- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-05-19T17:33:00
Leaders at Silicon Valley Bank (SVB), Signature Bank, and the regulators who seized their banks testified before Congress this week across separate hearings.
Here are four takeaways:
1. Bank executives defended their actions
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Michelle Bowman of the Federal Reserve Board of Governors warned in a speech the agency’s response to the banking crisis might end up hurting the mid-sized financial institutions it is supposed to help.
Federal banking regulators have indicated they will be more assertive in their supervision of mid-sized banks in the aftermath of the collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank. What actions might they take?
A new report by KPMG on key regulatory challenges for the second half of 2023 warned financial institutions to prepare for increased scrutiny, while all companies should expect more questions on how they oversee their cybersecurity and data management programs.
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.
Sen. Tom Cotton (R-Ark.) is calling on the Biden administration to investigate and ban Chinese e-commerce company Temu over forced labor and data privacy violation concerns.
The implications of a privacy rights case involving a U.K.-based Uber Eats driver underscore a popular belief that companies prioritize protecting the personal information of their customers over the data rights of their employees.
