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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Aaron Nicodemus2023-06-26T20:02:00
A member of the Federal Reserve Board of Governors warned the agency’s response to the banking crisis might end up hurting the mid-sized financial institutions it is supposed to help.
The failures of Silicon Valley Bank, Signature Bank, and First Republic Bank this year have banking regulators reevaluating supervisory priorities for mid-sized banks with more than $100 billion in assets, following an internal Fed report that highlighted some of the agency’s supervisory missteps in the buildup to the crisis.
Fed Governor Michelle Bowman argued in a speech delivered Sunday to European bank regulators that requiring regional, mid-sized banks to meet the same capital and liquidity requirements as large banks could reduce competition to the benefit of large banks. She also called the Fed’s report on its failures incomplete and rushed and noted it only included input from Vice Chair for Supervision Michael Barr. She argued an independent third party should be brought in to conduct a more thorough review.
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News and analysis for the well-informed compliance or audit exec.
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2023-07-27T20:03:00Z By Kyle Brasseur
The Federal Deposit Insurance Corporation, Federal Reserve Board, and Office of the Comptroller of the Currency proposed rulemaking designed to increase capital requirements for large banks and large-scale traders.
2023-07-20T15:01:00Z By Aaron Nicodemus
Nearly half the respondents to a Compliance Week and Riskonnect survey regarding the recent U.S. banking crisis said they changed or considered changing their third-party risk management procedures as a result of the turmoil.
2023-07-12T17:58:00Z By Aaron Nicodemus
The Federal Reserve Board will propose increasing capital standards for large banks and holding companies to build up the banking system’s resiliency against unanticipated market shocks.
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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