) to allow banking organizations to reflect early adoption of the SA-CCR methodology.
-
Approved,
March 26, 2020
|
|
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|
Supplementary Leverage Ratio -- interim final rule with request for comment to revise the Board's capital rule so that the denominator of the supplementary leverage ratio temporarily excludes U.S. Treasury securities and deposits at the Federal Reserve Banks.
-
Approved,
March 25, 2020
|
|
|
|
|
Lending and Liquidity Facilities -- reports to Congress pursuant to section 13(3) of the Federal Reserve Act in response to COVID-19.
-
Approved,
March 24, 2020
|
|
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|
|
Policy Payment System Risk (PSR Policy) -- notice of delay until October 1, 2020, of the implementation date of changes to the PSR Policy related to procedures governing the provision of intraday credit to U.S. branches and agencies of foreign banking organizations.
-
Approved,
March 23, 2020
|
|
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|
Regulation YY (Enhanced Prudential Standards) -- interim final rule with request for comment to revise the definition of "eligible retained income" for purposes of the Board's total loss-absorbing capacity (TLAC) rule.
-
Approved,
March 21, 2020
|
|
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|
|
Money Market Mutual Fund Liquidity Facility (MMLF) -- interagency interim final rule with request for comment to allow banking organizations to neutralize the regulatory capital effects of participating in the MMLF.
-
Approved,
March 19, 2020
|
|
|
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|
Section 23A and Regulation W -- policy to provide exemptions from section 23A of the Federal Reserve Act and the Board's Regulation W to permit member banks to purchase certain assets from their affiliated broker-dealers.
-
Approved,
March 18, 2020
|
|
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|
Regulatory Capital Rule -- interagency interim final rule with request for comment to revise the definition of "eligible retained income" for banking organizations subject to the agencies' capital rule.
-
Approved,
March 17, 2020
|
|
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|
Section 23A and Regulation W -- policy to provide exemptions from section 23A of the Federal Reserve Act and the Board's Regulation W to permit member banks to purchase certain assets from their affiliated money market mutual funds.
-
Approved,
March 17, 2020
|
|
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|
|
Credit Losses and Credit Risk Review -- final (1) Interagency Policy Statement on Allowances for Credit Losses and (2) Interagency Guidance on Credit Risk Review Systems.
-
Approved,
March 13, 2020
|
|
|
|
|
Supervisory Practices -- interagency statement on supervisory practices for financial institutions affected by tornadoes in Tennessee.
-
Announced,
March 12, 2020
|
|
|
|
|
Resolution Plan Guidance for Large Foreign Banks -- proposed interagency changes to guidance on the resolution plans of certain large, complex foreign banking organizations, focusing on the agencies' expectations for derivatives and trading activities and payment, clearing, and settlement activities.
-
Approved,
March 6, 2020
|
|
|
|
|
Internal Appeals and Ombudsman Policies -- policy statements governing (1) appeals of material supervisory determinations and (2) the functions of the ombudsman for the Federal Reserve System.
-
Approved,
March 2, 2020
|
|
|
|
|
Stress Capital Buffer -- final rule to simplify the Board's capital framework by establishing a stress capital buffer requirement.
-
Approved,
February 28, 2020
|
|
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|
|
Volcker Rule, and Determination of Control Over Banking Organizations -- (1) publication for comment of a notice of proposed rulemaking to clarify and streamline the Volcker Rule's "covered funds" restrictions, and (2) final rule to simplify and increase the transparency of rules for determining control of a banking organization.
-
Approved,
January 30, 2020
|
|
|
|
Secretary
|
Rules of Practice for Hearings -- final rule adjusting the Board's civil money penalties to account for inflation.
-
Approved,
January 6, 2020
|
|
| Return to Top |
|
Banks, State Member
|
|
|
Public Welfare Investments -- (1) determination that certain investments in areas in which the poverty rate is 20 percent or more are designed primarily to promote the public welfare; and (2) for Banco Popular de Puerto Rico, San Juan, Puerto Rico, to make a public welfare investment.
-
Approved,
February 21, 2020
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| Return to Top |
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Testimony And Statements
|
|
|
Coronavirus and CARES Act -- quarterly statement by Chair Powell before the Senate Committee on Banking, Housing, and Urban Affairs on the Federal Reserve's response to the economic crisis resulting from the COVID-19 pandemic, pursuant to the CARES Act.
-
Published,
May 19, 2020
|
|
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|
Supervision and Regulation -- statement by Vice Chair for Supervision Quarles at the Virtual Roundtable Discussion of the House Subcommittee on Consumer Protection and Financial Institutions of the Committee on Financial Services on May 13.
-
Published,
May 13, 2020
|
|
|
|
|
Supervision and Regulation -- semiannual statement by Vice Chair for Supervision Quarles before the Senate Committee on Banking, Housing, and Urban Affairs on May 12.
-
Published,
May 12, 2020
|
|
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|
|
Monetary Policy -- statement by Chair Powell before the House Committee on Financial Services on February 11 and the Senate Committee on Banking, Housing, and Urban Affairs on February 12.
