Banking agencies said implementing remainder of Basel III is 'a priority'

US banking agencies have reaffirmed their commitment to finalising and applying the remaining outstanding parts of the Basel III standards saying it will strengthen the country’s banking system. 

Fed seeks comments on strengthening financial market utilities

Feedback on updates to operational risk-management requirements for certain systemically important financial market utilities (FMUs) is being sought by the US Federal Reserve Board and focuses on four areas. 

GET computer network

OFR highlights under-appreciated risks around interconnectedness

Risks relating to bank connectedness to non-banks, a regulatory focus on direct counterparty bank exposures and issues in uncleared derivatives markets could be hiding threats to the financial system, said the Office of Financial Research (OFR).


Record-keeping failures land financial firms with $1.8bn fines

The longstanding and widespread failure to properly record business communications has landed a large number of financial firms with fines totalling $1.8bn from two US federal agencies.

Fed to conduct pilot climate stress test on biggest banks

Six of the largest banks in the US are to participate in a pilot climate scenario analysis to help supervisors and firms to better manage climate-related financial risks. 

Pay-for-order flow wins reprieve from the SEC

The controversial practice of paying for order flow (PFOF) in the US equities market will not be banned by the Securities and Exchange Commission (SEC), but that does not necessarily mean the activity is off the hook.

Leo Labeis

Preparing for the CFTC Rewrite with Digital Regulatory Reporting

One of the challenges facing financial institutions when it comes to compliance is the lack of standardisation across regions. This has led to a duplication of processes, increasing the cost, complexity and operational risk of trade reporting and degrading the quality of the data collected by regulators globally. 

IRA puts US on course towards greener economy

The US agreed the biggest climate mitigation strategy in its history with the passing of the Inflation Reduction Act (IRA) on August 12 signalling the nation’s strong commitment to greening its economy. 

Barr sworn in as Fed’s vice chair for supervision

On July 19, Michael Barr was sworn in as vice chair for supervision at the US Federal Reserve and as a member of the board of governors and is described as pragmatic, collaborative and non-ideological. 

SEC proposes tough GHG disclosures for listed companies

Listed companies in the US will be expected to provide extensive and detailed disclosures under a climate change reporting framework proposed by the Securities and Exchange Commission (SEC).