Federal Reserve Board: Legal Cases against the Board

 

Board of Governors of the Federal Reserve System

Legal Cases against the Board (current as of October 31, 2016)

[Board information last updated on September 12, 2016.]

(Case dockets can be accessed through www.pacer.gov.)

Case name

Docket number

Issue of Case (and case history)

Perry v. Board of Governors, et al.

No. 16-cv-16612 (D.D.C., filed August 16, 2016

Claim for wrongful termination of disability benefits.

Richardson v. Board of Governors

No. 16-cv-00867 (D.D.C., filed May 9, 2016)

Claims arising out of termination of employment.

Haase v. Bank of America, et al.

No. 16-DCV-231823 (district Court for Fort Bend County, Texas, filed April 25, 2016)

Case raising claims resulting from mortgage foreclosure.

 

Burford v. Yellen

No. 15-cv-02074 (D.D.C., filed December 1, 2015).

Employment discrimination claim.

White Arnold & Dowd, P.C., v. Board of Governors

No 15-CV-00789 (N.D. Ala., filed May 12, 2015)

Freedom of Information Act case.

On October 30, 2015, the district court dismissed the case on the parties’ stipulation.

 

 

 

Love v. Board of Governors

No. 16-CV-1077 (D. Kan., filed March 13, 2015)

Claim involving the Board’s alleged failure to comply with its mandate under the Federal Reserve Act. On June 11, 2015, the district court granted the Board’s motion to dismiss.

Ramey v. Board of Governors

No. 14-CV-220 (D.D.C., filed December 22, 2014)

Freedom of Information Act case. On December 10, 2015, the district court granted the Board’s motion to dismiss the action.

The Loan Syndications and Trading Association v. Board of Governors

No. 14-1240 (D.C. Cir., petition for review filed November 10, 2014)

No. 16-cv-00652 (D.D.C., transferred from D.C. Circuit on March 18, 2016).

Petition for review of credit risk retention rules issued under Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

Administrative Procedure Act challenge to the credit risk retention rules issued under Section 941 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.

 

Richardson v. Board of Governors

No. 14-CV-01673 (D.D.C., filed October 8, 2014)

Employment discrimination claim.

Community Financial Services Association of America, Ltd., v. Board of Governors

No. 14-CV-00853 (D.D.C., filed June 11, 2014)

Administrative Procedure Act challenge to actions of the Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency that allegedly disadvantage payday lenders.

NACS et al. v. Board of Governors

No. 13-5720 (D.C. Circuit, notice of appeal filed August 21, 2013)

Appeal from district court ruling invalidating Board regulations issued pursuant to section 1075 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to debit card interchange fees. On March 21, 2014, the Court of Appeals reversed the district court’s grant of summary judgment and remanded the action to the district court. On August 18, 2014, the plaintiff filed a petition for certiorari. On January 20, 2015, the Supreme Court denied NACS’s petition for certiorari (No. 14-200). On October 2, 2015, the district court entered judgment for the Board.

WMI Liquidating Trust v. Board of Governors  

No. 13-CV-01706 (W.D. Washington, filed September 20, 2013)

Action for a declaratory judgment regarding golden parachute payments. On July 3, 2014, the action was transferred to the United States Bankruptcy Court for the District of Delaware (Adv. Pro. No. 14-50435-MFW (Bankr. D. Del.)), and on March 19, 2015, the district court withdrew the reference and took jurisdiction of the matter (No. 14-CV-01097).

Ferrer v. Bernanke    

No. 13-CV-01145 (S.D. Fla, filed July 30, 2013)

Claim on behalf of putative class of mortgagors that the Board’s Independent Foreclosure Review and related enforcement actions failed to provide sufficient benefits to borrowers. On October 28, 2014, the district court granted the Board’s motion to dismiss the action. On November 25, 2014, the plaintiffs filed a notice of appeal (Eleventh Circuit, No. 14-15325).

On April 11, 2016, the Court of Appeals granted the Board’s motion to dismiss it as a party to the appeal.

