Board Actions

United Bankshares, Inc., Charleston, West Virginia, and George Mason Bankshares, Inc., Fairfax, Virginia -- to acquire Virginia Commerce Bancorp, Inc., Arlington, Virginia, and Virginia Commerce Bank; and for United's subsidiary bank, United Bank, Fairfax, to merge with Virginia Commerce Bank, Arlington, and thereby establish branches.
-Approved, December 11, 2013

Federal Reserve Notes -- new currency budget for 2014.
-Approved, December 12, 2013

Forms -- final Board review to revise without extension the Banking Organization Systemic Risk Report (FR Y-15).
-Approved, December 11, 2013

Conformance Period for Volcker Rule -- extension to July 21, 2015, for covered banking entities to conform their activities and investments to the section 619 of the Dodd-Frank Act.
-Approved, December 10, 2013

Qualified and Non-Qualified Mortgage Loans -- interagency statement to clarify safety-and-soundness expectations and Community Reinvestment Act considerations related to qualified mortgage loans and non-qualified mortgage loans offered by regulated institutions.
-Announced, December 13, 2013

Regulation CC (Availability of Funds and Collection of Checks) -- publication for comment of proposed amendments to check collection and return rules to reflect the evolution of the nation's check collection system from one that is largely paper based to one that is virtually all electronic.
-Approved, December 9, 2013

Regulation VV (Proprietary Trading and Relationships with Covered Funds) -- final interagency rules to implement the so-called Volcker Rule of the Dodd-Frank Act, which contains certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company supervised by the Federal Reserve to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund.
-Approved, December 10, 2013

Regulation Z (Truth in Lending) -- final interagency rule establishing certain exemptions from the Dodd-Frank Act's appraisal requirements for a subset of higher-priced mortgage loans.
-Approved, December 5, 2013
(A/C)

Reserve Bank Directors -- designation of chairs and deputy chairs of the twelve Federal Reserve Banks for 2014.
-Announced, December 13, 2013

Farmers & Miners Bank, Pennington Gap, Virginia -- issuance of a consent order of assessment of a civil money penalty.
-Announced, December 12, 2013

The Royal Bank of Scotland Group plc, Edinburgh, Scotland, and The Royal Bank of Scotland plc -- issuance of a consent cease and desist order and order of assessment of a civil money penalty.
-Announced, December 11, 2013