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Lael Brainard

Fed’s Brainard calls for regulators to set expectations over AI use

Regulators must provide appropriate expectations and adjust them as the use of artificial intelligence (AI) in financial services and the understanding of its potential risks evolves, said US Federal Reserve governor Lael Brainard, adding that there is likely to be a public consultation on the issue from the federal agencies.

CFTC approves NFA’s swap dealer capital model

The National Futures Association’s (NFA’s) swap dealer capital model has been deemed comparable with the Commodity Futures Trading Commission’s (CFTC) own swap dealer capital model requirements and review programme.

SEC braces for change of leadership and approach

Hester Peirce, a Republican commissioner at the Securities and Exchange Commission (SEC) paid tribute to the agency’s former chair, Jay Clayton, an independent, praising his handling of market volatility triggered by the Covid-19 pandemic and his style of leadership. 

NYSE delists three Chinese companies following Republican criticism

The New York Stock Exchange (NYSE) reversed a decision not to delist three Chinese telecoms companies following pressure from the US Department of the Treasury. 

Fed gives US banks greenlight to resume share buybacks

The most profitable US banks have been given the green light by the US Federal Reserve to resume share buybacks this year following a six-month ban relating to the economic effects of the Covid-19 pandemic.

OCC criticised over climate change stance

A formal comment was submitted to the Office of the Comptroller of the Currency (OCC) by Ceres, claiming the agency is fundamentally misrepresenting climate risk management, and warned that it could endanger the country’s banking system and economy. 

Banks shrug off Democrats taking control of the Senate

The winning of two Senate seats from the Republicans in the state of Georgia in a run-off election places the Democratic Party in a potentially stronger position to push through a bigger economic stimulus plan, tax rises and tougher rules on big banks.

SEC pressures exchanges over data fees

A ruling by the US Securities and Exchange Commission (SEC) will force the leading US stock exchanges to share more of their data as the regulator attempts to energise competition in that area.

Biden administration could impact credit ratings related to housing exposures

The incoming Democrat administration of president-elect Joe Biden has the potential to influence credit conditions relating to US housing finance, according to a note from Moody’s Investors Service. 

Heath Tarbet to step down from CFTC following change of administration

Heath Tarbert, chairman of the Commodity Futures Trading Commission is set to leave the post in early 2021, in advance of the incoming administration, which takes over from January 20.