Ball v. Board of Governors

No. 13-CV-00603 (D.D.C., filed April 30, 2013)

Freedom of Information Act case. On March 31, 2015, the district court granted the Board’s motion for summary judgment.

Crisman v. Board of Governors

No. 12-CV-1871 (D.D.C., filed November 19, 2012)

Freedom of Information Act and Privacy Act case.

Wise v. Federal Reserve Board

No. 12-CV-1636 (D.D.C., filed October 2, 2012)

Federal Tort Claims Act case.

State National Bank of Big Spring v. Bernanke

No. 13-5247 (D.C. Cir. Notice of appeal filed August 2, 2013)

Appeal from district court’s dismissal of challenge to the constitutionality of the Consumer Financial Protection Bureau and the Financial Stability Oversight Council. On July 24, 2015, the Court of Appeals affirmed in part and remanded in part to the district court to consider issues related to the CFPB.

Artis v. Greenspan

No. 01-CV-0400(ESG) (D.D.C., complaint filed February 22, 2001)

Employment discrimination action. On September 29, 2014, the district court denied the plaintiffs’ motion for class certification. On January 14, 2015, the D.C. Circuit denied plaintiffs’ petition to appeal that ruling (No. 14-8003). On June 22, 2015, the district court dismissed the case with prejudice.

No. 15-5260 (D.C. Cir., notice of appeal filed September 19, 2015). Appeal of dismissal of plaintiffs’ Equal Employment Opportunity claims. On December 21, 2015, the Court of Appeals summarily affirmed the district court’s dismissal.  On April 1, 2016, the D.C. Circuit issued a mandate for its affirmance of the district court’s dismissal of the case on June 22, 2015.

On June 20, 2016, the plaintiffs filed a petition for certiorari (No. 15-1543).

On October 3, 2016, the Supreme Court announced that it denied cert for

TERRELL, GEORGIANNA, ET AL. V. YELLEN, CHAIR, BD. OF GOVERNORS (page 15 of pdf).

[Author’s note: The Artis case has some related blog posts.]

 

Federal Reserve Board: Inspector General Planning to Audit Board’s Governance Structure, According to the IG’s Work Plan

The Inspector General for the Federal Reserve Board (Board), in its October 1, 2016, Work Plan, page 7, stated that it will perform an audit of the Board’s governance structure.

Given the nature of such an audit, qualitative and not quantitative, I am afraid that such an important study will devolve into a useless “performance audit.” If so, I would be deeply disappointed; Inspectors General must be held to a higher standard of investigatory activity.

Federal Reserve Board: H.2 Release for Week Ending October 15, 2016; H.4.1 Release (Balance Sheet) for Week Ending October 20, 2016

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending October 15, 2016, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Bank Holding Companies BNC Bancorp, High Point, North Carolina — to merge with High Point Bank Corporation, High Point, and thereby indirectly acquire High Point Bank and Trust Company.

-Approved, October 14, 2016

Forms Forms — initial Board review to extend without revision certain filings related to the Gramm-Leach-Bliley Act: Declarations to Become a Financial Holding Company (FR 4010), Requests for Determinations and Interpretations Regarding Activities Financial in Nature (FR 4011), Notices of Failure to Meet Capital or Management Requirements (FR 4012), Notices by State Member Banks to Invest in Financial Subsidiaries (FR 4017), Regulatory Relief Requests Associated with Merchant Banking Activities (FR 4019), and Recordkeeping Requirements Associated with Merchant Banking Activities (FR 4023).

-Proposed, October 12, 2016

 

Forms — final Board review to extend with revision the Annual Report of Holding Companies (FR Y-6), Annual Report of Foreign Banking Organizations (FR Y-7), and Report of Changes in Organizational Structure (FR Y-10), and to extend without revision the Supplement to the Report of Changes in Organizational Structure (FR Y-10E).

-Approved, October 13, 2016

 

 

Monetary and Financial Policy Term Deposit Facility — floating-rate offering of seven-day term deposits with an early withdrawal feature, same-day settlement, and a maximum tender amount of $5 billion on October 20, 2016.

