April 14, 2023
Top Lines Federal Reserve Governor Michelle W. Bowman delivered remarks on the consequences of fewer banks in the U.S. banking system at the Wharton Financial Regulation Conference in Philadelphia, Pennsylvania. Federal Reserve Governor Christopher J. Waller delivered remarks at the Graybar National Training Conference in San Antonio, Texas covering the economic outlook, including the recent […]
April 7, 2023
Top Lines New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris said that last month’s closure of Signature Bank was because of problems with the bank’s liquidity, as opposed to the services it was providing to cryptocurrency companies. “The idea that the taking possession of Signature was about crypto and this is ‘Choke Point […]
March 31, 2023
Top Lines This week, the Senate Banking Committee and House Financial Services Committee held hearings to review the recent failures of Silicon Valley Bank (SVB) and Signature Bank. Members of both committees, on both sides of the aisle, took aim at banking regulators for failing to appropriately oversee SVB and Signature Bank in a manner […]
March 24, 2023
Top Lines Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee, and Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee, sent a letter to the U.S. Government Accountability Office (GAO) calling on the Office to begin a study and an investigation into the recent collapse of Silicon Valley Bank […]
March 17, 2023
Top Lines Last week, Silicon Valley Bank (SVB) collapsed, constituting the largest U.S. bank failure since 2008. The FS Vector Team and JCSmith Advisors held a webinar series discussing the developing situation as well as the larger implications for the financial sector, innovation economy, and regulatory structure. View the recorded sessions below. Part 1, Session […]
March 10, 2023
Top Lines Federal Reserve Vice Chair for Supervision Michael Barr delivered remarks entitled “Supporting Innovation with Guardrails: The Federal Reserve’s Approach to Supervision and Regulation of Banks’ Crypto-related Activities.” Vice Chair Barr discussed concerns related to crypto, including illicit financing and liquidity and credit risks, and emphasized the importance of balancing innovation with safeguards. Vice […]
March 3, 2023
Top Lines The Data Privacy Act of 2023, introduced by House Financial Services Committee (HFSC) Chairman Patrick McHenry (R-NC), passed (26 – 21) during the Committee’s first markup of the 118th Congress. During the markup, Ranking Member Maxine Waters (D-CA) shared Committee Democrats’ amendments to Rep. McHenry’s legislation. Rep. Waters offered an amendment to strike […]
February 24, 2023
Top Lines The federal prudential bank regulatory agencies issued a joint statement highlighting liquidity risks to banking organizations associated with certain sources of funding from crypto-asset-related entities and effective practices to manage those risks. In response to the joint statement, Senate Banking Committee Chairman Sherrod Brown (D-OH) stated, “This is the right step to provide […]
February 17, 2023
Top Lines The Securities and Exchange Commission (SEC) proposed a new rule to compel investment advisers to house their clients’ cryptocurrency with qualified custodians — a category of service providers that usually refers to banks and brokerages. SEC Chair Gary Gensley stated, “through this expanded custody rule, investors working with advisers would receive the time-tested protections […]
February 10, 2023
Top Lines The House Financial Services Committee is moving forward with consideration of financial data privacy legislation. The bill, first released as a discussion draft by Chairman Patrick McHenry (R-NC) last June, was updated this week as part of Financial Institutions Subcommittee Chairman Andy Barr’s (R-KY) hearing on ‘Revamping and Revitalizing Banking in the 21st […]