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.
SEC sets challenging deadline on T+1 settlement
Industry preparations for the transition to T+1 settlement for US securities transactions have been underway for more than two years, but nonetheless there are concerns that the SEC’s chosen May 2024 implementation deadline will prove difficult to hit.
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.
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.
FCA faces climate disclosure legal challenge
Environmental lawyers have lodged a complaint with the high court over the FCA’s approval of a prospectus with “inadequate” climate risk disclosures
ECB to monitor banks on digital transformation
The bank will undertake targeted reviews and on-site inspections where it feels further investigation is needed
ASIC launches greenwashing legal case against pension fund Mercer
The court action is the first time the regulator has brought legal action for alleged greenwashing
Basel III capital ratios for largest global banks fall to pre-pandemic levels
Ratios fell from their H2 2021 record highs to pre-pandemic levels in the latest Basel Committee on Banking Supervision Basel III Monitoring Report
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.
Standard setters explore two approaches to building global payment system
Global standard setters have outlined two approaches to creating a cross-jurisdictional multilateral platform that could make international payments faster and more efficient.
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