@Regulatory Newsletter – June 2009 |
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The June issue of @Regulatory addresses a wide range of topics of interest for banking, investment management, securities and insurance professionals.
Banking: The Supervisory Capital Assessment Program (SCAP) was designed to ensure that major U.S. banking organizations have sufficient capital to perform their critical role in the financial system on an ongoing basis. It was developed as a stress test to estimate losses, revenues and reserve needs for bank holding companies. “The Supervisory Capital Assessment Results” article discusses the results of the stress tests recently completed by 19 bank holding companies. The Federal Reserve Board continues to revise disclosure requirements for mortgage loans under Regulation Z, most recently with the implementation for the Mortgage Disclosure Improvement Act of 2008 (MDIA). The final regulations implementing MDIA and what they entail are covered in “Informed Consumers: Federal Reserve Board Enhances Early Mortgage Disclosures.”
Investment Management: The regulatory future for hedge funds, private equity funds, venture capital funds and real estate funds is in flux as federal and state governments propose various legislative initiatives. “Private Investment Fund Regulation in a Changing Environment” gives an overview of some of the legislation being proposed by the U.S. Congress along with a proposal put forth by U.S. Treasury Secretary Geithner.
Securities: Mary L. Schapiro, the current chair of the U. S. Securities and Exchange Commission (SEC), has spoken frequently in the last several months on the SEC’s role as the investors’ advocate. “Investor Protection Reform: The SEC Approach” looks at her vision of this role given the current economic conditions and proposed measures to be taken to achieve a regulatory form that will serve the best interest of those the SEC has been entrusted to protect.
Insurance: The Troubled Assets Relief Program (TARP) provides short-term capital to U.S. financial institutions through its Capital Purchase Program, a program that was originally intended for banks, bank hold companies and savings and loan holding companies, but not insurance companies. Recently the U.S. Treasury announced it would extend capital to six major life insurers. “Troubled Assets Relief Program Considerations for Insurers” looks at the requirements and implications for insurers receiving these funds.
We also have highlighted in our News Bulletins selected policy and supervisory guidance issues that are posing challenges across the banking and insurance sectors.
Banking
- Changes to Credit Card Rules
- Financial Crimes Enforcement Network’s (FinCEN) Suspicious Activities Report (SAR) Activity Review
- Federal Agencies Propose Rule to Implement Secure and Fair Enforcement for Mortgage Licensing (SAFE) Act Mortgage Loan Originator Registration Requirements
Cross-Sector (Investment Management and Securities)
- SEC Reintroduces Short Sale Restrictions
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