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ARTICLE · 30 JULY 2015

Financial Regulatory Developments Focus - July 28, 2015

A&O Shearman
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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.

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 and the Office of the Comptroller of the Currency approve CIT Group's Acquisition of OneWest Bank

In decisions issued on July 19 and July 21, 2015, respectively, the Federal Reserve and the OCC approved applications by CIT to acquire OneWest Bank and to merge CIT Bank into OneWest Bank, which will operate under the name CIT Bank, National Association following the merger. OneWest Bank was established upon its acquisition of certain assets and liabilities of the failed IndyMac Bank in 2009. Each of the merging banks has approximately $15 billion in deposits, and the merged bank will have approximately $44 billion in total assets, making this one of the

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