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FDIC chair Jelena McWilliams has highlighted banks’ outdated legacy systems as her “number one” concern about banking operations, shortly after the Basel Committee on Banking Supervision finalised its seven principles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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