US Reg Round Up: 24/04/2024

Corinne Jones -

Office of the comptroller of the Currency (OCC)

OCC to extend comment period for proposed rulemaking and policy statements on banking mergers - 10 April 2024

Following the policy statement by the OCC’s review of applications under the Bank Merger Act, the announced that they will extend the comment period until June 14,2024 to allow interested parties more time to provide comments.

Federal Reserve

The FED release the minutes from their discount rate meetings on Feb 20 and March 20 - 16 April 2024

The Federal Reserve have released the minutes from their meetings discussing and reviewing the discount rate provided to deposit taking institutions through the discount window. Unlike the FOMC, which sets target rates for the federal funds rate, these meetings focus specifically on the discount rate. The Fed has decided to maintain the rate at its current level of 5.5 percent.

U.S. Department of the Treasury

G20 review of Multilateral development banks seeks to provide recommendations - 16 April 2024

The G20 Independent Review of Multilateral Development Banks’ (MDB) Capital Adequacy Frameworks (G20 CAF Review) offers recommendations for enhancing MDB financial capacity, with Italy, Indonesia, and India all playing pivotal roles in doing so. Implementation of these recommendations has already bolstered MDB financing capacity. Notably, shareholders have committed $796 billion in callable capital, ensuring financial stability.

Treasury to propose update to CFIUS Rule to strengthen enforcement and oversight - 11 April 2024

The U.S. Department of the Treasury has issued a Notice of Proposed Rulemaking (NPRM) aimed at enhancing certain CFIUS procedures and enforcement authorities. This proposed rule represents a significant update to CFIUS regulations since the enactment of the Foreign Investment Risk Review Modernization Act of 2018. Key changes include expanding CFIUS's information requirements, refining timelines for risk mitigation proposals, and increasing civil monetary penalties for non-compliance. The public is invited to submit comments on the proposed rule for a period of 30 days following publication in the Federal Register.