by Summary:
Now over to the House...This from the article: The bill would allow custody banks such as BNY Mellon and State Street Corp to exempt the customer deposits they place with central banks from a stringent capital calculation requirement. Is this supposed to mean that it does not apply to banking firms such as JPM, C, BAC, etc? Here is the language from the S.2155 Definition.—In this section, the term “custodial bank” means any depository institution holding company predominantly engaged in custody, safekeeping, and asset servicing activities, including any insured depository institution subsidiary of such a holding company. I can't tell.... not being trained as a lawyer :p I am assuming that the language of the bill would make it applicable to any banking firm that at least maintains
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Now over to the House...This from the article: The bill would allow custody banks such as BNY Mellon and State Street Corp to exempt the customer deposits they place with central banks from a stringent capital calculation requirement. Is this supposed to mean that it does not apply to banking firms such as JPM, C, BAC, etc? Here is the language from the S.2155 Definition.—In this section, the term “custodial bank” means any depository institution holding company predominantly engaged in custody, safekeeping, and asset servicing activities, including any insured depository institution subsidiary of such a holding company. I can't tell.... not being trained as a lawyer :p I am assuming that the language of the bill would make it applicable to any banking firm that at least maintains
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Mike Norman considers the following as important:
This could be interesting, too:
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Now over to the House...
This from the article:
The bill would allow custody banks such as BNY Mellon and State Street Corp to exempt the customer deposits they place with central banks from a stringent capital calculation requirement.
Is this supposed to mean that it does not apply to banking firms such as JPM, C, BAC, etc?
Here is the language from the S.2155
Definition.—In this section, the term “custodial bank” means any depository institution holding company predominantly engaged in custody, safekeeping, and asset servicing activities, including any insured depository institution subsidiary of such a holding company.
I can't tell.... not being trained as a lawyer :p
I am assuming that the language of the bill would make it applicable to any banking firm that at least maintains custodial accounts in a subsidiary.
While imo the sentence from the article does not imply this.
FULL STORY: The U.S. Senate voted 67 to 31 to ease bank rules, bringing Congress a step closer to passing the first rewrite of the Dodd-Frank reform law enacted after the 2007-2009 financial crisis. https://t.co/wzZp2rSNWf— NBC News (@NBCNews) March 14, 2018