Fed should consider acting through FICC for US Treasury market stability

Expanded central clearing, may need to be implemented by regulators to help address liquidity weaknesses in the US Treasuries market so it can better withstand disruptive events such as the Covid-19 pandemic. 

Randall Quarles

Quarles resignation leaves more gaps in Fed’s leadership

In a statement on November 8, Randal Quarles announced his resignation as the Federal Reserve Board’s first vice chair for supervision, and is to stand down at the end of December, potentially complicating the central bank’s management structure.

FFIEC warns banks over Libor risks as supervision to be stepped up

US financial institutions have had another shot fired across their bows to unwind their dependence on the London Interbank Offered Rate (Libor) by the Federal Financial Institutions Examination Council (FFIEC), which warned that this will become a bigger supervisory focus.

SEC gives green light to bitcoin futures ETFs

Bitcoin-backed exchange-traded funds (ETF) have finally been given the green light by the US Securities and Exchange Commission (SEC) with the first one launched on the New York Stock Exchange (NYSE) on October 19 to much fanfare among cryptocurrency enthusiasts. 

Climate change poses risk to financial stability

Climate change threatens US financial stability, says the Financial Stability Oversight Council (FSOC), which is pushing for more reporting requirements.

US regulators ask for stablecoins to be regulated like banks

Stablecoins should be regulated like banks, said US regulators urging Congress to pass laws to make this happen. 


Concerns linger over US dollar Libor transition

A recent survey found that most financial institutions should have negligible US dollar London interbank offered rate (Libor) exposures by the end of this year. Nevertheless, pockets of concern remain despite continued warnings from regulators. 

Coinbase shelves stablecoin Lend product after pressure from SEC

Following warnings from the US Securities and Exchange Commission (SEC), the cryptocurrency exchange Coinbase has shelved the launch of its ‘Lend’ product, which was to pay 4% on a US dollar stablecoin called USDC.

OCC chief compares DeFi to rise of CDSs

Crypto-assets and decentralised finance (DeFi) have uncanny similarities with the rise of credit default swaps (CDS) in the early 2000s, said acting comptroller of the currency Michael Hsu. 

US regulators working on climate change guidance for banks

Large US banks should soon receive regulatory guidance on managing climate risk, said acting comptroller of the currency Michael Hsu on September 15.