- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-04-24T18:28:00
Federal regulators proposed Friday to place nonbank financial institutions (NBFIs), such as hedge and money market funds, under supervision of the Federal Reserve Board if their activities are deemed to pose a systemic risk to the U.S. financial system.
The Financial Stability Oversight Council (FSOC), comprised of regulators including Fed Chair Jerome Powell and Securities and Exchange Commission Chair Gary Gensler, voted unanimously to adopt a new framework for designating NBFIs under the Fed’s supervision.
The framework will “be subject to prudential standards” that “will be firm-specific and may include an assessment of quantitative and qualitative information that the council deems relevant to a particular [NBFI],” FSOC said.
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A new analytic framework approved by the Financial Stability Oversight Council seeks to provide further clarity into how the U.S. financial system is monitored for potential financial stability risks.
The Federal Reserve and other U.S. banking agencies are working to develop joint guidance to clarify regulatory expectations around third-party risk management, according to Fed Governor Michelle Bowman.
The Consumer Financial Protection Bureau proposed a rule that would require certain nonbank financial firms to register consumer protection orders filed against them by other federal agencies, courts, or states into a new, publicly accessible registry.
The Consumer Financial Protection Bureau has issued a proposed rule aimed at protecting the privacy of the public when using novel digital payment systems, such as those offered by large technology platforms and video gaming companies.
Banks and other lenders will be prohibited from using medical debt information in credit reports, under a new rule finalized by the Consumer Financial Protection Bureau, the agency said.
New rules on cyber risk management across the EU put execs firmly in the crosshairs for noncompliance and are likely to apply to a wider range of organizations than many business leaders may initially think. However, there are also concerns that the rules may become muddled across the wide bloc. ...
