The comprehensive framework, which spans multiple reports, aims to spur risk mitigation efforts and potentially a US central bank digital currency.
On September 16, 2022, the White House published a fact sheet described...more
9/30/2022
/ Bank Secrecy Act ,
Biden Administration ,
Central Bank Digital Currency (CBDCs) ,
Cryptocurrency ,
Digital Assets ,
Executive Orders ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Financial Stability Board ,
Financial Transactions ,
FSOC ,
OECD
The Federal Reserve is taking measured steps to better understand the types of cryptoasset-related activities contemplated by its supervised banking organizations.
On August 16, 2022, the Board of Governors of the...more
8/25/2022
/ AML/CFT ,
Compliance ,
Consumer Protection Laws ,
Cryptoassets ,
Cryptocurrency ,
Cybersecurity ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Transactions ,
OCC ,
Risk Management ,
Supervision ,
Technology
The global central bank cooperative body would bring stablecoins within the international standards for payment, clearing, and settlement systems....more
8/2/2022
/ AML/CFT ,
Bureau of Industry and Security (BIS) ,
Committee on Payments and Market Infrastructure (CPMI) ,
EU ,
Final Guidance ,
Financial Markets ,
Financial Stability Board ,
Hong Kong ,
Information Reports ,
IOSCO ,
Japan ,
Payment Systems ,
Regulatory Agenda ,
Risk Management ,
Stablecoins ,
UK
The RFIA could make it easier for fintechs dealing in digital assets and stablecoins to access Federal Reserve bank services.
Latham & Watkins presents a blog series on the Responsible Financial Innovation Act, which was...more
7/8/2022
/ Banking Sector ,
Blockchain ,
Cryptocurrency ,
Digital Assets ,
FFIEC ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Payment Systems ,
Proposed Legislation ,
Stablecoins
Treasury officials believe congressional action is “highly appropriate” this year to address the risks that the latest financial stability report underscores.
On May 9, 2022, the Board of Governors of the Federal Reserve...more
On March 9, 2022, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets (Order). In the face of rapid advancement in blockchain technology and its applications, the Order asserts that...more
In a long-awaited paper, the FRB continues its exploratory approach and emphasizes the need for congressional support.
On January 20, 2022, the Board of Governors of the Federal Reserve System (FRB) published its...more
It is fair to say that the acquisition and leveraged finance industry has shown resilience in relation to the difficult global situation arising from the covid-19 pandemic, particularly in comparison to the previous global...more
The report addresses the market risks and regulatory challenges presented by stablecoins and urges Congress to act quickly.
On November 1, 2021, the President’s Working Group on Financial Markets (PWG) in conjunction...more
11/11/2021
/ Biden Administration ,
CFTC ,
Digital Assets ,
Digital Currency ,
FDIC ,
Financial Markets ,
Financial Services Industry ,
FSB ,
FSOC ,
Information Reports ,
IOSCO ,
OCC ,
Prudential Standards ,
Regulatory Agenda ,
Regulatory Oversight ,
Risk Factors ,
Securities and Exchange Commission (SEC) ,
Stablecoins
The global central bank cooperative body envisions stablecoins within the context of international standards for payment, clearing, and settlement systems.
Among the different types of digital assets, global authorities...more
10/20/2021
/ Bureau of Industry and Security (BIS) ,
Committee on Payments and Market Infrastructure (CPMI) ,
Consultation ,
Digital Assets ,
Financial Stability Board ,
Information Reports ,
IOSCO ,
Risk Management ,
Security Risk Assessments ,
Stablecoins ,
U.S. Treasury
The US prudential regulator is paying attention to climate risks, and will likely act to mitigate those risks if they threaten financial stability.
In its November 2020 Financial Stability Report (the Report), the Board of...more
12/1/2020
/ Banking Sector ,
Biden Administration ,
Board of Governors ,
CFTC ,
Climate Change ,
Federal Reserve ,
Financial Markets ,
Financial Stability Board ,
Information Reports ,
Paris Agreement ,
Risk Assessment ,
Risk Management ,
United Nations
The US OCC allows banks, with certain restrictions, to hold assets in reserve for stablecoin issuers.
