SEC, Fed Push Forward With Banking Rules

Law360, New York (October 18, 2006, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission and the U.S. Federal Reserve continue to forge ahead on their project to winnow down which bank services and products should be treated as securities activities.

Federal Reserve Governor Susan Bies told the American Bankers Association that the SEC and the Fed have been meeting with banking groups to discuss the Financial Services Regulatory Relief Act, which mandates that the two agencies devise a single set of rules to govern the banking industry.

The bill, signed into law Oct. 13,...
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