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 […]
Roundup: April 22 – May 16, 2023
Sanctions Watch Roundup: April 22 – May 16, 2023 May 16, 2023 Bottom Line Up Front The most significant action that the Administration has taken over the reporting period is working to establish G-7 sanctions coordination and monitoring activity, and expand Russia sanctions. Additionally, the large fines for egregious violations of sanctions may be indicative […]
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 […]
Sarah Elliott
Sarah is an independent director and the Chair of the Audit Committee for the board of Anchorage Digital Bank NA, the first federally chartered digital asset bank. From inception in 2019 until acquisition by Walmart and Ribbit Capital in 2022, Sarah was the General Counsel (GC), Chief Compliance Officer (CCO), and Corporate Secretary at ONE, […]
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 […]
Roundup: March 23 – April 17, 2023
Sanctions Watch Roundup: March 23 – April 17, 2023 April 17, 2023 Bottom Line Up Front There has been a discernible shift from a focus on Russia sanctions to a focus on China-related sanctions, particularly as they pertain to fentanyl production and trafficking. Significant Actions – Biden Administration China The Biden Administration has been particularly […]
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 […]