Shared National Credit Review Finds Risk Remains Elevated in Leveraged Loans

News Release 2020-15 | January 31, 2020 Share This Page: Joint Release Federal Deposit Insurance CorporationFederal Reserve Board of GovernorsOffice of Comptroller of the Currency WASHINGTON—Federal bank regulatory agencies find that the share and amount of loan commitments with the lowest supervisory ratings rose slightly between 2018 and 2019, according to the Shared National Credit (SNC) […]

Comptroller of the Currency Helps Kick Off 2020 Summer Intern Process

News Release 2020-14 | January 31, 2020 Share This Page: WASHINGTON—Comptroller of the Currency Joseph M. Otting today joined District of Columbia Mayor Muriel Bowser and the heads of other federal agencies to kick off the 2020 Mayor Marion S. Barry Summer Youth Employment Program (MBSYEP) in the District. Last year, the Office of the Comptroller […]

IRS revises Form 1023 for applying for tax-exempt status

IR-2020-25, January 31, 2020 WASHINGTON — As part of an ongoing effort to improve service for the tax-exempt community, the Internal Revenue Service has revised Form 1023 to allow electronic filing for the first time starting later this month. To help charities apply for Section 501(c)(3) tax-exempt status, the IRS has revised Form 1023, Application […]

IRS takes next step on abusive micro-captive transactions; nearly 80 percent accept settlement, 12 new audit teams established

IR-2020-26, January 31, 2020 WASHINGTON — The Internal Revenue Service announced today the overwhelming acceptance of a time-limited settlement offer made to certain taxpayers under audit who participated in abusive micro-captive insurance transactions. Nearly 80% of taxpayers who received offer letters elected to accept the settlement terms. In addition, the IRS is establishing 12 new […]

Banker Webinar: New Standardized Approach for Calculating the Exposure Amount of Derivative Contracts

FIL-6-2020 January 31, 2020 Banker Webinar: New Standardized Approach for Calculating the Exposure Amount of Derivative Contracts Printable Format: FIL-6-2020 – PDF (PDF Help) Summary: The FDIC will host a webinar to discuss the “standardized approach for counterparty credit risk” (SA-CCR), a new risk-based capital approach for calculating the exposure amount for derivative contracts, on […]

Agencies Propose Changes to Modify “Covered Funds” Restrictions of Volcker Rule

News Release 2020-11 | January 30, 2020 Share This Page: Joint Release Board of Governors of the Federal Reserve SystemCommodity Futures Trading CommissionFederal Deposit Insurance CorporationOffice of Comptroller of the CurrencySecurities and Exchange Commission Five federal financial regulatory agencies on Thursday invited public comment on a proposal to modify regulations implementing the Volcker rule’s general prohibition […]

Comptroller of the Currency Approves Proposal to Revise Volcker Rule Covered Funds Provisions

News Release 2020-10 | January 30, 2020 Share This Page: WASHINGTON—The Comptroller of the Currency today approved a proposed rule to revise the “covered funds” provisions in the regulations implementing Section 13 of the Bank Holding Company Act of 1956 (BHC Act), also known as the Volcker Rule. “By approving the proposal today, we are helping […]

Statement of the FTC Chairman Regarding Announcement that Aveanna Healthcare and Maxim Healthcare Services have Terminated Their Acquisition Agreement

The Federal Trade Commission has closed its investigation into the proposed merger of Aveanna Healthcare and Maxim Healthcare. “Staff of the Bureau of Competition and Bureau of Economics have investigated the proposed transaction for several months, including its potential effects in multiple localities across the country on markets both for nursing services and for private […]

Apple delivers a new redesigned Maps for all users in the United States

Maps helps hundreds of millions of people in over 200 countries navigate and explore the world. It’s everywhere customers are: at home, in the office, on the go on users’ iPhone, iPad, Mac and Apple Watch, and in the car with CarPlay. Privacy is central to the Maps experience, offering personalized features created using on-device […]

United States Announces Successful Initial Transactions Through Humanitarian Channel for Iran

WASHINGTON –The U.S. Department of the Treasury today announced the completion of initial financial transactions benefitting Iranian medical patients through a humanitarian channel in Switzerland. Iranian cancer and transplant patients are receiving treatments through this channel, which is subject to strict due diligence measures to avoid misuse by the Iranian regime. The successful completion of […]