Volcker Rule Approved by Five Federal Agencies

A rule pursuant to the 2010 Dodd Frank Act, which sought to address the nation’s financial system to prevent a financial crisis similar to that of 2008, was approved by five federal agencies with banking oversight duties. Known as the “Volcker Rule” after former federal reserve chairman Paul Volcker, who proposed the regulation, the rule […]

SunTrust Settles Mortgage Claims for More than $1B

SunTrust Banks settled mortgage fraud charges with the government by agreeing to pay more than $1 billion. The settlement involved the Department of Justice, the Department of Housing and Urban Development, and the Federal Reserve. The settlement includes $468 million in cash payments and $500 million in mortgage borrower relief. Additionally, SunTrust will pay $200 […]

Federal Court Analyzes SEC – BofA Settlement

Earlier this month the Securities and Exchange Commission and Bank of America reached a settlement in the SEC’s investigation of the bank relating to the propriety of disclosures it made last year during its $50 billion acquisition of Merrill Lynch. The SEC alleged that BofA had mislead its shareholders about $5 billion in bonuses that […]

SEC and Fed Reach Memorandum of Understanding to Share Information

In an attempt to confront regulatory gaps the Securities and Exchange Commission and the Federal Reserve have reached a memorandum of understanding to allow the staffs of the two agencies to share information. The Fed has regulatory responsibilities for banks, bank holding companies, financial holding companies and their subsidiaries, and foreign banks. The SEC regulates […]