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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2023-03-31T14:55:00
President Joe Biden on Thursday used his executive powers to urge regulators to reinforce banking regulation in the aftermath of the failures of Silicon Valley Bank (SVB) and Signature Bank.
In a White House fact sheet, Biden called on federal banking agencies to “consider a set of reforms that will reduce the risk of future banking crises.” The recommendations put forward largely reverse changes to banking regulation made during the Trump administration, which aimed to reduce burdens on mid-sized institutions regarding liquidity requirements, stress tests, and more.
Democrats have pointed to these changes as a significant driving factor behind what went wrong to cause SVB’s collapse. Republicans have levied criticism at the actions of the current administration and on the social and climate-related activities of SVB.
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News and analysis for the well-informed compliance or audit exec.
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2023-05-01T15:51:00Z By Aaron Nicodemus
San Francisco-based First Republic Bank was closed by state and federal banking regulators over the weekend, then sold to JPMorgan Chase Bank. The failure is the second largest in U.S. banking history.
2023-04-13T13:48:00Z By Aaron Nicodemus
The collapse of Silicon Valley Bank highlighted for the Federal Deposit Insurance Corporation some of the impediments to a quick bank sale, including failing to provide rapid access to quality financial data and lists of key employees.
2023-03-30T14:42:00Z By Aaron Nicodemus
The Failed Bank Executives Clawback Act seeks to require the Federal Deposit Insurance Corporation to claw back five years’ worth of compensation from executives who lead failed banks.
2024-07-24T15:50:00Z By Aaron Nicodemus
Financial institutions holding Russian sovereign assets that have not reported them to the Treasury Department’s Office of Foreign Assets Control are now required to do so by Aug. 2.
2024-07-23T12:29:00Z By Ruth Prickett
Compliance officers should take note of proposed laws in the U.K. with the newly elected Labor government setting the legislative agenda in the King’s Speech last week, promising consultations on enhanced employee rights and a higher minimum wage.
2024-07-22T15:50:00Z By Aaron Nicodemus
Four federal banking regulators have joined the Treasury Department’s Financial Crimes Enforcement Network in issuing a notice of proposed rulemaking that would require financial institutions to conduct more thorough risk assessments on their anti-money laundering/countering the financing of terrorism programs.
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