-
Published,
February 11, 2020
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| Return to Top |
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Personnel
|
|
|
Reserve Bank Operations and Payment Systems -- appointment of Caio Peixoto as assistant director.
-
Approved,
May 14, 2020
|
|
|
|
|
Division of Supervision and Regulation -- appointment of Eric Kennedy as assistant director.
-
Approved,
April 17, 2020
|
|
|
|
|
Division of Information Technology -- appointment of Jonathan Shrier and Virginia Wall as deputy associate directors and Mari Murphy as adviser.
-
Announced,
April 17, 2020
|
|
|
|
|
Division of Research and Statistics -- appointment of John Stevens as senior associate director and Tim Mullen as associate director.
-
Announced,
April 9, 2020
|
|
|
|
|
Division of Financial Stability -- appointment of Kent Hiteshew as deputy associate director.
-
Approved,
March 24, 2020
|
|
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|
Legal Division -- appointment of Charles Gray as senior associate general counsel and chief of staff.
-
Approved,
March 19, 2020
|
|
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|
|
Division of Monetary Affairs -- appointment of Brian Bonis and Elizabeth Marx as assistant directors.
-
Approved,
March 9, 2020
|
|
|
|
|
Division of Research and Statistics -- appointment of Nicole Bennett as senior associate director.
-
Approved,
March 6, 2020
|
|
|
|
|
Division of International Finance -- appointment of Robert J. Vigfusson as assistant director.
-
Announced,
February 7, 2020
|
|
|
|
|
Division of Research and Statistics -- appointment of Glenn Follette as associate director; Eric Engstrom as deputy associate director; Paul Lengermann, Byron Lutz, Raven Molloy, Gustavo Suarez, and Clara Vega as assistant directors; Steve Sharpe as senior adviser; and Charles Fleischman as adviser.
-
Announced,
February 7, 2020
|
|
|
|
|
Division of Management -- appointment of Donna Butler as deputy associate director.
-
Announced,
January 23, 2020
|
|
|
|
|
Division of Financial Management -- appointment of Thomas Murphy as deputy associate director.
-
Approved,
January 17, 2020
|
|
| Return to Top |
|
Monetary and Financial Policy
|
|
|
Financial Stability Report -- semiannual report.
-
Published,
May 15, 2020
|
|
|
|
|
Term Asset-Backed Securities Loan Facility (TALF) -- updates to the term sheet for the TALF.
-
Approved,
May 11, 2020
|
|
|
|
|
Municipal Liquidity Facility (MLF) -- updates to the term sheet for the MLF to provide pricing and other information.
-
Approved,
May 10, 2020
|
|
|
|
|
Main Street Lending Programs -- (1) revisions to the Main Street New Loan Facility and the Main Street Expanded Loan Facility and (2) establishment of the Main Street Priority Loan Facility.
-
Approved,
April 30, 2020
|
|
|
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Paycheck Protection Program Liquidity Facility (PPPLF) -- changes to the PPPLF to expand access to additional lenders and expand the collateral that can be pledged.
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Approved,
April 30, 2020
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Municipal Liquidity Facility (MLF) -- expansion of the scope and duration of the MLF.
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Approved,
April 27, 2020
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Lending Facilities -- establishment of the Paycheck Protection Program Lending Facility (PPPLF) and modifications to the Primary Market Corporate Credit Facility (PMCCF), Secondary Market Corporate Credit Facility (SMCCF), and Term
Asset-Backed Securities Loan Facility (TALF).
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Approved,
April 8, 2020
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Lending Facilities -- establishment of the Municipal Liquidity Facility, Main Street New Loan Facility, and Main Street Expanded Loan Facility.
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Approved,
April 8, 2020
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Credit Facilities -- (1) establishment of the Term Asset-Backed Securities Loan Facility (TALF), Primary Market Corporate Credit Facility (PMCCF), and Secondary Market Corporate Credit Facility (SMCCF); (2) expansion of assets covered by the Commercial Paper Funding Facility (CPFF) and Money Market Mutual Fund Liquidity Facility (MMLF); and (3) announcement of plans for a Main Street Business Lending Program.
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Approved,
March 22, 2020
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Liquidity and Market Functioning -- expansion of program to support the flow of credit to the economy and enhance the liquidity and functioning of state and municipal money markets.
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Approved,
March 20, 2020
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Money Market Mutual Fund Liquid Facility (MMLF) -- establishment of the MMLF to broaden support for the flow of credit to households and businesses.
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Approved,
March 18, 2020
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Commercial Paper Funding Facility (CPFF) -- establishment of the CPFF to support the flow of credit to households and businesses.
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Approved,
March 17, 2020
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Primary Dealer Credit Facility (PDCF) -- establishment of the PDCF to support the credit needs of households and businesses.
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Approved,
March 17, 2020
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Discount Window -- interagency statement encouraging banks to use the Federal Reserve's discount window to support the smooth flow of credit to households and businesses.
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Announced,
March 16, 2020
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Monetary Policy Report -- semiannual report to the Congress.
