Fed proposes expanding capital reviews to 35 banks
National News
The Federal Reserve wants a broader group of banks to provide details each year about their finances, part of an effort to ensure banks can meet their capital requirements and avoid another financial crisis.
The Fed currently requires the nation's 19 largest banks to submit capital plans annually. The proposal unveiled Friday would expand the list to the 35 largest banks by requiring firms with assets of $50 billion or more to submit annual plans.
Capital is the amount of reserves that a bank holds as a cushion against losses. If the Fed determines a bank doesn't have adequate capital, it can order it to stop paying dividends to stockholders. The central bank is taking comments on the proposal through August and has plans to implement it by January.
The financial overhaul law passed last year directed federal regulators to do a better job monitoring the level of capital that banks keep on hand. Banks have been fighting many of the more stringent controls being imposed under last year's legislation. They contend the tighter rules are not necessary and will restrict their ability to make loans.
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Processing Change for Certain Form I-730 Petitions
USCIS changed the processing location for certain Form I-730, Refugee/Asylee Relative Petition, filings. Previously the Service Center Operations Directorate processed these filings. Now, the International Adjudications Support Branch (IASB) in the Refugee, Asylum, and International Operations Directorate will process the petitions filed by individuals who were admitted to the United States as refugees. Petitioners and/or accredited representatives who file refugee-based Form I-730 petitions will receive further instructions when IASB receives their filings. Form I-730 petitions filed by persons granted asylum will not be affected by this change. The mailing instructions for Form I-730 remain the same. Petitioners should continue to follow the Where to File directions on the Form I-730 page. This policy update is consistent with the Department of Labor’s (DOL’s) Standard Occupational Classification system. DOL defines economists as people who conduct research, prepare reports, or formulate plans to address economic problems related to the production and distribution of goods and services or monetary and fiscal policy. Economists may collect and process economic and statistical data using sampling techniques and econometric methods.