News

Two regional Fed presidents to step down amid fresh ethics probe

Federal Reserve officials are expected to face greater scrutiny of their trading activities, as the resignations of two Federal Reserve district presidents following reports of their investment trading activities prompts a review of the central bank’s ethics rules.

29 September 2021

HSF hires from Linklaters, MoFo from Reed Smith

Morrison & Foerster has recruited the co-chair of Reed Smith’s global fintech practice as a partner in its New York office, while Herbert Smith Freehills has recruited a Linklaters financial services regulatory specialist in London.

29 September 2021

Wachtell Lipton and Davis Polk advising on latest US foreign bank sell-off

Tel Aviv-based Bank Leumi has agreed to sell its US arm to Valley National, the second time in the course of a week a regional US lender purchased the local operations of a foreign-owned bank.

27 September 2021

China’s central bank bans crypto - again

The People’s Bank of China has banned cryptocurrency mining and transactions nationwide, in its third move to stamp out the virtual currencies this year.

27 September 2021

Big Tech sceptic tapped for Comptroller

After months of deliberation, US President Joe Biden has nominated a Comptroller of the Currency in former Davis Polk & Wardwell attorney Saule Omarova, who would be the first woman and person of colour to permanently fill the role.

24 September 2021

Coinbase pulls crypto product, seeking “regulatory clarity”

The United States’ largest cryptocurrency exchange Coinbase has cancelled the launch of its crypto lending program, a week after it revealed the SEC had promised to sue the exchange if it went ahead.

23 September 2021

Mizuho to get direct oversight after string of IT failures

Japan’s Financial Services Agency has assumed unprecedented direct oversight of Mizuho’s US$4.12 billion IT system, following a series of technical failures over the course of the year.

23 September 2021

SullCrom and Simpson Thacher advising as MUFG sells US entity

Minneapolis-based US Bancorp has agreed to buy MUFG Union Bank, months after US president Joe Biden issued a sweeping executive order encouraging federal banking regulators to review current merger practices.

22 September 2021

EBA gets international pushback on third country equivalence

Banking associations from Japan, the United States and Switzerland have criticised post-Brexit proposals by the European Banking Authority to centralise equivalence assessments for non-EU banks’ local branches within the bloc.

22 September 2021

Freed of direct control, Brazilian regulator announces “granular” climate stress tests

Brazil’s newly autonomous central bank has moved to make it mandatory for banks to incorporate climate change-related scenarios into their stress testing from next year.

20 September 2021

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