In a letter to the OCC yesterday, the American Bankers Association offered support for guidance issued by the agency in March aimed at providing additional flexibility to the rules governing short-term investment funds—bank-managed funds for fiduciary clients that are similar to money market mutual funds.
The Office of the Comptroller of the Currency has adopted an interim final rule, effective immediately, to revise its short-term investment fund rule for national banks acting in a fiduciary capacity.
In a comment letter to the FDIC on Monday, the American Bankers Association offered support for the Securities and Exchange Commission’s proposal to amend the definition of “accredited investor” under Regulation D and “qualified institutional buyer” definition under Rule 144A.
Real GDP grew at a seasonally adjusted annual rate of 3.4 percent during the third quarter of 2018, according to the Bureau of Economic Analysis’s third estimate, revised down from the “second” estimate. Personal Consumption and Expenditures (PCE) and exports were revised down, and private inventory investment was revised up. The general picture of economic