On December 11, 2012, the FDIC Board of Directors modified the de minimis exceptions to Section 19 of the Federal Deposit Insurance Act, which prohibits a person convicted of certain criminal offenses from being involved in the affairs of a FDIC-insured financial institution. While waivers of Section 19 normally require a formal application to the FDIC, the FDIC has a Statement of Policy that grants a blanket exception for certain de minimis convictions. The recent modifications increase the potential fine and the number of days of imprisonment allowable under this de minimis exception

The SEC extended the expiration date for various Expiring Temporary Exemptions until February 11, 2014. In addition, the SEC requested comment on any exemption contained in the July 1, 2011 Order granting temporary exemptive relief from compliance with certain provisions of the Exchange Act in connection with the revision of the Exchange Act definition of "security" to encompass security-based swaps, as well as any additional relief that should be granted upon the expiration of the extension. Click here to view in full Order Extending Temporary Exemptions Originally Granted On July 1, 2011

SIFMA, The Clearing House ("TCH") and The Financial Services Roundtable ("FSR") provided the attached comments to the CFTC on Further Proposed Guidance Regarding Compliance with Certain Swap Regulations (78 FR 909). The letter provides detailed commentary on the CFTC's specific proposals in the Further Proposed Guidance. The main points are as follows: The groups do not support the proposed clarifications to two prongs of the proposed "U.S. person" definition. The groups believe that both the concept of indirect majority ownership and the concept of "bearing unlimited responsibility" for

SIFMA announced the addition of Aseel Rabie to SIFMA's Office of General Counsel as managing director and associate general counsel. Rabie will "work across many issues in SIFMA's portfolio, including anti-money laundering and derivatives," and will report to Ira Hammerman, SIFMA's General Counsel. (Aseel was an associate at Cadwalader between the years 2005 and 2011, and was a member of the business fraud section of the litigation department in Washington, D.C., where she specialized in securities enforcement and regulatory work, as well as government investigations.) Click here to view

The Bureau of Consumer Financial Protection (the "Bureau") is publishing a final rule amending the official commentary that interprets the requirements of the Bureau’s Regulation C (Home Mortgage Disclosure) to reflect a change in the asset-size exemption threshold for banks, savings associations, and credit unions based on the annual percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI–W). The exemption threshold is adjusted to increase to $42 million from $41 million. The adjustment is based on the 2.23 percent increase in the average of the CPI–W