On September 21, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1172 (the...more
A new Payments Charter could enable entities to engage in payments-related activities on a nationwide basis, rather than by state.
The US Office of the Comptroller of the Currency’s (OCC) newly appointed Acting...more
The OCC greenlights bank custody of cryptoassets, opening a significant door to mainstream adoption and innovation.
On July 22, 2020, the US Office of the Comptroller of the Currency (OCC) issued Interpretive Letter #1170...more
The amended rule includes modifications to existing exclusions and creates new exclusions for the activities and investments of certain issuers.
The US federal regulatory agencies responsible for implementing the Volcker...more
Further economic measures provide support for small and mid-sized businesses, as well as state and local economies facing pandemic hardships.
The Federal Reserve, in its continuing efforts to safeguard financial markets,...more
4/22/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Federal Reserve ,
Financial Stimulus ,
Main Street Lending Programs ,
Main Street New Loan Facility ,
Municipal Liquidity Facility (MLF) ,
Paycheck Protection Program (PPP) ,
Primary Market Corporate Credit Facility (PMCCF) ,
Relief Measures ,
SBA Lending Programs ,
Secondary Market Corporate Credit Facility (SMCCF) ,
SPVs ,
Term Asset-Backed Securities Loan Facility (TALF)
Federal Reserve set to make up to $600 billion available to eligible small and mid-sized businesses.
On April 9, 2020, the Board of Governors of the Federal Reserve System (Federal Reserve) announced details regarding the...more
The three US federal banking agencies continue to take additional steps to promote the functioning of the financial system in the face of the pandemic.
The three US federal banking agencies - the Board of Governors of the...more
4/10/2020
/ Accounting Standards ,
Brokered Deposits ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Counterparty Risk ,
Credit Facilities ,
CSBS ,
Current Expected Credit Losses (CECL) ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Leverage Ratio ,
NCUA ,
OCC ,
Volcker Rule
The facility is expected to increase funding and liquidity for the program and should allow lenders to move PPP loans off their balance sheets.
On April 6, 2020, the Federal Reserve announced its intention to facilitate...more
US Congress set to make more than $500 billion available to eligible larger businesses.
On March 27, 2020, President Donald J. Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The CARES Act...more
The three US federal banking agencies have taken additional steps to enable the financial system to continue functioning during the pandemic.
The three US federal banking agencies — the Board of Governors of the Federal...more
3/25/2020
/ Banking Sector ,
Capital Requirements ,
Commercial Paper ,
Coronavirus/COVID-19 ,
Credit Facilities ,
Emergency Response ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Markets ,
Liquidity ,
Money Market Funds ,
OCC
The three US federal banking agencies have taken steps to enable the financial system to continue functioning during the pandemic.
During the course of this week, the three US federal banking agencies — the Board of...more
3/20/2020
/ Banking Sector ,
Commercial Paper ,
Community Reinvestment Act ,
Consumer Financial Products ,
Coronavirus/COVID-19 ,
Corporate Issuers ,
Credit Facilities ,
Depository Institutions ,
Emergency Management Plans ,
FDIC ,
Federal Reserve ,
Interest Rates ,
Liquidity ,
Money Market Funds ,
OCC ,
State of Emergency
The FSB is reviewing cloud provider concentration risk in the latest example of regulator concern over reliance on leading cloud providers by financial services institutions.
The Financial Stability Board (FSB), an...more
US lawmakers urge FSOC to designate cloud-based storage systems used by major banks as systemically important financial market utilities.
In an August 22, 2019, letter addressed to Treasury Secretary Steven Mnuchin, in his...more
9/5/2019
/ Amazon ,
Banking Sector ,
Cloud Storage ,
Dodd-Frank ,
European Central Bank ,
European Commission ,
Federal Reserve ,
Financial Institutions ,
Financial Markets ,
Financial Stability Board ,
FinTech ,
FSOC ,
Google ,
Legislative Agendas ,
Microsoft ,
Popular ,
Regulatory Oversight ,
Rule G-20
The proposed modifications, if adopted, would amend the Volcker Rule in a manner consistent with the statutory amendments under the Economic Growth, Regulatory Relief, and Consumer Protection Act.
The Economic Growth,...more