- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-06-29T17:58:00
The chair of the Federal Reserve shared Thursday three observations he had regarding global banking turmoil that originated in the United States earlier this year.
Jerome Powell, in a speech delivered to European bankers and regulators in Spain, said the failures of Silicon Valley Bank, Signature Bank, and First Republic Bank—as well as the folding of Credit Suisse into its bigger Swiss competitor UBS—suggest banking regulators should “strengthen our supervision and regulation of institutions of the size of SVB.”
The Fed previously indicated a desire to make changes to supervisory requirements for banks with more than $100 billion in assets, following the release of a report in April that examined the agency’s shortcomings in detecting and escalating risks that led to the industry turmoil.
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Loss of confidence following the March collapses of Silicon Valley Bank and Signature Bank was the primary reason First Republic Bank failed in May, according to an internal review conducted by the Federal Deposit Insurance Corporation.
Federal banking regulators jointly issued new rule proposals and proposed guidance in continuing the push to shore up the U.S. regulatory system after a series of mid-sized bank failures earlier this year exposed apparent gaps.
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.
The Department of Justice’s renewed scrutiny toward a corporation’s approach to the use of personal devices strengthens the case for companies to get away from bring your own device, a panelist at Compliance Week’s 2024 National Conference argued.
Compliance failures in the supply chain are hampering organizations’ efforts to implement environmental, social, and governance initiatives and meet disclosure requirements, according to a new report by U.K. law firm Burges Salmon.
Examiners with the Securities and Exchange Commission found investment advisory firms have generally done well creating processes to comply with the agency’s amended marketing rule but some have fallen short in ensuring compliance.
