Topic: Banking regulators

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

Hong Kong Fintech Week sheds light on virtual asset ETFs and CBDCs

Hong Kong’s government used its first in-person Fintech Week since the pandemic to issue a policy declaration on the development of virtual assets, as other leading lights in the city’s bank regulatory scene spoke out about the future of crypto asset regulation, including a review of the SFC’s “professional investor only” requirement.

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

Cloud over US regulators after Fifth Circuit strikes CFPB rule as unconstitutional

The US’s Consumer Financial Protection Bureau faces a tough fight in the partisan US Congress if it cannot overturn a Fifth Circuit decision that has killed its funding, say commentators, some of whom fear other independent regulators will now be targeted, including the Federal Reserve Board, the OCC, and the FDIC.

01 November 2022

More is less? Regulating the digitalised future

The UK has so far taken a light-touch approach to the regulation of digital assets – but for many new entrants, the EU’s more comprehensive, holistic approach is giving better long-term certainty. Kelvin Ng reports from GBRR Live in London.

27 October 2022

“The heart of the regulatory system needs to be independent”: Regulators address plans for government “call-in” power

Undermining the operational independence of financial regulators could have adverse implications for “international standing” and “competitiveness”, warned Victoria Saporta, the UK’s Prudential Regulation Authority’s executive director of prudential policy, in an appearance before MPs as they consider the Financial Services and Markets Bill.

24 October 2022

Fed approval of BNY Mellon’s new custodian service prompts Wyoming bias complaint

The Federal Reserve’s approval of BNY Mellon’s crypto custody service has prompted “favouritism” allegations from a Wyoming-based challenger bank which has been waiting two years on a master account approval for its own crypto-focused activities.

18 October 2022

FSOC calls for crypto spot market legislation

The Financial Stability Oversight Council has released its recommendations on how to plug the gaps in the United States' crypto oversight – calling on Congress to pass legislation to give regulators oversight of the spot market for crypto-assets and create a prudential framework for stablecoin issuers.

07 October 2022

Competitiveness objective won’t interfere with the main job, UK regulators insist

UK regulators’ new statutory objective of pushing the country’s international competitiveness won’t conflict with their primary objective of ensuring safety and soundness, Prudential Regulation Authority executive director Vicky Saporta has insisted, as she argued against “regulatory races to the bottom to win business”.

28 September 2022

What’s next for the SRM?

The European Union’s Single Resolution Mechanism should expand its focus beyond G-SIBs, the governor of the Bank of France has told the annual conference of the SRM’s institutional hub – but how exactly would that work?

26 September 2022

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