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November 30, 2015 3:03 PM ET


Company Overview of The Federal Reserve System

Company Overview

The Federal Reserve System is based in the USA.

20th Street and Constitution Avenue, NW

Washington, DC 20551

United States

Founded in 1913





Key Executives for The Federal Reserve System

Chief Operating Officer and Director of Management Division
Age: 56
Chief Information Officer and Director of Information Technology Division
Director of Division of Banking Supervision and Regulation
Executive Vice President
Chair of Faster Payments Task Force
Compensation as of Fiscal Year 2015.

The Federal Reserve System Key Developments

Deutsche Bank Will Pay $258 Million Penalty Imposed by The Federal Reserve and New York State Department of Financial Services

Deutsche Bank will pay $258 million and terminate six employees for processing transactions that benefited Iran and other blacklisted nations. The Federal Reserve and New York State Department of Financial Services imposed the penalties after finding that Deutsche Bank's Manhattan-based division handled U.S. dollar transactions valued at more than $10.86 billion for Iranian, Libyan, Syrian, Burmese and Sudanese financial institutions and other entities. The transactions, processed from at least 1999 through 2006, were forbidden based on U.S. sanctions imposed over findings of terrorism or other potential threats to the U.S. Emails uncovered by investigators showed bank employees and customers knew the transactions were improper.

Federal Reserve Board Announces Civil Money Penalty and Issues Cease and Desist Order Against Deutsche Bank AG

The Federal Reserve Board announced a $58 million penalty and consent cease and desist order against Deutsche Bank AG, related to violations of U.S. sanctions. The order requires Deutsche Bank to implement an enhanced program to ensure global compliance with U.S. sanctions administered by the U.S. Department of Treasury's Office of Foreign Assets Control. The actions were taken by the Federal Reserve for unsafe and unsound practices at Deutsche Bank. The firm did not have sufficient policies and procedures to ensure that activities conducted at its offices outside of the United States complied with U.S. sanctions laws and were reported in a timely manner in response to inquiries by the Federal Reserve Bank of New York. The Federal Reserve's order is being issued in conjunction with an action by the New York State Department of Financial Services for violations of various New York state laws. The total penalty issued by both agencies is $258 million. The Federal Reserve order also prohibits Deutsche Bank from re-employing the individuals involved in the past actions or retaining them as consultants or contractors. Deutsche Bank has agreed to cooperate in the investigations of former individuals who may have been involved in the conduct underlying the enforcement action, but is not the subject of these investigations.

Royal Bank of Canada Receives Approval from Federal Reserve System to Acquire City National Corporation

Royal Bank of Canada announced that it has received formal regulatory approval from board of governors of the Federal Reserve System to complete RBC's acquisition of City National Corporation. The approval is pursuant to their merger agreement previously announced January 22, 2015. The merger is expected to close on November 2, 2015. City National common stockholders may elect to receive, for their shares of City National common stock, cash, RBC common shares, or a combination of cash and RBC common shares.

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