Lael Brainard resigns as Fed vice-chair

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.

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.

Cloud computing

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.

Thomas Peterffy

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.

Michael Hsu

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. 

US Fed building

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.

GET Forest Fire

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.

GET bank teller

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).