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Federal Reserve Financial Stability Board

Paul Hastings LLP

Daily Financial Regulation Update -- Monday September 23

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September 20, 2024- The Inter-Agency Working Group on Treasury Market Surveillance (IAWG)—which is composed of staff from the U.S. Department of the Treasury, the Board of Governors of the Federal Reserve System, the...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday June 14, 2024

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June 13, 2024- President Joe Biden nominated current Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero to be Chair and Member of the Federal Deposit Insurance Corporation. June 13, 2024 - ...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, February 24, 2024

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February 23, 2024- the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) is sanctioning almost 300 individuals and entities to mark the second anniversary of the Ukraine war and in response to the...more

Morrison & Foerster LLP

To Approve a Bank Merger or Not: That Is the Question!

On January 29, 2024, the OCC issued a proposed policy statement[1] describing the general principles it uses to evaluate applications for approval of transactions under the Bank Merger Act (“BMA”), principally bank mergers,...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, December 16 2023

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December 15, 2023- U.S. Senate Committee on Baking, Housing, and Urban Affairs Chair Senator Sherrod Brown (D-OH), along with Senators John Kennedy (R-LA), Bob Casey (D-PA), Chris Van Hollen (D-MD), Mike Braun (R-IN), and...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, October 21, 2023

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October 20, 2023- The Federal Reserve Board, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency are extending until January 16, 2024, the comment period on their large bank capital...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday, June 23, 2023

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June 22, 2023- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "The Semiannual Monetary Policy Report to the Congress." June 22, 2023- The U.S. House Committee on Financial...more

Dechert LLP

FSOC Seeks to Loosen Restrictions on Designating Nonbanks as Systemically Important

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The Financial Stability Oversight Council on April 21, 2023, released for public comment a proposed analytic framework for financial stability risk identification, assessment and response (Proposed Framework) and proposed...more

Latham & Watkins LLP

US House Financial Services Committee Wrangles Over Stablecoins

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Congress will be “starting from scratch” in attempting to establish a regulatory framework for stablecoins — an issue that many believe is the top digital asset legislative priority. On April 15, 2023, the US House...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, March 25, 2023

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March 24, 2023- Members of the Senate Banking Committee Republicans are demanding answers and seeking records from the Board of Governors of the Federal Reserve System (Federal Reserve) and the Federal Reserve Bank of San...more

WilmerHale

FTX Bankruptcy - What Could Be Next for the Industry?

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One of the world’s largest cryptocurrency exchanges - FTX Trading Ltd. - and many of its affiliates filed for bankruptcy earlier this month. While the full impact of the FTX bankruptcy is not yet clear, various responses from...more

Paul Hastings LLP

Daily Financial Regulation Update -- Saturday, November 5, 2022

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November 4, 2022- U.S. Deputy Secretary of the Treasury Wally Adeyemo chaired a meeting with members of the Financial and Banking Information Infrastructure Committee to discuss the group's collective and individual...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday, September 27, 2022

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September 26, 2022- The Federal Reserve Bank of New York released the SCE Public Policy Survey results for August 2022. Blog: Is China Running Out of Policy Space to Navigate Future Economic Challenges?...more

Paul Hastings LLP

Daily Financial Regulation Update -- Tuesday, July 12, 2022

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July 11, 2022- The Federal Reserve Bank of New York's Center for Microeconomic Data released the June 2022 Survey of Consumer Expectations, which shows an increase in short-term inflation expectations, but a decline in...more

Foodman CPAs & Advisors

Ensuring Responsible Innovation In Digital Assets Calls For TEAMWORK

The Executive Order signed by President Biden lays out a national policy for digital assets across six key priorities: consumer and investor protection, financial stability, illicit finance, U.S. leadership in the global...more

Adler Pollock & Sheehan P.C.

The LIBOR Phaseout – How We Got Here

On July 26, 2021, Neal R. Pandozzi participated as a presenter in the Strafford CLE webinar "The Phase-out of LIBOR: Navigating the Final Stages, Implementing Alternative Reference Rates and Fallback Language." The webinar...more

Holland & Knight LLP

Federal Reserve Vice Chair Addresses Climate-Related Financial Risks

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Federal Reserve Board (FRB) Vice Chair for Supervision Randal K. Quarles, who also is chair of the Financial Stability Board (FSB), gave a speech on July 11, 2021, to the Venice International Conference on Climate Change,...more

Eversheds Sutherland (US) LLP

IBA announces consultation on extension of LIBOR transition deadline to end of June 2023

On November 30, 2020, Intercontinental Exchange, Inc. (ICE) announced that the ICE Benchmark Administration Limited (IBA), a wholly-owned subsidiary of ICE and the administrator of LIBOR, will consult in early December 2020...more

Latham & Watkins LLP

Federal Reserve Recognizes Significance of Climate Risks on Financial Stability

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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

ArentFox Schiff

The End of Libor

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For a variety of reasons, as has been widely reported, LIBOR is to cease to be published by the end of 2021 and this expected elimination of the index upon which financing transactions are based raises serious tax and non-tax...more

Holland & Knight LLP

Treasury Department, IRS Issue Proposed Rules on Tax Impact of Transition from Libor

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The U.S. Department of the Treasury and the Internal Revenue Service (IRS) have jointly issued proposed regulations (Proposed Regulations) to address concerns and reduce uncertainty regarding the tax impact of the anticipated...more

Latham & Watkins LLP

The Systemic Importance of Cloud-Based Service Providers to Banks

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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

Nutter McClennen & Fish LLP

Fintech in Brief: FSB to Examine Technology’s Financial Stability Implications

In March 28 remarks, Randal K. Quarles, Federal Reserve Board Vice Chair for Supervision, speaking as Chair of the Financial Stability Board (“FSB”), announced that the FSB’s 2019 Work Plan would include a review of the...more

A&O Shearman

US Federal Reserve Vice Chairman for Supervision Discusses the Promotion of Global Financial Stability

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U.S. Board of Governors of the Federal Reserve System Vice Chairman for Supervision, Randal Quarles, discussed the importance of the promotion of global financial stability at the Utah Bankers Association 110th Annual...more

Dechert LLP

More Fun with LIBOR

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Geeking out, I just finished reading the second report from the Alternate Reference Rates Committee that was just published jointly by the Financial Stability Board (FSB) and the Financial Stability Oversight Council (FSOC)...more

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