Liquidity Regulation And The Size Of The Fed’s Balance Sheet

From: Board of Governors of the Federal Reserve System

Vice Chairman for Supervision Randal K. Quarles

At “Currencies, Capital, and Central Bank Balances: A Policy Conference,” a Hoover Institution Monetary Policy Conference, Stanford University, Stanford, California

Thank you very much to the Hoover Institution for hosting this important conference and to John Taylor for inviting me to participate.1 In my capacity as both the Vice Chairman for Supervision at the Board of Governors and a member of the Federal Open Market Committee (FOMC), part of my job is to consider the intersection of regulatory and monetary policy issues, the subject of my discussion today. This topic is a very complex and dynamic nexus, especially as regulation and the implementation of monetary policy continue to evolve.

House hearing examines impact of FinCEN rules on financial institutions

From: Financial Regulation News

BY DAVE KOVALESKI

The House Financial Institutions and Consumer Credit Subcommittee held a hearing to examine the impact on banks of the Financial Criminal Enforcement Network’s (FinCEN) recent rules regarding beneficial ownership and other matters.

FinCEN recently released frequently asked questions outlining the guidelines for beneficial ownership. It said financial institutions must collect information individuals who own 25 percent or more of the equity interests in the client company and the controlling owner.

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“Back of House” Tip Pooling Could Land California Employers in Hot Water

From: JD Supra

Stefanie Renaud | Hirschfeld Kraemer LLP

As mentioned in our blog post on the Department of Labor’s (“Department”) new opinion letters clarifying aspects of the Fair Labor Standards Act (“FLSA”), April has seen a lot of changes and clarifications to the FLSA. One topic that has been discussed at length is the practice of tip pooling – which is common in customer-service industries where employees receive tips, such as restaurants and carwashes. The practice of tip pooling requires employees who have the most customer interaction, and typically receive tips, to share a portion of those tips with employees who have less direct interaction with customers, but still contribute to providing the customer’s service.

Trump’s New Tip Pooling Rule Means Harsh Fines for Rule-Breakers

From: Foodable

Tipping can be a minefield.  Just ask Mario Batali, Daniel Boulud or Jessica Biel.  They’ve all been sued by their employees for allegedly pocketing tips in what is rapidly becoming one of today’s most heavily litigated areas of law.  The law is confusing and, up until a few weeks ago, was silent on a key issue that spurred an interpretation dispute between the Department of Labor (DOL) and federal courts that spanned almost a decade.

Brasserie 19 Sued Over Alleged Improper Tip Pooling

From: Eater | Houston

A former server at the restaurant seeks back pay and lost wages