Board Actions

Actions taken during the week ending December 20, 2014

Banking Supervision & Regulation

Advanced Approaches Capital Rule -- requests by HSBC North America Holdings, Inc., TD Bank U.S. Holding Company, and MUFG Americas Holdings Corporation to opt out of the requirement to calculate their applicable capital ratios under the advanced approaches risk-based capital rule.
-Approved, December 10, 2014
(A/C)

Regulation YY -- request by The Toronto-Dominion Bank for an exemption from the Regulation YY requirement to transfer its ownership interest in TD Ameritrade to its U.S. intermediate holding company.
-Denied, December 10, 2014
(A/C)

Regulation YY -- request by Royal Bank of Scotland plc for relief from the Regulation YY requirement to form a U.S. intermediate holding company by July 1, 2016.
-Approved, December 10, 2014
(A/C)

Board Operations

Office of Inspector General -- 2015 operating and capital budgets.
-Approved, December 19, 2014

Personnel

Division of Banking Supervision and Regulation -- appointment of Mary Aiken, Michael Hsu, Nancy Perkins, Tameika Pope, and Richard Watkins as deputy associate directors and Lisa Ryu, Michael Sexton, Sean Campbell, and Thomas Sullivan as associate directors.
-Announced, December 16, 2014

Division of International Finance -- appointment of Constantijn (Stijn) Claessens as senior adviser.
-Approved, December 12, 2014
(A/C)

Regulations and Policies

Conformance Period for Volcker Rule -- extension to July 21, 2016, for banking entities to conform their covered-fund activities and investments that were in place before December 31, 2013, to section 619 of the Dodd-Frank Act.
-Approved, December 17, 2014

Regulatory Capital and Liquidity Coverage Ratio Rules -- interagency interim final rule to ensure that the treatment of certain financial transactions under these rules would be unaffected by the implementation of certain foreign special resolution regimes or by contractual provisions incorporating stays of special resolution regimes.
-Approved, December 15, 2014

Reserve Bank Operations

Federal Reserve Bank Budgets -- operating and capital budgets for the Federal Reserve Banks, Federal Reserve Information Technology, and Office of Employee Benefits for 2015.
-Approved, December 16, 2014

Enforcement

Port Byron State Bank, Port Byron, Illinois -- written agreement issued July 23, 2013, terminated December 9, 2014.
-Announced, December 16, 2014