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April 01, 2015 9:33 AM 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

Federal Reserve Board Announces Approval of Application by KSRS, LLC

The Federal Reserve Board announced its approval of the application under section 3 of the Bank Holding Company Act by KSRS, LLC, Osceola, to become a bank holding company by retaining control of Bancorp II Inc., Kansas City, and thereby indirectly retaining control of its subsidiary bank, Citizens Community Bank, Pilot Grove, all of Missouri.

Commerzbank Announces Agreements with U.S. Authorities Regarding Sanctions and Money Laundering Violations

Commerzbank has reached settlements with the Department of Justice ('DoJ'), the Treasury Department's Office of Foreign Assets Control, the New York County District Attorney's Office, the Board of Governors of the Federal Reserve ('the Federal Reserve') and New York's Department of Financial Services ('NYDFS') regarding U.S. sanctions and New York State business records violations that occurred between 2002 and 2008. The Bank has also reached settlements with the DoJ, the Federal Reserve and the NYDFS regarding violations arising from its failure between 2008 and 2013 to maintain adequate policies, procedures and practices for detecting and reporting potential money laundering activities. The settlements regarding sanctions and money laundering (AML) total USD 1,452 million (EUR 1,196 million). Commerzbank built adequate reserves as discussions with the authorities progressed. On 12 February 2015, the Bank announced that a further increase in legal provisions was possible and could be reflected in the final annual financial statements for 2014. Further to the amount already reserved, the Bank will book an additional one-off charge of EUR 338 million in the fourth quarter 2014 for these settlements, to be reflected in the final annual financial statements for 2014.

Federal Reserve Board Announces Approval of Applications by Banco Popular de Puerto Rico

The Federal Reserve Board announced its approval of the applications by Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, to acquire certain assets and assume certain liabilities from Doral Bank, San Juan, Puerto Rico, pursuant to section 18(c) of the Federal Deposit Insurance Act; and establish and operate branches at the locations of the acquired branches of Doral Bank, pursuant to section 9 of the Federal Reserve Act.

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