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May 26, 2015 11:19 PM ET

Banks

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

Phone:

202-452-2948

Fax:

202-452-6481

Key Executives for The Federal Reserve System

Chief Operating Officer and Director of Management Division
Age: 55
Chief Information Officer and Director of Information Technology Division
Director of Division of Banking Supervision and Regulation
Executive Vice President
Senior Vice President of National and Strategic Sales Accounts
Compensation as of Fiscal Year 2014.

The Federal Reserve System Key Developments

Barclays Announces Foreign Exchange and ISDAfix Settlements

As part of their industry-wide investigations into certain sales and trading practices in the Foreign Exchange market, Barclays has reached settlements with the U.S. Commodity Futures Trading Commission, the New York State Department of Financial Services, the U.S. Department of Justice, the Board of Governors of the Federal Reserve System and the UK Financial Conduct Authority. Barclays has agreed to pay a combined total of GBP 1,533 million. In common with other financial institutions announcing FX settlements with the DOJ, Barclays has also agreed to plead guilty to a violation of US anti-trust law. The fine imposed by the DOJ includes an amount of GBP 38.7 million as a consequence of certain practices continuing after Barclays entered into a Non-Prosecution Agreement with the DOJ in June 2012. However, the DOJ has exercised its discretion not to declare a breach of the NPA recognising the significant cultural and compliance changes already instituted by Barclays and the degree of co-operation that Barclays provided in the course of the DOJ's investigation. As the settlements show, Barclays has also received recognition for these changes and its co-operation from other authorities. Barclays has also reached a settlement with the CFTC as part of an industry-wide investigation into the setting of the US Dollar ISDAfix benchmark. In connection with this resolution, Barclays has agreed to pay GBP 74.2 million. The fines imposed under settlements are covered by existing provisions of GBP 2.05 billion, including those taken by Barclays in its first quarter of 2015 results.

JPMorgan Reaches $550 Million Settlement with Department of Justice, $342 Million Settlement with Fed

JPMorgan Chase & Co. (JPM) announced that it has reached settlements with the Department of Justice (DoJ) and the Federal Reserve related to its foreign exchange trading business. In total, the company will pay $892 million, of which $550 million is to the DoJ and $342 million is to the Fed. In the settlement with the DoJ, JPMorgan will also plead guilty to a single antitrust violation and with the Fed it has agreed to the entry of a Consent Order. The bank said it has previously set aside reserves for the settlements. The settlements are in addition to agreements announced in November 2014 with the U.K. Financial Conduct Authority, the U.S. Commodity Futures Trading Commission and the U.S. Office of the Comptroller of the Currency relating to the FX trading business. The bank said the conduct underlying the antitrust charge is principally attributable to a single trader and his coordination with traders at other firms.

Federal Reserve Announces Fines totaling More Than $1.8 Billion Against Six Banking Organizations for Their Unsafe and Unsound Practices in the Foreign Exchange Markets

The Federal Reserve on May 20, 2015 announced it will impose fines totaling more than $1.8 billion against six major banking organizations for their unsafe and unsound practices in the foreign exchange (FX) markets. The fines, among the large ever assessed by the Federal Reserve, include: $342 million each for UBS AG, Barclays Bank PLC, Citigroup Inc., and JPMorgan Chase and Co.; $274 million for Royal Bank of Scotland PLC; and $205 million for Bank of America Corporation. The Federal Reserve also issued cease and desist orders requiring the firms to improve their policies and procedures for oversight and controls over activities in the wholesale FX and similar types of markets. The Federal Reserve is requiring the firms to correct deficiencies in their oversight and internal controls over traders who buy and sell U.S. dollars and foreign currencies for the organizations' own accounts and for customers. As a result of these deficient policies and procedures, the organizations engaged in unsafe and unsound conduct by failing to detect and address improper actions by their traders. These actions included the disclosure in electronic chat rooms of confidential customer information to traders at other organizations. Five of the banks failed to detect and address illegal agreements among traders to manipulate benchmark currency prices. Bank of America failed to detect and address conduct by traders who discussed the possibility of entering into similar agreements to manipulate prices. In addition, the Federal Reserve found UBS, Citigroup, JPMorgan Chase, and Barclays engaged in unsafe and unsound conduct in FX sales, including conduct relating to how the organizations disclosed to customers the methods for determining price quotes.

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