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FDIC warns of risks to US banking system

The Federal Deposit Insurance Corp’s 2019 risk review has drawn attention to areas of concern in the US economy.

OCC consolidates two units to improve supervision

New division of the Office of the Comptroller of the Currency is part of an efficiency drive. 

Foreign covered funds escape Volcker rule for two more years

The three federal prudential agencies consulted with the Securities and Exchange Commission and the Commodity Futures Trading Commission.

Agencies announce major reforms to simplify Volcker rule

US agencies have made a series of modifications that come into effect early next year to help banks clarify what does and does not constitute proprietary trading under the Volcker rule. 

Living wills of foreign banks given clean bill of health

With no major shortcomings having been found, US regulators decided to sign off on the resolution plans of 82 foreign banks operating in the US.

Crypto-currencies should be regulated similarly to Swift transactions

Crypto-currencies such as bitcoin should be regulated in the same way as all other electronic financial transactions, said Michael Pompeo, the US secretary of state.

Democrats call for oversight of cloud service providers to financial firms

The Financial Stability Oversight Council (FSOC) should look into whether there is a case for regulatory oversight of firms providing cloud services to financial firms, wrote Katie Porter and Nydia Velázquez, both Democrats in the House of Representatives.

SEC proposes more flexible disclosures for sale of securities

The US Securities and Exchange Commission (SEC) proposes that firms registering for the sale of securities be able to more flexibly tailor disclosures to reflect their unique circumstances.

CFTC commissioner expresses concern over CCP concentration

The greater concentration of central counterparty clearing houses (CCPs) and futures commission merchants (FCMs) poses a potential systemic risk, said Dan Berkovitz, a commissioner at the US Commodity Futures Trading Commission (CFTC). 

Citigroup dominates US cleared swaps market

Citigroup held $28bn in client cleared swaps margins in the second quarter of 2019 representing 27% of the margins posted in the US swaps market.