The OCC issued a bulletin today clarifying its limits on physical commodity transactions by banks. Preexisting OCC guidance allows the use of physical commodity transactions to manage risks involved with commodity derivatives provided those activities constitute a “nominal” percentage of overall risk management activities.
Freddie Mac today reported a $4.2 billion profit in the second quarter, up significantly from the $1.4 billion the company earned in the second quarter of 2014 and marking Freddie’s 15th consecutive profitable quarter.
ABA recently urged the Public Company Accounting Oversight Board to emphasize enforcement of current audit requirements relating to the work of specialists, rather than creating new auditing standards.
New orders for manufactured goods increased 1.8 percent to $478.5 billion, following a 1.1 percent decrease in May. June’s increase followed two consecutive monthly decreases. New orders for transportation equipment, also following two monthly decreases, grew 9.3 percent to $78.5 billion, as orders for defense and non-defense aircraft and parts increased 31.4 and 65.4 percent.
ABA yesterday urged Senate leaders to pass the Cybersecurity Information Sharing Act — which may be brought to the Senate floor for a vote this week — and to defeat any amendments offered that would undermine the legislation.
Consumer Financial Protection Bureau Director Richard Cordray has been announced as a keynote speaker for ABA’s Annual Convention, Nov. 8-10 in Los Angeles, where he will discuss the fight against elder fraud and other regulatory issues.
As part of the Partnership to Protect Workplace Opportunity, ABA and other trade associations representing employers have urged the Department of Labor to extend by 60 days the comment period on its controversial overtime proposal, which would more than double the salary level required for the exemption from overtime requirements.
ABA yesterday warned the Financial Accounting Standards Board that a proposed change in accounting for stock options will subject a company’s earnings to the volatility of its stock price.
The case will be remanded to the district court where the judge will eventually rule on the merits of plaintiffs’ claims.
A conference is scheduled in the district court for October 5, 2015 to decide the next steps in the litigation.