Security breaches involving cloud computing highlight the importance of sound security controls and an understanding of shared responsibilities between cloud service providers and banks, the Federal Financial Institutions Examination Council (FFIEC) said in a statement.
Americas
SEC whistleblower awards top $400m
Since its inception in 2012 as part of Dodd-Frank, the US Securities and Exchange Commission’s (SEC) whistleblower reward programme has paid out more than $400m as of April 16, 2020.
SEC beefs up governance standards for critical market infrastructures
The US Securities and Exchange Commission (SEC) amended its rules for securities clearing agencies to apply enhanced standards to all SEC-registered central counterparties and central securities depositories.
LCR modified for banks participating in two Fed programmes
US federal prudential regulators have modified the liquidity coverage ratio (LCR) for banks participating in the Money Market Mutual Fund Liquidity Facility and the Paycheck Protection Program Liquidity Facility.
Fed extends dates for parts of credit limit rule by 18 months
The US Federal Reserve has extended by 18 months initial compliance dates for parts of the single-counterparty credit limit rule.
US regulators extend consultation period for foreign bank resolution plans
US federal prudential regulators have extended the consultation period for proposed guidance for resolution plans submitted by certain large foreign banks by 30 days.
New York state steps forward with solutions to legal issues around Libor transition
A proposal by the New York state legislature to diffuse the legal uncertainty and adverse economic impacts on the move to alternative interest rates has been released by the Alternative Reference Rates Committee (ARRC).
Timing of SCB buffer questioned by critics
The introduction of the new stress capital buffer in the US is poorly timed, according to critics, as it permanently relaxes capital standards, potentially making US banks more vulnerable to economic shocks
Agencies give banks CECL accounting relief on forward provisioning
The three prudential federal regulators told banks they can delay the forward provisioning element of the current expected credit loss (CECL) accounting standard for two years due to the economic impact of the Covid-19 pandemic.
US regulators have under-estimated systemic threat from shadow banks
Regulators have underestimated the risks posed by leverage in trading books and in non-banks as well as by interconnectedness and should investigate this area once the current crisis passes, wrote a former US Treasury official.
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