News

CFPB enforcement hand joins McGuireWoods

The US Consumer Financial Protection Bureau’s (CFPB) deputy director of enforcement has joined McGuireWoods as a partner in its Washington, DC office.

17 March 2022

FDIC wrongly abandoned bank acquisition bid, US court rules

A US district court has told the country’s federal deposit insurer it must reconsider a banking acquisition application, saying it erroneously interpreted banking merger statutes before abandoning it.

16 March 2022

Fed nominee Raskin withdraws

Joe Biden’s nominee to be the Federal Reserve’s vice chair for supervision has withdrawn her name from consideration, after a key Democratic senator announced his opposition to her confirmation.

16 March 2022

ESMA critiques national regulators for cross-border supervision shortcomings

The European Union’s securities regulator has found several of the bloc’s regulators are not meeting required standards when supervising firms that carry out cross-border activities, singling out Cyprus’ securities watchdog for numerous deficiencies in the area.

14 March 2022

SEC unveils “aggressive” new cybersecurity protocol for banks

The United States’ securities watchdog has released new cybersecurity rules mandating public companies to disclose all cyber-attacks within four days – posing a “significant burden” on banks, according to practitioners.

14 March 2022

Paxos approved to provide crypto platform in Singapore

US fintech Paxos has obtained an in-principle approval from Singapore’s regulator to operate digital payments token services in the city-state, two years after obtaining a conditional bitlicence in New York.

14 March 2022

Dubai establishes world’s first dedicated crypto regulator

The Emirate of Dubai has announced a legal framework for virtual assets alongside a tailor-made regulator to oversee the sector.

10 March 2022

“Banking is on the front lines now”: OCC’s Hsu links geopolitical and climate risk at IIB summit

The United States’ acting comptroller of the currency Michael Hsu has argued that banks should treat climate risk with the same “bread-and-butter” scenario analysis tools they are currently using to assess their geopolitical risk following Russia’s invasion of Ukraine, in remarks to the International Institute of Bankers’ first in-person summit in two years.

10 March 2022

Biden issues “sea change” US digital assets executive order

The White House has issued its first “whole-of-government” strategy for digital assets, in what practitioners tell GBRR could be a “sea change” for regulation in the space.

10 March 2022

US senate set to pass "hard tail" Libor transition bill

The US senate is set to pass legislation directing the Federal Reserve to implement replacement rates for outstanding financial contracts tied to the Libor benchmark.

09 March 2022

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