Region: United States of America

Banks should be able to issue stablecoins without specific approval, Sullcrom memo argues

US federal regulators should not bar banks from issuing stablecoins, according to a white paper prepared by Sullivan & Cromwell, which argues banks already have all the statutory authority they need in order to do so.

23 November 2022

New FTX chief describes litany of control failures

New information from FTX’s chapter 11 petition have shown how unseriously the management of the world’s second-largest crypto exchange took basic controls, after its former CEO revealed his true feelings towards regulators in a late-night interview.

21 November 2022

CMS hires from Bank of England, as Lenz & Staehelin, Simpson Thacher and Mayer Brown all promote partners

A senior legal counsel at the Bank of England has joined CMS as a partner, while Switzerland’s Lenz & Staehelin and US firms Simpson Thacher and Mayer Brown have all promoted new financial regulatory partners.

21 November 2022

Is the Fed’s “kinder, gentler” era over?

Senators have grilled the heads of four US federal regulatory agencies, after the Federal Reserve’s latest supervision and regulation report complained of “multiple unresolved supervisory findings” among large financial institutions and a trend of increasing AML enforcement actions against foreign banks in the United States.

16 November 2022

Regulators brace for FTX fallout

The fall of FTX – the world’s second-biggest crypto exchange and the second major crypto collapse of 2022 – will “embolden” supporters of a more restrictive crypto regulatory regime, practitioners say, while the US Commodity Futures Trading Commission has come in for criticism over its supervision of the company.

15 November 2022

Seven years on, New York’s DFS to amend its cybersecurity regulations

The New York Department of Financial Services has proposed amending its once-pioneering cybersecurity regulations for the first time since they were released in 2017.

14 November 2022

Crypto’s “Lehman” moment? FTX enters Chapter 11 after filings in Bahamas and Australia

The bankruptcy of the world’s second largest cryptocurrency institution, FTX has prompted calls for fresh regulation for digital assets among what some are calling crypto’s “Lehman” moment.

14 November 2022

Fed releases master account transparency proposals

The US Federal Reserve has proposed publishing a periodic list of depository institutions that have access to Federal Reserve accounts – also known as “master accounts” – but Republican critics have said even further transparency is needed into the master account system.

10 November 2022

TIAA’s bank sale navigates Fed’s controlling influence rules

Another US insurer has planned to relinquish control over its banking branch amid mounting regulatory requirements on bank-owning insurers, in a deal which leaves no institution with a controlling influence.

09 November 2022

OCC clears Flagstar-NYCB merger amid suggestions of regulatory arbitrage

Two large US banks have gained the first green light for their long-planned merger, after altering their application structure from a state to a national bank charter – a strategy that has prompted complaints of “regulatory arbitrage”.

03 November 2022