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Published,
February 7, 2020
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Savings and Loan Holding Companies
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General Counsel
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State Farm Mutual Automobile Insurance Company, Bloomington, Illinois -- request for an exemption to permit an individual to become an institution-affiliated party.
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Granted,
April 15, 2020
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General Counsel
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Kearny Financial Corporation, Fairfield, New Jersey -- waivers of application to acquire MSB Financial Corp, Millington, and Millington Bank (MB), in connection with the merger of MB with and into Kearney Bank, Kearney.
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Granted,
April 6, 2020
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General Counsel
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Centreville Bank, West Warwick, Rhode Island -- waiver of application to acquire PB Bancorp, Inc., Putnam, Connecticut, in connection with the acquisition of Putnam Bank.
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Granted,
March 11, 2020
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General Counsel
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State Farm Mutual Automobile Insurance Company, Bloomington, Illinois -- request for an exemption to permit an individual to become an institution-affiliated party.
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Granted,
February 13, 2020
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General Counsel
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State Farm Mutual Automobile Insurance Company, Bloomington, Illinois -- request for an exemption to permit an individual to become an institution-affiliated party.
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Granted,
January 24, 2020
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Supervision and Regulation
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Small-Dollar Loans -- interagency lending principles for offering responsible small-dollar loans.
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Announced,
May 20, 2020
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Resolution Plans -- (1) interagency extension until September 29, 2020, of the submission date for the 2020 resolution plans from Barclays US LLC, Credit Suisse Holdings (USA) Inc., DB USA Corporation, and UBS Americas; and (2) interagency extension until September 29, 2021, of the submission date for the targeted resolution plans from certain large foreign and domestic banks.
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Approved,
May 5, 2020
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Loan Modifications -- revised interagency statement, in consultation with state financial regulators, on loan modifications and reporting for financial institutions working with customers affected by the coronavirus.
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Announced,
April 7, 2020
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Mortgage Servicing -- interagency policy statement with the Conference of State Bank Supervisors regarding the mortgage servicing rules in response to the COVID-19 emergency and the CARES Act.
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Announced,
April 3, 2020
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Regulatory Reporting Relief -- announcement that the Federal Reserve will offer financial institutions with $5 billion or less in total assets additional time to submit certain regulatory reports in light of staffing priorities and disruptions caused by COVID-19.
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Published,
March 26, 2020
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Small-Dollar Loans -- interagency statement encouraging banks, savings associations, and credit unions to offer responsible small-dollar loans to consumers and small businesses in response to COVID-19.
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Announced,
March 26, 2020
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Supervisory Activities -- statement to provide additional information to financial institutions regarding adjustments to the Federal Reserve's supervisory approach in light of COVID-19.
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Announced,
March 24, 2020
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Loan Modifications -- interagency statement with the Conference of State Bank Supervisors on loan modifications and reporting for financial institutions working with customers affected by COVID-19.
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Announced,
March 22, 2020
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General Counsel
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RBC US Group Holdings, LLC (RBC US), Toronto, Canada -- application for approval of a proposed internal debt "conversion trigger" that would allow the Board to order the conversion of RBC US's eligible long-term debt into common equity tier 1 capital, in accordance with the Board's total loss-absorbing capacity (TLAC) rule.
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Approved,
February 21, 2020
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Stress tests -- issuance of scenarios for the 2020 Comprehensive Capital Analysis and Review and the Dodd-Frank Act stress tests.
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Approved,
February 5, 2020
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Section 23A Exemptions
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PNC Bank, National Association (Bank), Wilmington, Delaware -- determination that a proposed transaction by Bank to purchase certain assets from a securities affiliate would be in the public interest and consistent with the purposes of section 23A of the Federal Reserve Act.
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Approved,
March 25, 2020
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Broker-Dealers -- temporary exemption from section 23A of the Federal Reserve Act and the Board's Regulation W to allow the following banks to purchase certain assets from affiliated broker-dealers: Bank of America, NA; BNP Paribas USA, Inc.; Barclays Bank, DE; BMO Harris Bank, NA; Citibank, NA; RBC US Group Holdings; Deutsche Bank Trust Company Americas; Goldman Sachs Bank USA; HSBC Bank USA; JPMorgan Chase Bank, NA; Mizuho Bank USA; Morgan Stanley Bank, NA; TD Bank, NA; UBS Bank USA; and Wells Fargo Bank, NA. (The relief granted was not in response to a specific request from any of the institutions.)
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Granted,
March 18, 2020
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Money Market Mutual Funds (MMMFs) -- temporary exemptions from section 23A of the Federal Reserve Act and the Board's Regulation W to allow the following banks to purchase certain assets from affiliated MMMFs: Charles Schwab Bank; Goldman Sachs Bank USA; JPMorgan Chase Bank, NA; Morgan Stanley Bank, NA; Northern Trust Company; PNC Bank, NA; State Street Bank and Trust Company; The Bank of New York Mellon; UBS Bank USA; U.S. Bank National Association; and Wells Fargo Bank, NA. (The relief granted was not in response to a specific request from any of the institutions.)
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Granted,
March 17, 2020
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