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ARTICLE · 04 APRIL 2016

Financial Regulatory Developments Focus - 24 March 2016

A&O Shearman
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On March 18, 2016, as part of the Federal Reserve Bank of New York's Conference on Bank Supervision, senior officials of several US bank regulatory agencies delivered remarks regarding the effectiveness of bank supervision...

United StatesFinance and Banking
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In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset managers and corporates.

Bank Prudential Regulation & Regulatory Capital

US Federal Reserve Board Approves Application by Goldman Sachs Bank USA to Acquire Deposits

On March 21, 2016, the US Board of Governors of the Federal Reserve System approved the application by Goldman Sachs Bank USA under the Bank Merger Act to assume substantially all (approximately $17 billion) of the deposit liabilities and certain assets of GE Capital Bank, a subsidiary of General Electric Corporation, including assets GE Bank uses to manage its online deposit-taking platform. The acquisition was announced in August 2015, and the Federal Reserve Board extended processing of GS Bank's application in light of numerous public comments that challenged the transaction on

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