Region: United States of America
Basel finalises resilience principles as FDIC chair points to legacy systems
FDIC chair Jelena McWilliams has highlighted banks’ outdated legacy systems as her “number one” concern about banking operations, shortly after the Basel Committee on Banking Supervision finalised its seven principles for operational resilience.
15 April 2021
FinCEN issues ANPR for beneficial ownership reporting, as director departs
The US Treasury’s Financial Crimes Enforcement Network has released an advance notice of proposed rulemaking for its “vast” new beneficial ownership reporting requirements, as its director Kenneth Blanco announces his departure to head Citi’s new financial crimes unit.
06 April 2021
US & Canada signal end of covid-era capital indulgence
US and Canadian regulators are rolling back pandemic-era capital measures, with a Canadian regulator resuming its Basel III implementation plans and the US Federal Reserve calling time on its go-easy approach to the supplementary leverage ratio.
23 March 2021
Former OCC head Brooks joins blockchain startup
The United States’ former acting Comptroller of the Currency has joined the board of a blockchain credit startup, as the identity of his successor remains unknown.
17 March 2021
US Fed in a bind over “inexcusable” capital requirement relief
The United States’ congressional committees covering financial services have urged the Federal Reserve to defy calls to extend temporary capital requirements relief it extended at the outset of the covid-19 pandemic.
11 March 2021
Jones Day hires from Goldman Sachs
A Goldman Sachs senior counsel is joining Jones Day in its New York office.
11 March 2021
Sullivan & Cromwell and Simpson Thacher advising on first Biden-era bank merger
New York-based M&T Bank has agreed to acquire People’s United in a US$7.6 billion deal – the first bank merger agreed since the Biden administration took office.
24 February 2021
Cherry-picking, greenwashing, and inconsistency: Fed and IOSCO regulators call for formalised TCFD expectations
US Federal Reserve Board governor Lael Brainard has expressed her support for mandatory climate disclosures by banks to help measure and mitigate climate risk, while IOSCO’s Ashley Alder has called for greater standardisation and “more substantive uptake” of TCFD expectations.
22 February 2021
Former SEC chair returns to Sullivan & Cromwell
Former Securities & Exchange Commission chair Jay Clayton is returning to his old firm Sullivan & Cromwell.
19 February 2021
CFTC’s Sterling to Jones Day, FCA’s Woolard to EY
The former head of the US Commodities and Futures Trading Commission’s market participants division, and the former interim chief executive of the UK’s Financial Conduct Authority, have both announced their respective private practice destinations after leaving government service.
19 February 2021
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