Restoring SLR sees big US banks fret over cash deposits

Some large US banks, which have piled up very large cash deposits from their clients during the Covid-19 pandemic, have been advising corporate depositors to place their cash elsewhere such as in money market funds. 

Michael Hsu mooted to become acting comptroller of the currency

US treasury secretary Janet Yellen looks set to ask Michael Hsu, a senior supervisor at the US Federal Reserve Board, to become the acting head of the Office of the Comptroller of the Currency (OCC), according to media reports. 

US doubling down on carbon commitments to have big impact on banks

The Biden administration’s commitment to cutting US carbon emissions some 50-52% by 2030, using 2005 levels as a starting point, will have a significant impact on US regulation and bank lending.

Black swan

'Black swan' event possible if tough Libor legacy contracts not tackled

Congress needs to provide an “instruction manual” through legislation to deal with tough legacy financial contracts that will rely on the London interbank offered (Libor) beyond June 30, 2023, or risk a potential market disruptive event, the Bank Policy Institute (BPI) wrote in a blog post. 

Senate confirms Gensler as SEC chair signalling tougher capital markets supervision

Gary Gensler has been confirmed as chair of the US Securities and Exchange Commission (SEC) by the US Senate, leaving capital markets firms to face increasingly tough supervision.

Sarah Dougherty

US regulators scramble to catch up on climate change policies

The Federal Reserve and other US financial regulators are framing a slew of regulations on climate change as they hurry to deliver on ambitious policies to combat global warming set out by the Biden administration. 

SEC consults on ESG disclosure standards for listed companies

Acting chair of the US Securities and Exchange Commission (SEC), Allison Herren Lee, said the agency is consulting on its rules to facilitate the disclosure of consistent, comparable and reliable information on climate change by domestic and foreign companies listed on US exchanges.

Restrictions on shareholder payouts to end on June 30 for most banks

Temporary restrictions on bank holding companies making shareholder payouts will end for most firms on June 30, following the outcome of the upcoming stress tests, the Federal Reserve Board said in a statement on March 25. 

US agencies querying financial institutions over their use of artificial intelligence

Financial institutions are being asked about how they use artificial intelligence (AI) by five US federal regulatory agencies, which are seeking more detail over how the technology is employed in areas such as fraud prevention, personalised customer services and credit underwriting. 

Moody’s predicts more consolation among regional banks

The US banking system is likely to see greater concentration in the coming years with Moody’s Investors Service predicting accelerated merger activity among the country’s regional banks as they seek to stay competitive.