On June 6, 2023, the Board of Governors of the Federal Reserve System (the Federal Reserve), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC, and collectively with the...more
In the fourteen years since the 2008 financial crisis, significant actions have been taken by Federal banking agencies to make the largest financial institutions more resilient and less likely to fail and to require planning...more
The transition away from LIBOR was born from the financial crisis. For years regulators have been pushing for an alternative to the dominant market benchmark. The underlying market was illiquid. The rate was set by opinion,...more
In another sign of progress, the Federal Deposit Insurance Corporation (FDIC) proposed easing a rule that requires banks to put cash aside to safeguard derivatives trades among affiliates. The proposal would remove the...more
10/10/2019
/ Banking Sector ,
Banks ,
Derivatives ,
FDIC ,
Financial Services Industry ,
Foreign Affiliates ,
ISDA ,
Libor ,
Liquidity ,
Margin Requirements ,
Proposed Rules ,
Secured Overnight Funding Rate (SOFR)
On July 12, 2019, the U.S. Securities and Exchange Commission (SEC) joined the call to prepare for the transition away from LIBOR. The staff of several Divisions of the SEC (the Divisions of Corporation Finance (DCF),...more
7/22/2019
/ Banking Sector ,
Broker-Dealer ,
Corporate Counsel ,
Disclosure Requirements ,
Investment ,
Investment Adviser ,
ISDA ,
Joint Statements ,
Libor ,
Market Participants ,
New Guidance ,
Registration Statement ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Working Groups
Noting that we are at “the start of the next critical stage in the transition away from LIBOR,” Federal Reserve Vice Chair for Supervision Randal K. Quarles delivered taped remarks at the June 3, 2019 Alternative Reference...more
Elections have consequences and the recent midterm elections are no exception. Having won the House majority, Democrats are expected to proceed with an ambitious agenda in January 2019. Much of the focus has been on how the...more
11/26/2018
/ Banking Sector ,
Congressional Investigations & Hearings ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Election Results ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
Investors ,
Legislative Agendas ,
Senate Finance Committee ,
Trump Administration
The potential transition away from LIBOR has raised significant concerns in the financial markets, including whether LIBOR will end in 2021, what may replace it, what fallback language should be included in contracts in the...more
After the Panama Papers exposed efforts by wealthy individuals and government officials to hide funds offshore, government authorities around the world have responded with new legislation, regulations and enforcement actions...more
10/24/2017
/ Anti-Money Laundering ,
Australia ,
Banking Sector ,
BSA/AML ,
Cease and Desist Orders ,
Central Bank of Ireland ,
Commerce Control List ,
Customer Due Diligence (CDD) ,
Department of Justice (DOJ) ,
Deutsche Bank ,
Digital Currency ,
Enforcement Actions ,
EU ,
EU Directive ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
FinCEN ,
France ,
Iran ,
Iran Sanctions ,
Ireland ,
Money Laundering ,
NYDFS ,
Office of Foreign Assets Control (OFAC) ,
Pakistan ,
Regulatory Violations ,
Tax Evasion ,
Terrorist Financing Regulations ,
ZTE