Topic: Federal Reserve Board

What’s in store for 2023? Part three: regional issues

Some of the regulatory issues banks will face in 2023 cut across borders, but not all. In this final part of GBRR’s examination of the year to come, we asked practitioners in the US, UK, Singapore, and Hong Kong how local issues will play out over the next 12 months.

18 January 2023

US regulators’ joint crypto warning could prompt project cancellations

After a year marked by high-profile crypto failures, three US federal regulators kicked off the new year with a “shot across the bow” warning to banks against the risks associated with crypto-assets – their first ever unified statement on the subject.

05 January 2023

Convergence on climate: Fed’s guidance mirrors OCC and FDIC

The Federal Reserve has emphasised consistency with other US regulators in its draft guidance for big banks’ climate-related risks, with an emphasis on scenario analysis.

08 December 2022

US regulators single out Citi over living will failings

The United States’ federal regulators have singled out Citigroup for shortcomings in its data management as part of a review of Wall Street banks’ resolution plans – but the head of one regulator said his peers should have gone further, and called into question the credibility of any major bank’s resolution in bankruptcy.

28 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

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

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

HSBC freed of 10-year Fed order

The US Federal Reserve has ended a 10-year-long enforcement action against HSBC for failures in its anti-money laundering procedures.

07 September 2022

Fed issues further guidance for banks preparing to undertake crypto business

The US Federal Reserve has issued its own requirements for banks seeking to engage in the crypto world, following similar recent guidance from two other federal regulators.

24 August 2022

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