Region: North America

Weather disasters “not very bad” for banks, says NY Fed

New York’s banking regulator has released a staff report playing down the significance of weather disasters on banks, saying that larger banks’ incomes “actually increase after disasters”.

01 December 2021

“Proxy access on steroids”: SEC empowers proxy voters with new rules, over Peirce’s dissent

The United States’ securities regulator has proposed to overhaul rules implemented by successive Republican leaderships, giving proxy voters more freedom during corporate board elections and boosting the armoury of activist investors.

18 November 2021

Fed governor casts doubt on plans for stablecoin regulation

Federal Reserve governor Christopher Waller has claimed that stablecoins should be left unfettered of traditional regulation, despite growing industry calls for treating stablecoin issuers like banks.

18 November 2021

Ex-JPMorgan VP says she was fired for raising compliance concerns

An ex-JPMorgan compliance executive has complained of “material misconduct” in a lawsuit directed at her former employer which alleges gaps in the bank’s compliance controls.

15 November 2021

US Treasury hints at SLR loosening

The US Treasury has indicated that a review of the supplementary leverage ratio is nearing, as industry voices call for a reversal to last year’s SLR relief measures.

11 November 2021

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

Credit Suisse retrenches following Archegos and Greensill debacles

Credit Suisse has announced plans to draw back from its hedge fund financing activities to focus on private banking and wealth management, following a year that has seen it burned by both the Archegos and Greensill collapses and a set of regulatory interventions.

04 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

Regulate stablecoins as banks, US Treasury body says

The US Treasury’s regulatory working group has called on Congress to “urgently” introduce legislation to regulate stablecoins as banks, in an effort to manage what it deems their “significant and growing risks”.

03 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

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