Topic: Bank regulation

Fed’s Quarles resigning

Federal Reserve governor Randal Quarles is set to step down from the regulator’s board at year end, as US president Joe Biden continues to mull the reappointment of the central bank’s chair Jerome Powell.

10 November 2021

COP26 Finance Day: regulation round-up

Regulators and central banks have issued more climate-related commitments to coincide with COP26’s finance day, including preparations from the United Kingdom for becoming the world’s first “net-zero aligned finance centre” and the IFRS announcing plans for a single standard for sustainability disclosures.

04 November 2021

OCC warns of “absurd results” in review of ex-CEO fine

The OCC has argued an ex-bank CEO’s attempts to compel review of his six-year-old consent order, following a 2018 Supreme Court ruling on the SEC’s use of administrative law judges, would cause “chaos” in the United States’ administrative order if allowed.

03 November 2021

FATF finalises crypto guidance: NFTs and DeFi to join the roster

The Financial Action Task Force will include decentralised finance and non-fungible tokens in its recommended framework, according to updated guidance on crypto regulation.

01 November 2021

Climate risk to become part of PRA’s “core supervisory approach”, with remedial actions in store

The UK’s prudential regulator has warned it plans to ramp up supervision of climate-intensive financing and levy higher capital requirements to compensate for climate risk in 2022, while the Financial Conduct Authority has announced its own refreshed ESG strategy.

29 October 2021

Turkish bank’s sovereign immunity defence rejected in New York

Turkey’s Halkbank will not avoid criminal charges for allegedly disregarding United States sanctions against Iran, after a US appeals court rejected its argument that it was protected by sovereign immunity.

29 October 2021

Bank inhousers back voluntary carbon market at ISDA event

In-housers at Citi and Deutsche Bank have urged rapid regulation of the voluntary carbon market in the run-up to COP26 at an ISDA event in London, saying that it’s the only way to avoid greenwashing’s “kiss of death” – but they don’t want that regulation to come from government.

27 October 2021

BaFin caps N26 growth

Germany’s regulator has intervened to slow the growth of digital bank N26, imposing a cap on new customers, as counsel from Osborne Clarke, White & Case and Freshfields advise on a funding round positioning it as the highest-valued fintech in the German market.

20 October 2021

“Regulation that is fit for purpose”: Coinbase calls for dedicated crypto regulator

Crypto platform Coinbase has called for a new US regulator to oversee cryptoassets, weeks after withdrawing a planned crypto lending platform in the face of threatened litigation from the SEC.

18 October 2021

Sullivan & Cromwell & Wachtell Lipton advising on latest US bank merger

Sullivan & Cromwell and Wachtell Lipton Rosen & Katz are advising on the latest significant banking merger in the US market, with Pacific Northwest entities Columbia State and Umpqua set to combine.

14 October 2021

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