Request for No-Action Letter was submitted to enable Jeffrey A. Wolfson to maintain his capital in Sallerson, a registered broker-dealer of which Wolfson owned approximately 70%, even though Wolfson was subject to a bar against being associated with a broker-dealer for a one-year period. Wolfson had proposed to put his ownership interest in a blind trust. Although the Division did not grant the letter, the denial of the grant was only to the point that putting Wolfson's stock in a blind trust was not sufficient to demonstrate that Wolfson would not be associated with the broker-dealer going

The OCC, the Federal Reserve Board, and the FDIC recently issued updated host state loan-to-deposit ratios that the agencies use to determine compliance with section 109 of the Interstate Act, which, generally speaking, prohibits any bank from establishing or acquiring a branch or branches outside of its home state primarily for the purpose of deposit production. Additional Materials: Section 109 Host State Loan-to-Deposit Ratios

This final rule amends FDIC regulations to prohibit any insured savings association from acquiring or retaining a corporate debt security unless it determines, prior to acquiring such security and periodically thereafter, that the issuer has adequate capacity to meet all financial commitments under the security for the projected life of the investment. The clarifying revision addresses ambiguities in the proposed rule and harmonizes the final rule with the final rule adopted by the OCC regarding permissible investments for national banks. Effective Date: July 21, 2012 Cross-Reference(s)

The OCC, the Federal Reserve Board, and the FDIC recently announced the availability of the 2012 list of distressed or underserved nonmetropolitan middle-income geographies, in which bank revitalization or stabilization activities will receive Community Reinvestment Act (CRA) recognition as “community development.#8221;

Chairman Gensler's testimony focused on: the failures and oversight of MF Global and Peregrine Financial; CFTC customer protection reforms to date and forthcoming reforms; CFTC restructuring regarding the oversight of SROs and intermediaries; and Gensler wanting to increase the CFTC's budget. Commissioner Sommers testimony focused on a description of the bankruptcy procedures: bankruptcy proceedings for firms that are dually registered as broker-dealers and FCMs; coordination of the CFTC with the SIPA trustee in charge of the broker-dealer bankruptcy; current CFTC protections for customer