-Announced, October 13, 2016

 

 

 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for October 20, 2016, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of October 19, 2016):  $4,513,238 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending October 8, 2016; H.4.1 Release (Balance Sheet) for Week Ending October 13, 2016

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending October 8, 2016, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Enforcement Capital Commerce Bancorp, Inc., Milwaukee, Wisconsin — written agreement dated December 31, 2010, terminated September 28, 2016.

-Announced, October 4, 2016

 

HSBC Holdings plc, London, United Kingdom, and HSBC Bank plc — issuance of a notice of suspension and prohibition against Mark Johnson and Stuart Scott, former institution-affiliated parties of HSBC.

-Approved, October 3, 2016

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for October 13, 2016, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of October 12, 2016):  $4,503,457 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending October 1, 2016; H.4.1 Release (Balance Sheet) for Week Ending October 6, 2016

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending October 1, 2016, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Testimony and Statements Insurance Regulation — statement by Thomas Sullivan, associate director, Division of Banking Supervision and Regulation, before a subcommittee of the House Committee on Financial Services on the Federal Reserve’s involvement in a wide range of insurance supervisory and regulatory issues.

-Published, September 28, 2016

Supervision and Regulation — statement by Chair Yellen before the House Committee on Financial Services on the Federal Reserve’s regulation and supervision of financial institutions.

-Published, September 28, 2016

 

Forms Forms — initial Board review to extend without revision the Intermittent Survey of Business (FR 1374) and Domestic Finance Company Report of Consolidated Assets and Liabilities (FR 2248).

-Proposed, September 27, 2016

 

Regulations and Policies Capital Plan and Stress Test Rules — publication for comment of a notice of proposed rulemaking to revise the rules to take into account differing expectations for sound capital planning depending on the size, scope of operations, activity, and systemic risk profile of banking organizations.

-Approved, September 23, 2016

(A/C)

 

 

Enforcement Agricultural Bank of China, Beijing, People’s Republic of China; and Agricultural Bank of China New York Branch, New York, New York — issuance of a consent cease and desist order.

-Announced, September 29, 2016

 

 

 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for October 6, 2016, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of October 5, 2016):  $4,505,154 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)

Federal Reserve Board: H.2 Release for Week Ending September 24, 2016; H.4.1 Release (Balance Sheet) for Week Ending September 29, 2016

The Federal Reserve Board (Board) publishes a weekly digest of its activities on its website. The digest is called the H.2 Release and is published every Thursday. The release for the week ending September 24, 2016, is below.

H.2 Release–Actions of the Board, Its Staff, and the Federal Reserve Banks; Applications and Reports Received

Category Action Taken
Forms Forms — initial Board review to extend with revision the interagency Joint Standards for Assessing Diversity Policies and Practices (FR 2100).

-Proposed, September 22, 2016

 

Regulations and Policies Physical Commodities Activities — publication for comment of (1) notice of proposed rulemaking to strengthen requirements and limitations on the physical commodity activities and investments of financial holding companies, and (2) revision without extension of the Consolidated Financial Statements for Holding Companies (FR Y-9C).

-Approved, September 22, 2016

 

 

Enforcement Remedial Plans — remedial plans submitted by Credit Suisse and BNP Paribas in response to the Board’s 2014 enforcement actions against those institutions.

-Approved, September 22, 2016

 

 

Federal Reserve Board: Balance Sheet (H.4.1 Release)

The Board publishes data of factors affecting reserve balances. The digest is called the H.4.1 Release, and they are published every Thursday (or the next business day if the publication date falls on a federal holiday). The release for September 29, 2016, is below.

[Note: The blog will cover the line titled “Total Factors Supplying Reserve Funds.”]

H.4.1 Release–Factors Affecting Reserve Balances

Total factors supplying reserve funds (as of September 28, 2016):  $4,497,534 (in millions of dollars). (On September 26, 2007, this amount was $900,473 (in millions of dollars)).

(See the release for further information.)