The FDIC announced that it is seeking comments on a proposed rulemaking to amend the FDIC's Annual Stress Test rule. The proposed rule would shift back the timing of the annual stress-testing cycle by approximately 90 days and clarify that institutions covered by the Annual Stress Test rule will not have to calculate their regulatory capital ratios using the Basel III advanced approaches until the stress-testing cycle begins on January 1, 2016. This notice of proposed rulemaking follows similar actions by the Board of Governors of the Federal Reserve System and the Officer of the Comptroller

On June 12, 2014, Jennifer Shasky Calvery, Director of the Financial Crimes Enforcement Network ("FinCEN"), spoke at a Bank Secrecy Act ("BSA") conference in Las Vegas sponsored by the gaming industry. Her remarks provided insights into FinCEN's concept of an adequate anti-money laundering ("AML") program for casino businesses. The recurring theme of Ms. Calvery's presentation was that "there is no one-size-fits-all approach to AML" that may be universally adopted and applied. Casinos are expected to invest the same degree of risk-based controls to an AML program as they do to protect

Representative Maxine Waters (D-CA) wrote a letter to CFTC Chairman Timothy Massad, urging the CFTC to "thoroughly investigate" recent reports that large U.S. banks are attempting to avoid U.S. swap regulations by changing the swaps agreements of their foreign affiliates to remove explicit references to any guarantee by the U.S. bank. According to Rep. Waters, swaps transactions of foreign guaranteed affiliates transfer risk back to the United States to the same degree as if the transaction were entered directly by the U.S. bank, regardless of the form of the guarantee. Therefore, Rep. Waters

The Office of the Comptroller of the Currency ("OCC") invited comment on proposed amendments to the OCC's Annual Stress Test rule that would shift back the timing of the annual stress test cycle by approximately 90 days. Additionally, the amendments would clarify that institutions covered by the Annual Stress Test rule will not have to calculate their regulatory capital ratios using the Basel III advanced approaches until the stress testing cycle beginning January 1, 2016. Comments are due 60 days after publication of the proposed rule in the Federal Register, which is expected shortly. See

The Office of the Comptroller of the Currency ("OCC") issued interim procedures for examiners to assess banks' progress in developing a framework to comply with the requirements of Dodd-Frank Section 619 ("Prohibitions on proprietary trading and certain relationships with hedge funds and private equity funds"), or the Volcker Rule, and the implementing regulations adopted by the OCC with the other rule-writing agencies. According to the OCC, these interim examination procedures were developed to help examiners understand and focus on the Rule's key aspects, as well as to work with banks during