June 23, 2023
Top Lines The Financial Action Task Force (FATF), a global anti-money laundering and countering the financing of terrorism (AML/CFT) standard setting body, stated, following this week’s plenary meeting, that almost 75 percent of jurisdictions are not in full compliance with its requirements for virtual assets. Further, more than half of jurisdictions surveyed have not taken […]
June 9, 2023
Top Lines The Board of Governors of the Federal Reserve System (FRB), Federal Deposit Insurance Corporation (FDIC), and Office of the Comptroller of the Currency (OCC) issued final joint guidance designed to help banking organizations manage risks associated with third-party relationships, including relationships with financial technology companies. The final guidance describes principles and considerations for […]
June 16, 2023
Top Lines The Financial Stability Oversight Council (FSOC) convened in an executive session to hear updates from staff of the Federal Reserve Board on financial stability vulnerabilities and on the transition away from LIBOR. FSOC members also discussed the ability of market participants to manage their interest rate risk and liquidity risk in the current […]
June 2, 2023
Top Lines The Senate passed a House-approved bill late Thursday evening to suspend the nation’s debt limit through January 1, 2025. President Joe Biden is expected to sign the bill on Friday and address the nation at 7 pm ET. The White House issued a statement thanking Leader Schumer and Leader McConnell for quickly passing […]
May 26, 2023
Top Lines The U.S. Department of the Treasury (Treasury) announced the formal launch of the Cloud Executive Steering Group (CESG), a public-private partnership dedicated to bolstering regulatory and private sector cooperation. First announced as part of Treasury’s Financial Services Sector’s Adoption of Cloud Services report released in February, the multi-pronged follow-up effort aims to ensure […]
May 19, 2023
Top Lines HFSC Ranking Member Maxine Waters (D-CA) and Senate Banking Committee (SBC) Chairman Sherrod Brown (D-OH) led 144 current and former Members of Congress in filing an amicus brief in the United States Supreme Court defending the Consumer Financial Protection Bureau (CFPB) in the case of Consumer Financial Protection Bureau v. Community Financial Services […]
May 12, 2023
Top Lines The Federal Deposit Insurance Corporation (FDIC) Board of Directors issued a notice of proposed rulemaking (NPRM), which would implement a special assessment to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra’s statement supporting the NPRM […]
May 5, 2023
Top Lines The White House released the United States Government National Standards Strategy for Critical and Emerging Technology, which provides that the United States will prioritize efforts for standards development for a subset of critical and emerging technologies, including: communication and network technologies; semiconductors and microelectronics; artificial intelligence and machine learning; biotechnologies; positioning, navigation, and […]
April 28, 2023
Top Lines The Board of Governors of the Federal Reserve System (Fed or FRB) announced the results from the review of the supervision and regulation of Silicon Valley Bank. The review found four key takeaways on the causes of the bank’s failure: Silicon Valley Bank’s board of directors and management failed to manage their risks; […]
April 21, 2023
Top Lines The Financial Stability Oversight Council (Council) voted unanimously to issue a proposed analytic framework for financial stability risks for public comment. This new framework is intended to provide greater transparency to the public about how the Council identifies, assesses, and addresses potential risks to financial stability, regardless of whether the risk stems from […]