Lael Brainard, a member of the Federal Reserve Board since June 2014 and vice-chair since 2022, has stepped down from her position in order to become director of the National Economic Council, effectively becoming president Joe Biden’s most senior economic adviser.
Americas
US regulators issue joint statement on crypto asset liquidity risks for banks
The Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) collectively issued a statement highlighting the risks that crypto asset market vulnerabilities can pose to banks.
US Treasury warns on cloud risks for financial services
Report suggests that there needs to be better information sharing and collaboration between cloud service providers, firms and regulators.
Securities industry asks big questions about SEC’s equity market reforms
Industry body seeking more time and data to understand the true impact of the major package of proposals.
Big talk on big banks from the OCC
The Office of the Comptroller of the Currency is hinting strongly that it wishes to break up the biggest US banks yet, for now, is still readily approving meaty bank mergers.
Fed releases 2023 stress test scenarios
The Federal Reserve released its scenarios on February 9 for its annual stress testing exercise, including a new exploratory market shock test for some banks.
Fed provides more detail on pilot climate stress test
The Federal Reserve has provided more detail about its exploratory climate related stress tests, which includes banks providing data on real estate and corporate exposures by July 31.
Some US banks too big to manage and could be broken up
Some US banks are so large now that they could be too big to manage (TBTM) and therefore may need breaking up, said Michael Hsu, acting comptroller of the currency.
OCC asks for academic input on identifying emerging financial risks
Academics are being asked by the Office of the Comptroller of the Currency (OCC) to provide research papers identifying emerging risks in the banking system or related policy and supervisory issues by March 3.
SEC revives ABS trading conflicts rule
The US Securities and Exchange Commission (SEC) has voted unanimously 5-0 to re-propose a rule, first floated a decade ago, that targets conflicts of interest in the trading of asset backed securities (ABS).
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